Soon as they line up financing. RW has posted a lot of articles about apartments in C57 selling for reportedly north of $6000 a sf, and in other buildings with views of the park, like in the TWC for instance. So the demand is certainly there.When can we expect to see prep for this thing?
Ah. Well let's hope you're right. I can't wait to see this thing riseSoon as they line up financing. RW has posted a lot of articles about apartments in C57 selling for reportedly north of $6000 a sf, and in other buildings with views of the park, like in the TWC for instance. So the demand is certainly there.
Given how long this re-approval process has taken I'd be shocked if the developer hasn't already been feeling out some financing options. It's also a good sign BofA gave Extell a $700M loan for C57, shows banks are willing to lend to finance these types of projects. Im honestly sort of expecting site prep between now and spring, so when the weather gets nice they can go full speed ahead through spring/summer 2012. But that's not based on anything outside what's basically my best guess.
That's a pretty good comparison when you think about it. The roof of Tower Verre will actually be a bit higher than the roof of Bank of China, but BOC has twin spires for its full height. They do look similar, like cousins...It will still have a major impact on the skyline because no taller buildings are in front of it from the nj side. Still, this building looks lean and reminds me of Bank of China Tower
Bring on Torre Verre, The Drake and 225 West 57th!
Russian Billionaires Buy in U.S. as Mansions Lure Wealth
By John Gittelsohn and Oshrat Carmiel - Aug 3, 2011 12:29 PM ET .
Roustam Tariko, billionaire owner of Russian Standard Bank and Russian Standard Vodka, completed the most expensive home purchase in Miami Beach since 2006 when he bought a $25.5 million estate on Star Island in April....
International investors are buying some of the priciest homes in America as the broader housing market slumps and a weak dollar makes U.S. property more of a bargain. Sales of residences above $20 million are rising in New York, California and Florida, which are popular business and vacation destinations for foreigners, according to Miller Samuel Inc., DataQuick and real estate brokers who cater to luxury buyers....
More than two-thirds of the nation’s residences with asking prices of at least $20 million were in those three states, said Rick Goodwin, publisher of Unique Homes magazine in Princeton, New Jersey, which releases an annual list of luxury homes on the market each March.
Seven homes have sold in Manhattan for more than $20 million in the first six months of this year, up from five in the same period of 2010, data from New York-based appraiser Miller Samuel show. The median price of those transactions was $27.5 million, up 15 percent from the year-earlier period. The deals included a $48 million sale to Russian composer Igor Krutoy that set a record for a condominium in the city....
Of the 214 newcomers to Forbes magazine’s annual global ranking of billionaires this year, 54 were from China and 31 from Russia. The Asia-Pacific region had more billionaires than Europe for the first time in more than 10 years and gained the most of any region, with 105 additions, according to the list. Moscow displaced New York as the city with the greatest number of billionaires with 79, compared with New York’s 58.
The Forbes list was topped for a second year by Mexico’s Carlos Slim, who in July 2010 bought a Manhattan townhouse known as the Duke Semans mansion for $44 million.
Foreign buyers are also turning to resort locales such as the ski area of Aspen, Colorado, said Tim Estin, a broker at Mason Morse Real Estate in the town.
“It’s a pre-eminent international mountain resort brand,” Estin said of Aspen, where luxury properties are selling at discounts of as much as 30 percent from the peak.
In the last three years, Aspen had at least five deals above $10 million in which the purchaser was from Russia, according to Craig Morris, president of the town’s Morris & Fyrwald Sotheby’s International Realty.
“Four years ago we didn’t have any Russian buyers,” he said.
Slower Price Gains
New York and Los Angeles were near the bottom of a list measuring luxury real estate price appreciation in 15 cities that attract “the world’s global elite,” ahead of only Moscow, according to a June 4 report by Knight Frank LLP, a London-based property consulting firm. In the year through March 31, prices rose 1 percent in Manhattan and fell 2.2 percent in Los Angeles. Prices in Paris increased the most, with a 22 percent gain, followed by Hong Kong, Helsinki, Shanghai and Beijing.
The firm defines luxury as the top 5 percent to 10 percent of the market in each city....
“Compared to other markets around the western world, the U.S., including New York and Los Angeles, lost significant value during the crash and are more fairly priced,” Liam Bailey, the head of residential research at Knight Frank in London, said in an e-mail. “There is no doubt a surge in interest in New York, particularly for people looking for deals....”
A weakening U.S. currency helps make the nation’s homes seem like a good deal, said White, the Sotheby’s president. The dollar has fallen against each of the 16 most-traded currencies in the past year, according to data compiled by Bloomberg.
Among emerging-market currencies, the Russian ruble increased 7.7 percent against the dollar in the 12 months through yesterday. The Brazilian real advanced 12 percent, while the Chinese yuan gained 5.2 percent.
For Russians, interest in luxury properties is as much evidence of conspicuous consumption as it is efforts to capture bargains, said Edward Mermelstein, a real estate attorney Rheem Bell & Mermelstein LLP with offices in New York and Moscow....
In Manhattan, Krutoy and his wife, Olga, bought their 6,000-square-foot condo at the Plaza hotel in March. The deal came six months after the couple completed the purchase of a $12.85 million home in Long Island’s beach area of the Hamptons.
The Krutoys razed the Southampton mansion and are building a new house at the site on Gin Lane, where neighbors have included designer Vera Wang, shopping-mall magnate Alfred Taubman and New York Times publisher Arthur Sulzberger.
“He was looking at Gin Lane because that’s what he knows - - it’s the Fifth Avenue of the Hamptons,” said Susan Breitenbach, a senior vice president at Corcoran Group, the Krutoys’ broker for the sale, one of five deals she handled this year involving Russian buyers. “That’s what they really wanted and that’s what they stuck with.”
Krutoy bought the Manhattan property because he was seeking a home in the city, rather than looking to take advantage of a bargain, said Ilya Bykov, principal at Protax Services Inc., a New York-based firm that provides legal, tax and property- management services for international clients. Bykov represented Krutoy in his search, negotiation and closing for the Plaza apartment, and helped provide legal representation for the Hamptons home.
Russian buyers “have the money and they always want the best in everything,” Bykov said of the people he represents. “Most of these people are buying pied-a-terres and it’s quite common that the person would buy a luxury apartment in New York and a condo or penthouse in Miami.”
Kirk Henckels, director of the private brokerage at New York’s Stribling & Associates, said he was approached by a would-be buyer from Russia seeking to spend $100 million on a Manhattan home.
“I said, ‘We don’t have properties that high,’” Henckels said in an interview.
The most expensive single residential property currently for sale in Manhattan is the Woolworth Mansion, a 1916 “neo- French Renaissance” edifice on East 80th Street. The sellers are asking $90 million, according to StreetEasy.com, a real estate listings website.
Buyers from Russia and China have expressed interest in the seven-floor mansion, said Paula Del Nunzio, the broker with Brown Harris Stevens who is listing the property.
The newest Manhattan condo building to catch the attention of foreign buyers is a 90-story tower under construction on West 57th Street by Extell Development Co., according to Mermelstein and Bykov. The property, known as One57, will be the tallest residential tower in New York when completed in 2013.
The 95-unit building will record “a number of signed contracts” in the next 30 days for units ranging from $7 million to “north of” $40 million, Gary Barnett, Extell’s president, said in a telephone interview. He declined to say where the buyers are from, but said inquiries have come in from overseas, including Russia.
Among the contracts to be signed in the next month is one for a full-floor, 6,200-square-foot unit that offers panoramic views of Manhattan, including Central Park, Barnett said.
“Three-hundred-sixty-degree views, unobstructed. That’s something special,” Barnett said. “If you were worth $100 million dollars or you were a billionaire, this is something unusual. If you can afford the best of the best, why shouldn’t you do that?” To contact the reporter on this story: John Gittelsohn in New York at [email protected]; Oshrat Carmiel in New York at [email protected].