Here are a number properties which I’ll be very excited to report on in coming months:
150 e 72nd
The Drake hotel site
400 Park Avenue (new Toll Brothers site)
79th and 3rd
18 gram park later 2012
However, my new development monthly update will be
one building in February, as I have plenty to share with you.
I have been trying to get access to Extell’s new project, One 57, for about 6 weeks.
The sales office opened to little fanfare, and
imagine my surprise to hear today that One 57 is already well over 30% sold out already.
There are only two (2) two-bedrooms remaining in the building, as above the 56th floor, there are only 1-2 units per floor.
A total of 90 units in the building- which means
that 30 units are in contract.
I am flabbergasted.
The full floor units, such as the 84th floor, have over 6000sf and are asking $57,000,000.
So nearly $10,000 per square foot.
I’ll spend some of my main monthly post speaking about this more in depth- but what still bowls me over are views.
Drop dead gorgeous views of Central Park.
They never get old.
And this building has the most stunning views of the park- nearly dead center looking North.
I will remind you that I spent more than a year working on One Madison Park, which shares much in common with One 57.
I frankly think that this will end up being one of the most successful developments in the history of New York City.
There are multiple $60mm units in contract, with many units in contract being combined- all with interior by Thomas Juul-Hansen, who designed all the interiors for Jean Georges’ restaurants- and the One Madison Park interiors, in conjunction with Christian Portzamparc.
Smallbone kitchens, with exquisite marble, or lacquer cabinets- with beautiful walnut interiors in the kitchen drawers and cabinets.
Creative stools that are seamless and built into the kitchen island, everything venting to the outside (along with washer/dryers).
Powder rooms of green onyx, rare stone materials- there is something of the timeless in every design, along with something of the modern.
They really carved out a rare balance.
Now the sales office won’t admit it- and I’m not sure of this myself- but Extell owns a site to the West of this building, which likely will become another similar tower- will it be 1000 feet in the air?
But those purchasing here should assume their Western view will be obstructed for 20 of the 360 degrees.
It’s a tiny nuisance.
A blip in an otherwise insanely amazing view.
My main question is whether it would be worth buying the Penthouse triplex downtown at One Madison Park for $30-40mm as a long term investment, or buying a mid-building unit, of similar height- for $50-60mm.
Is the Park Hyatt level of concierge and amenity a better deal living on 57th than living in a 65-unit building on 23rd and madison?
My sense is that this has much more international appeal- though the views will be similarly spectacular- and I have seen them- it’s just wow beyond wow.
The sales office
shows a 3-minute video of Portzamparc’s inspiration, of a cloud turning into a
waterfall – that alone created a perfect mood for a buyer- the sales office says their conversion rate is extraordinarily high, that many new yorkers are purchasing there- and I believe that have put together a dream team to make this a massive success.
Now, all you need is the time to see it and a $8mm for the lowest priced two-bedroom (somewhere around the 40th floor).
She called it the gem in the nicest neighborhood.