Despite a recent housing crisis, apartments in New York City’s so-called ‘billionaire building’ in the heart of Manhattan are going fast, but who’s buying?
Although the 1,004-foot tower is not yet completed, orders are pouring in, with only about 40 of the 92 living spaces reportedly remaining at One57, located at the southern edge of Central Park.
But living at One57, located at 157 W. 57th Street in Midtown Manhattan, is limited to those of the billionaire set, with apartments going for $45million and up. Those who are scooping up property in Manhattan’s most luxurious of luxury high rises are being kept under wraps.
The New York Times reported that orders to purchase an apartment in the incredible building have come in from all over the world, including China, Great Britain, Canada and several from the U.S.
Gary Barnett, the president of developer the Extell Development Company, told the paper that several of the new buyers are ‘significant Forbes billionaires.’
The celebrity buyers are kept under super secrecy, but the Times has let slip that three future residents already own property at another exclusive Manhattan building – 15 Central Park West.
So which of those A-listers will it be? Actor Denzel Washington? Singer Sting? NBC sportscaster Bob Costas?
These are just a few of the names that live or have lived at 15 Central Park West who may have traded up.
But regardless of the new property owners, each is getting what they’re paying for – and they’re paying a boatload.
Jonathan J. Miller, president of Miller Samuel, a property appraiser, told The Times: ‘The scale of wealth in this building is just unheard of. Despite all the problems economically, you are seeing these people invest in real estate unlike in any period that has ever happened.’
For the price, high-rolling buyers paying millions of dollars for their places of residence at One57 expect nothing but the best, but they shouldn’t be disappointed.
A recent video tour of the sales building in Midtown shows what millions of dollars can by, with top-of-the-line appliances, materials, and even offer a television in the bathroom.
In May, Forbes Magazine sent Morgan Brennan to get a look of the inside spaces in a build-out model at their Midtown sales office, and was guided around the model apartments by Director of Sales Dan Tubb.
The gourmet kitchen features outward ventilation and two dishwashers for units of three bedrooms and above.
The kitchen, which comes in two possible finishes, also includes two 36-inch refrigerators, granite counter tops, extensive storage, and a full-sized wine cooler.
Some cabinets are not what they seem and pull out from the kitchen island to become stools.
One penthouse suite was sold for a record fee in excess of $90million – and the new owner hasn’t even seen it yet.
The astronomical fee eclipses the $88million forked out by Russian billionaire Dmitry Rybolovlev on a penthouse for his daughter last winter at 15 Central Park West.
It proves that while the economic situation may be precarious some still have deep enough pockets to splash out super properties.
A ‘recognisable’ buyer has snapped up a penthouse on the 89th and 90th floor of the under-construction One57 tower block for a reported price of about $95million.
In exchange for the astronomical price the mystery buyer will get a 10,923-square-foot space opposite Carnegie Hall with incredible views over the city.
The high sum is thought to be due to uncertainty abroad, which has led foreign investors taking a greater interest in New York real estate.
Situated on 157 West 57th street the tower will become the tallest residential building in the city when it is finished next year.
The New York Post has reported that some potential buyers have claimed there are ‘design flaws’ with the construction – namely that builders failed to provide a sufficient number of elevators.
But new owner of the high-rise apartment who according to Extell chairman Gary Barnett is from a ‘nice family’ clearly didn’t share the same concerns.
The building will offer stunning vistas but the enormous structure will block the view from other nearby luxury buildings, which are expected to see their prices fall.