In the building known for the city’s most expensive residential sale ever (a dizzying duplex on the 89th and 90th floors of the iconic skyscraper at 157 West 57th Street whose $100 million sale closed in 2014), big-ticket buys hardly turn heads. But that same year, the headline-grabbing supertall saw its third most expensive unit change hands when Canadian investor and Ferrari collector Lawrence Stroll dropped $55.6 million on a 6,240-square-foot 85th-floor home in the building’s tower. Now he’s put the full-floor pad back on the market for an even more noteworthy $70 million. According to the listing, the apartment had a complete renovation even in its short lifetime–and clearly, Stroll, worth an estimated $2.4 billion spared no expense, including woven suede walls, a sculptural wall by artist Peter Lane, and a double-sided marble fireplace.
157 West 57th Street
Here’s your chance to live in an iconic unit of the super-luxury Midtown tower One57 at a relative discount. According to CityRealty, the “usual” average price per square foot for an apartment at the building is $6,120—but this four-bedroom, four-and-a-half bath pad is asking $13.9 million at a price of $3,742 per square foot. It’s also located right under the skyscraper’s distinctive arched-glass walls at both the top and middle of the tower.
Six months may not seem like a long time, but a lot can happen in the Manhattan building market in 180 days, which is why CityRealty has released its new CR100 report, “an index comprised of the top 100 condominium buildings in Manhattan.” The data tracks the performance of these buildings through the second and third quarters of 2015, and, not surprisingly, One57 has come out on top. The Billionaires’ Row powerhouse has surpassed long-time leader 15 Central Park West as the most expensive condo on the island, coming in at $6,010 per square foot over the past 12 months, as compared to 15 CPW’s $5,726. It also steals the spotlight for the majority of the last six months’ most expensive sales.
After reportedly sitting in contract for almost two years, hedge fund manager Bill Ackman’s planned $90 million flip at One57 has finally closed, according to city records released this afternoon, and for slightly more than expected at $91,541,053. This makes it the second most expensive condo sale ever, coming in only behind the $100 million penthouse also at One57, appropriately the city’s most expensive condo building.
Back in October, Ackman told the Times that he had no plans on living in the 13,500-square-foot duplex, but rather that it would be a “fun” investment used for extravagant parties until he embarks on the eventual flip. The massive home, which sits 1,000 feet in the air on the 75th and 76th floors, has six bedrooms, eight bathrooms, a curved glass atrium, and panoramic views of Central Park.
[One57 at CityRealty]
- Will Bill Ackman Be Able to Pull off a $90M Condo Flip at One57?
- $100 Million Condo Sale at One57 is NYC’s Most Expensive Ever
- One57 Is the City’s Most Expensive Condo Building
There’s no slowing One57. Yet another blockbuster sale hit city records this morning, bringing the brash blue supertall its third most expensive sale to date—and the city its ninth most expensive condo sale in history. The ultra-luxe pad is the 6,240-square-foot 85th-floor unit, which boasts four bedrooms, four baths, and the lofty, breathtaking views that have have made One57 one of the most coveted buildings amongst the super-rich.
The identity of the buyer was protected by a LLC, but back in 2012, the New York Times reported that he (or she) is an “American who already owned ‘some of the best real estate in the world,’ including two ‘very significant’ places in New York.” According to CityRealty, more stellar sales at the building are slated to hit the books in the coming weeks, with Bill Ackman’s much talked about buy potentially in the mix.
[More on One57 at CityRealty]
Expect another blockbuster year for the super-luxury tower that launched a slew of other wannabe developments across the city. A palatial unit occupying the 89th and 90th floor of One57 has just sold for a record-breaking $100,471,452.77—the most expensive condo purchase ever recorded Manhattan. The buyer of the massive 10,923-square-foot penthouse apartment remains a mystery—city records simply show an LLC called “P89-90” (very apropos)—but as these things go, all bets are that he, or she, belongs to the billionaire’s club.
Up next? Eyes are on the closing of the building’s penthouse to hedge-funder Bill Ackman.
[Related: So You Think You Know Everything About One57?]
[More on One57 at CityRealty]
One57 and the view from the $90 million penthouse
It’s true that One57′s first flip saw a $3.5 million profit in just five months, but that unit sold for $34 million the second time around. A selling price of more than $90 million is a different story–and that’s exactly what hedge fund manager William (Bill) Ackman is hoping to achieve.
In a profile in the Times on Sunday, Ackman was revealed as the buyer of the $90 million penthouse at the luxury building, which is sure to see its share of flips. But he also shared that he has no intention of ever living in the apartment. He’ll stay with his wife and daughters at their current home in the Beresford and use the penthouse as a “fun” investment opportunity for himself and some good friends, perhaps hosting a few parties there in the meantime.
The first of what’s sure to be many flips at One57 has just netted its seller a respectable $3.45 million profit, just five months after its purchase. According to NYDN, the former owner, Investor Sso Enterprises, paid $30.55 million for the 58th-floor three-bedroom back in May, now selling it off for $34 million to hedge fund manager Harvey Sandler and his wife.
Great neighborhood? Check. Great apartment? Check. Curb appeal?
Killer first impressions can be long lasting — and whether it’s a newly advertised flavor of Ben & Jerry’s, an ad for Tory Burch’s latest shoe collection —or finding new digs, “love at first sight” spot-on marketing moments play a sizeable role in how we make our decisions.
Industry experts note that a large percentage of a house hunter’s decision to explore a property further than the curb is based the project’s “wow” factor. Truth is, it sets the “perception” stage of what’s to come beyond a grand entrance or swanky lobby that was designed to provide a sense of arrival and belonging. Obviously, at the end of the day, a building’s outside will only persuade potential buyers to see more, and first impressions can vary from one individual to the next, but the “I was meant to live here” moment is fairly universal.