Get a job as one of their building managers.
As DNA Info reports, if you’re just a regular Joe or Jane looking to take up residence in one of the city’s priciest towers, you don’t need to be a billionaire—or even a millionaire for that matter. The resident managers at four headline-stealing, ultra-luxury towers will live rent-free, in very large apartments, while also earning respectable six-figure salaries for their services.
If you need more proof that there are some serious flaws with the 421-a program, once again, look no further than One57. As reported by the Journal, the super-luxe tower was the beneficiary of a whopping $65.6 million tax cut, an abatement granted in exchange for a paltry $5.9 million contribution to help cover the cost of 66 affordable apartments in the Bronx. That means your tax dollars subsidized apartments at nearly $1 million per unit—the highest known subsidy under the program—when affordable units on average cost a mere $179,000 apiece. It’s estimated that the generous cut could have provided for 367 affordable apartments. The findings came from the latest review by the city’s Independent Budget Office (IBO).
In the past when we’ve talked about the latest occupancies at billionaires’ row blockbuster One57 we were referring to the record-breaking $100 million condo sale (the most expensive in the city ever) or Bill Ackman’s $91.5 million flip attempt. But now those looking to get in on the city’s most expensive condo building can do so without dropping seven figures in one fell swoop.
Extell Development, after selling most of the condos at One57, has quietly listed 38 fully-furnished apartments for rent on the building’s seven lower residential floors. But don’t get too excited if you’re not in the billionaires’ club; asking prices range from $13,350/month for a one-bedroom unit to $50,366 for a three-bedroom.
The possible skyline in 2018, via CityRealty
In the past, it was street names like Park Avenue and Central Park West that signaled a building’s wealth and prestige, but these days it’s gotten confined to a much shorter thoroughfare, 57th Street. Appropriately dubbed Billionaires’ Row, the stretch has gotten much heat lately for its influx of supertall towers casting shadows on Central Park just to the north.
Three of the towers in this sky-high lineup belong to Extell Development: the under-construction Nordstrom Tower at 217 West 57th Street, which will be the tallest residential building in the world when completed; 111 West 57th Street; and everyone’s favorite One57. But now, as Crain’s reveals, Extell is looking to expand its 57th Street portfolio with the site of the current Calvary Baptist Church and the Salisbury Hotel at 123 West 57th Street, on the same block as 111 West 57th and One57. As the paper reports, the church “will soon decide whether it will sell its sanctuary and 197-room hotel” to the developer.
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]
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Image © Wade Zimmerman courtesy of Agence Christian de Portzamparc (ACDP)
Watch where you walk when treading near supertall towers. The WSJ reports that a stop work order has been issued at One57 after a kitchen table-sized piece of Plexiglass fell from the 22nd floor of the tower on Sunday, smashing into two parked cars down below. Thankfully no one was injured in the incident, but the accident is just one in a slew of construction mishaps that have plagued the building. In late February, glass from the tower landed on a neighboring building’s terrace, and last May, a windowpane fell from the 22nd floor, hitting a truck below. The building was also creating precarious conditions back in 2012 during Super Storm Sandy, when all of New York City looked on in horror as the support cable of an 80-ton crane at the top of the building broke, causing it dangle above their heads.
432 Park
The race to build the tallest residential building seems to never end. In NYC, One57 briefly held the title at 1,005 feet before it was outdone by 432 Park at 1,396 feet. But both of these supertall towers are expected to be beat by the Nordstrom Tower, which will come in at 1,775 feet. Across the world, though, towers rise even higher; World One in Mumbai, India is 1,450 feet, the 106 Tower in Dubai is 1,421 feet, and the mixed-use Kingdom Tower in Saudi Arabia will hit 167 stories and 3,281 feet. In fact, according to The Real Deal, “of the 445 residential towers in the world over 650 feet that are built or under construction, only 12 are located in Manhattan.”
With these dizzying heights becoming the new normal, the elevator becomes perhaps the most important construction element, and a feature in the Wall Street Journal calculates the annual “elevator miles” logged by residents of supertall condo towers around the world.
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.
[Related: $100 Million Condo Sale at One57 is NYC’s Most Expensive Ever]
[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]
The area surrounding the High Line continues to serve as the city’s hotbed of avant-garde architecture, and Thomas Juul-Hansen’s 505w19 is the latest jewel to stud West Chelsea‘s verdant necklace.
The two-building project, whose 10-story volumes straddle either side of the High Line, will join the ranks of Foster’s 551W21, Selldorf’s 520 West Chelsea, and Shigeru Ban’s Metal Shutter House as a timeless, modern addition that contextually blends into the west side’s no-nonsense streetscape.
We recently got a peek at the construction of this 35-unit condo development, which is currently getting its skin–a dark-grey saw toothed façade with exposed concrete columns and slab edges.
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