One57

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One57

157 West 57th Street

Condo in Midtown West

11 ApartmentsApts for Sale

1 ApartmentsApts for Rent

View the CityRealty Profile of One57

Listing photos courtesy of Evan Joseph for The Corcoran Group

October 18, 2016

Bill Ackman thinks he can flip One57 penthouse for $500M

By Dana Schulz

When hedge fund manager Bill Ackman closed on a $91.5 million penthouse at One57 in April 2015, he had already boasted that he had no intention of ever living in the place, but that he'd host parties there and eventually flip it as a "fun" investment. It seems that over the past year and a half, Ackman, whose net worth is estimated at $1.6 billion, has gotten even more optimistic, as a source close to him told Vanity Fair that he thinks he'll be able to sell the 13,500-square-foot duplex for $500 million. As The Real Deal notes, this claim comes despite the fact that other units in the building have been recently listed at a loss and that his fund Pershing Square Capital is down to $11.4 billion under management from $20 billion in March of 2015.
More on this ahead

Where I Work

September 27, 2016

More luxury condos may head to Billionaire’s Row as office tenants are vacated across from One57

By Dana Schulz

Recent reports that the luxury housing market is slowing down may soon be dismissing Billionaires' Row, where several sites are in question to add to the strip's uber-high end array of residential offerings. The latest is at 140 West 57th Street, the Feil Organization's office tower right across from One57. The Post tells us that leases are not being renewed for tenants in the 14-story, landmarked building, where the developer "is said to have already drawn up floor plans for apartments."
The full story ahead

New Developments

May 24, 2016

15 Central Park West Takes Back the Title of Most Expensive Manhattan Condo

By Dana Schulz

Six months ago when CityRealty released its last CR100 report -- an index comprised of the top 100 condominium buildings in Manhattan -- One57 surpassed long-time frontrunner 15 Central Park West as the most expensive condo, coming in at $6,010 per square foot, compared to 15 CPW's $5,726. But this time around, 15 CPW has retaken the crown with an average sales price of $6,039 per square foot over the last 12 months. Coming in second is the Residences at the Mandarin Oriental at $5,956, and One57 falls to third at $5,175, a 13 percent drop over the last year. CityRealty notes, however, that the Robert A.M. Stern-designed condo may have difficulty maintaining its top spot, as big-time new developments 432 Park Avenue, The Greenwich Lane, and 10 Madison Square West have now made their debut on the CR100.
More trends and data

Real Estate Trends

Infographic: How NYC’s Supertalls Compare in Height and Girth to Global Towers

Gray silhouettes from left to right: Shanghai World Financial Center, CTF Finance Centre, One WTC, Lotte World Tower, Mecca Royal Clock Tower, Shanghai Tower, Burj Khalifa. Click link here to enlarge >>

May 20, 2016

Infographic: How NYC’s Supertalls Compare in Height and Girth to Global Towers

By Diane Pham

As the Skyscraper Museum so aptly writes, "Tall and BIG are not the same thing." Echoing 6sqft's recent post on global supertalls, the infographic above illustrates how when the height of New York's tallest towers are stacked up against the sky-high constructions abroad (and 1 WTC), our city's skyscrapers truly are "runts on the world's stage." The image also reveals that not only do these towers lack significantly in height, but also in girth. This means what really makes the design of all of New York's new skyscrapers so unique is not how tall they are, but rather, how slender they are.
more on all that here

November 9, 2015

Seven Floors of One57 Hit the Market for $250 Million

By Diane Pham

It may not be the penultimate $100 million penthouse, but an investor with enough dough can still make headlines buying into the city's most expensive condo tower. According to the Journal, Extell is selling a block of 38 rentals in its blockbuster One57 for $250 million. The paper writes that unloading the units will bring the developer $3,800 a square foot, or an average of more than $6.5 million per apartment—more than double the $1,800 average of Manhattan condos sold during the third quarter.
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One57, Apartment 32D

Listing photos courtesy of Brown Harris Stevens

One57, Apartment 32D

Listing photos courtesy of Brown Harris Stevens

One57, Apartment 32D

Listing photos courtesy of Brown Harris Stevens

One57, Apartment 32D

Listing photos courtesy of Brown Harris Stevens

November 4, 2015

One57 Leads New Report of Manhattan’s Top 100 Condo Buildings

By Dana Schulz

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.
More condo data ahead

Real Estate Trends

July 22, 2015

How You Can Live in a Billionaire’s Row Condo for Free AND Make Six Figures

By Diane Pham

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.
Find out more here

July 15, 2015

One57 Received $66M in Tax Breaks in Exchange for Just 66 Units of Affordable Housing

By Diane Pham

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).
FInd out more here

Affordable Housing

May 22, 2015

Fully-Furnished Rentals Launch at One57

By Dana Schulz

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.
More details ahead

Real Estate Trends

Extell Looks to Religion to Build Its Next 57th Street Supertall Tower

The possible skyline in 2018, via CityRealty

May 4, 2015

Extell Looks to Religion to Build Its Next 57th Street Supertall Tower

By Dana Schulz

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.
More on the possible project here

April 9, 2015

Bill Ackman Closes on One57 Penthouse for $91.5M, Second Most Expensive Condo Sale Ever

By Dana Schulz

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, […]

Real Estate Trends

March 17, 2015

Slab of Plexiglass Dislodges at One57 and Falls on Two Cars Below

By Diane Pham

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.
Is one57 cursed? Find out more here

How Long Are the Elevator Commutes in the Tallest Towers?

432 Park

January 26, 2015

How Long Are the Elevator Commutes in the Tallest Towers?

By Dana Schulz

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.
Check out the mileage here

Architecture And Design

January 21, 2015

One57 Records Another Blockbuster Sale, 85th-Floor Pad Sells for $55.6 Million

By Diane Pham

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 […]

January 16, 2015

$100 Million Condo Sale at One57 is NYC’s Most Expensive Ever

By Diane Pham

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 […]

Real Estate Trends

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One57

Bill Ackman thinks he can flip One57 penthouse for $500M

More luxury condos may head to Billionaire’s Row as office tenants are vacated across from One57

15 Central Park West Takes Back the Title of Most Expensive Manhattan Condo

Infographic: How NYC’s Supertalls Compare in Height and Girth to Global Towers

Seven Floors of One57 Hit the Market for $250 Million

One57 Leads New Report of Manhattan’s Top 100 Condo Buildings

How You Can Live in a Billionaire’s Row Condo for Free AND Make Six Figures

One57 Received $66M in Tax Breaks in Exchange for Just 66 Units of Affordable Housing

Fully-Furnished Rentals Launch at One57

Extell Looks to Religion to Build Its Next 57th Street Supertall Tower

Bill Ackman Closes on One57 Penthouse for $91.5M, Second Most Expensive Condo Sale Ever

Slab of Plexiglass Dislodges at One57 and Falls on Two Cars Below

How Long Are the Elevator Commutes in the Tallest Towers?

One57 Records Another Blockbuster Sale, 85th-Floor Pad Sells for $55.6 Million

$100 Million Condo Sale at One57 is NYC’s Most Expensive Ever

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