Thu 21 Jun 2012
Rooms with a Very Expensive View
Posted by jdunne under The CREative Department
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From James Dunne in The CREative Department
Want to be on the 90th Floor of One57? You’ll have to pay $90 Million. I happen to be jogging through Central Park and noticed that the construction appeared to have topped off – according to the Commercial Observer today, it has. Here’s the shot I took; One57 towers above all the surrounding buildings:
Gary Barnett of Extell Development announced back in May that an unnamed billionaire was in contract to purchase a penthouse unit for $90+ Million. Here is a picture of the views from the One57 website:
While much uncertainty remains in the housing market across the U.S., including NYC, the luxury market continues to break records. Extell reports they have $1 Billion worth of units in contract at One57.  However, the penthouse sale represents the very top of the luxury market, and as Jonathan Miller estimates, a view of Central Park can add 25% to an apartments price, plus there is a 9% premium in NYC for condo vs. a co-op. This adds up to 34% premium to be in the newest luxury condo building with views of Central Park.
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