The Real Deal: One57’s big buys

-May 1, 2014

By: Hiten Samtani

The luxury market has received a lot of press for the outrageous prices buyers are paying. And at almost no building is that truer than at One57, where the average price per square foot is $6,888, according to the building’s offering plan.
 
The 94-unit tower, which officially launched sales in late 2011, is now 75 percent sold, according to an Extell spokesperson. Two of those sales eclipsed the $90 million mark, the spokesperson confirmed, meaning that when they close, they’ll break the city’s current $88 million record, which was set at 15 Central Park West.
 
While only 13 units in the building have closed to date — closings started late last year —roughly 60 others are in contract. The closed units, which TRD detailed on the below chart, range in price from $3.6 million to $30.6 million. While most of those deals are not the sexiest in the building, they are hugely important to moving the building into its next phase. And many of the in-contract deals — the most prominent of which are outlined below — are expected to close in the coming months.
 
Unit: 59A
Price: $30 million
Buyer: George Constantin
The man behind commercial real estate investment firm Heritage Realty Services snapped up this 4,483-square-foot, three-bedroom, four-and-a-half-bathroom unit in a sale that officially closed in April. Before founding Heritage, which has $400 million in assets, Constantin was at real estate firm Helmsley-Spear. He currently lives in Westchester, according Heritage’s website.

http://therealdeal.com/issues_articles/one57s-big-buys/