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- - NEW YORK | One57 | 1,005 FT | 75 FLOORS | 2014 (https://skyscraperpage.com/forum/showthread.php?t=214131)

Some good photos from an appartment inside One57 here....

https://www.flickr.com/photos/samsebeskazal/

Fully-Furnished Rentals Launch at One57

http://www.6sqft.com/wp-content/uplo...7-rental-1.jpg

http://www.6sqft.com/wp-content/uplo...7-rental-2.jpg

http://www.6sqft.com/wp-content/uplo...7-rental-4.jpg

http://www.6sqft.com/wp-content/uplo...7-rental-5.jpg

http://www.6sqft.com/wp-content/uplo...-floorplan.jpg

Quote:

According to the Wall Street Journal, “The 38 rental apartments are on seven floors sandwiched between the 94 condos with king-of-the-universe views and the Park Hyatt New York hotel on the lower floors of the 1,004-foot-high building.” The paper also points out that by offering these rentals, Extell is evading a federal law governing interstate land sales in condo buildings with more than 99 units. Plus, having rentals entitles the developer to 421a tax abatements and lower capital gains tax rates. For example, unit 37D, available to rent for $13,350 a month, will cost Extell $500 a month, or 3.8 percent of the asking rent, in taxes with the abatement. By comparison, rentals without tax abatements typically pay 30-35 percent of rents in taxes.

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http://www.6sqft.com/fully-furnished...unch-at-one57/

Will the crown ever be lit? Is that still going to happen? Was it ever going to happen?

Extell's big tax break on One57 revealed

http://www.crainsnewyork.com/apps/pb...AR/0/One57.jpg

Quote:

Extell Development received a hefty tax break for its high-end condo One57. The developer got a property-tax discount valued at close to $66 million over 10 years under the controversial 421-a tax-exemption program, which was recently renewed after months of debate, according to The Wall Street Journal.

To qualify for the tax break, Extell paid $5.9 million to construct 66 affordable-housing units in the Bronx, according to a new analysis by the city's Independent Budget Office. The IBO said the deal was "less cost-effective than alternatives." If the city provided Extell an equivalent cash grant of nearly $66 million, almost 370 units of affordable housing could have been built compared with a mere 66, according to the analysis.

The IBO studied One57 because opponents of 421-a argued that luxury condos were benefiting from the program instead of affordable projects.

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http://www.crainsnewyork.com/article...one57-revealed

Quote:

Originally Posted by RobEss (Post 7095506)

Will the crown ever be lit? Is that still going to happen? Was it ever going to happen?

I don't even care about the lighting anymore. I just want them to fix the one random dark panel on the park facing side. I can't believe that more people are not up in arms over it.

I badly need to get back to New York.

Quote:

Originally Posted by NYguy (Post 7213845)

October 24, 2015

LED light installation just in time for the holidays, perhaps? one can hope...

Luxury-rental plan abandoned at One57 condo tower

Quote:

Manhattan builder Extell Development Co. is retreating from a plan to list 38 units at its One57 tower for lease, choosing to sell them instead as demand for luxury rentals slips amid an abundance of supply.

The apartments, on the 32nd through 38th floors of the West 57th Street skyscraper, will be listed for sale as condominiums at prices starting at $3.45 million, Extell said in a statement on Monday. The builder has concluded that the market for condos in that range, toward the lower end of what's considered luxury, is better than the one for high-end rentals.

"We recognize the demand for efficiently sized, luxury inventory below $10 million," Gary Barnett, president of Extell, said in the statement. "There is absolutely no comparable product currently on the market."

Luxury rentals are proliferating in Manhattan as buyers of pricey condos, in many cases out-of-town investors, take possession of their apartments then quickly list them for lease. The added supply is pushing down rents for the most-expensive units. The median monthly rent for a Manhattan luxury apartment—the top 10 percent of the market—fell 3.5% in March from a year earlier to $8,228, appraiser Miller Samuel Inc. and brokerage Douglas Elliman Real Estate said in a report last week.

"I would be under the assumption that they had no traction on the luxury-rental tack," Jonathan Miller, president of Miller Samuel said of Extell's plan. "The weakest segment of the rental market is luxury rentals."

Extell, which initially planned to reserve the lower floors of the 1,004-foot tower for rentals, tried marketing units for lease on the 37th floor last May, according to listings website StreetEasy. Prices ranged from $13,350 a month for a one-bedroom apartment with 1,021 square feet to $50,366 a month for a three-bedroom home.

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http://www.crainsnewyork.com/article...57-condo-tower

Are they ever gonna illuminate this tower's crown at night?

Hey everyone I took some video of Mid-town yesterday and have some footage ONE 57 in my video. BY QUEENSNY121:

https://www.youtube.com/watch?v=u4vLSV5TLEE