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Correct. But just to make it hurt, here’s some math (excuse any mistakes...I did this really fast).

If you got the $100 million pad with a conventional mortgage (20% down, 30 years, current interest rates), you would pay (all in today’s dollars)…

$20 million on Day 1
$4.6 million/year for years 1-10:
- $200,000 for maintenance
- $4,388,000 for the mortgage
$5.4 million/year for years 10+:
- Includes $960,000 in property taxes

So, your monthly costs would be:
- With property tax abatement: $382,400
- After abatement: $462,400

Let’s take the bigger one. Assuming you somehow had $20 million lying around to spend upfront, the monthly cost of holding that unit would require someone making minimum wage ($8.75/hour), to somehow work 88,080 hours per month, assuming you only paid taxes and housing costs.

Let’s put that another way. In order to afford the monthly cost of this if you only paid taxes and housing costs, you’d have to make $4,816/hour working 40 hours/week.

And finally, paying the mortgage over 30 years will actually cost you $156 million with interest. Carrying the unit for 30 years will tack on another $25 million in maintenance and taxes, for a total of $181 million. Let’s say you make the (respectable) salary of $100,000/year, and you pay your taxes like a good American, which runs you about 40%. With a take home pay of $60,000/year, it would take you over 3,000 years to earn enough money to buy this apartment. Think about how many times you’d have to redecorate in that timeframe (not included in cost estimate).

Quote:

Originally Posted by chris08876 (Post 6972842)

Even saving a 10k a month, it would still take 83 years to buy a 10 mil unit.

Not if you invest and let the interest grow ;)

Maybe less than 40 in that case... let's see who saves up enough first, or better yet all forumers can pitch in :haha:

Quote:

Originally Posted by chris08876 (Post 6972842)

Two solutions to live in this tower. One, marry one of the buyers or two, make the next Iphone. Either that or work in it being the chef, make some great food, and hope that it changes his or her life forever because that dish was so good, and that it forces a bond between the two in which then you live in it because you get married.

There is third option more down to earth, apply and get accepted for building manager position. Job description below is from One57 but we can expect something similar for this tower.

Quote:

The tower’s resident manager, meanwhile, will draw a heftier annual salary of $150,000 during the building’s first year, with a 3 percent annual increase, according to the filing. But the biggest perk of that job might be the apartment included with the position. The manager will get the keys to a 1,985-square-foot, two-bedroom, two-bathroom southwest-facing unit on the 34th-floor.
The resident manager will also pocket a fee of $600 for reviewing the documents when an owner sells or leases a unit and get cash for any services provided in the supervision of renovations.

Source: http://therealdeal.com/issues_articl...m-unit-a-to-z/

I'm going to be very surprised if the parapet on this doesn't land somewhere between 1500 and 1550. ...of course the spire will have to be shortened if they insist on making deference to 1WTC's hideous spantenna :koko:

Quote:

Originally Posted by gramsjdg (Post 6976530)

That would be nice, but what makes you think they won't just stick with the 1480' they have now?

The latest NB permit is for 1,490' feet. It remains to be seen if that measures to the HOF or to the top of the parapet. Also, that could easily be revised upward at this point. At a minimum, It's already taller than the 1,478' parapet height in Yimby's schematics.

Also, Yimby's schematic showed 93 floors, whereas the taller one most recently filed with the DOB has 92.

http://a810-bisweb.nyc.gov/bisweb/Jo...ssdocnumber=07

Q2 is approaching so hopefully some details come out then. Would be a good time too. Hopefully then contruction really accelerates late summer to early fall.

http://commercialobserver.com/2015/0...n-the-country/

BY LAUREN ELKIES SCHRAM
4/08/15

Quote:

Fifty-seventh Street has been a hot topic since at least 2009, when Gary Barnett’s Extell Development broke ground on One57 at 157 West 57th Street between Avenue of the Americas and Seventh Avenue. Sales were swift at the building initially, with half of the units selling in 2012 and a record-breaking $100.5 million sale paving the way for a sea of development on the surrounding streets.

But the pace slowed afterward, which Mr. Barnett said was in part due to competition from neighboring condos and the fact that “the building is not completely done.” He said it will be 99 percent completed in the next few months.

“I think we’re seeing tremendous demand,” Mr. Barnett said. “Yes, there’s a slowdown mainly because there’s more to go around. … There will be an absorption issue.” He clarified that the absorption issue will be a factor only for those buildings “that get it wrong.” His buildings at 157 West 57th Street and the Nordstrom Tower at 225 West 57th Street (as well as Vornado Realty Trust and the Clarett Group’s 220 Central Park South) will succeed, he noted, because of “the long views” of Central Park, “the great amenity packages [and the] significant size and scope” of the units.

...There are at least five high-priced condos in some stage of construction along 57th Street and others on neighboring streets. (While Billionaire’s Row may extend a bit south and north to developments like Baccarat Hotel and Residences at 20 West 53rd Street and 520 Park Avenue at East 60th Street and 220 Central Park South with its potential $175 million penthouse asking price, Commercial Observer focused exclusively on the skyscrapers on 57th Street, including one that is between East 56th and East 57th Streets.)

This includes the Steinway Building at 111 West 57th Street, a condo between Avenue of the Americas and Seventh Avenue by Property Markets Group and JDS Development. The building will rise 80 stories with 60 units and has a target completion date of 2017, according to data provided by Brown Harris Stevens. It is slated to be one of the most slender buildings in the world and the city’s tallest residential tower at 1,428 feet. The building launched a teaser website last week, indicating that condos are priced from approximately $14 million.

A block west, there is Extell’s 92-story 225 West 57th Street. It will be a condo with a full-line Nordstrom department store at the base, as well as a hotel and 199 residential units. Sales are expected to start in 2017, the same year when the project is expected to be complete, BHS data indicate. Excavation is already underway. Nordstrom Tower will be 1,500 feet tall without the spire.

Across town at 252 East 57th Street, there will be a new condo/rental by World-Wide Holdings and Rose Associates. The building will have 270 units over 65 stories, BHS indicated. Sales started in September 2014 with prices starting at $4.2 million and averaging $8.3 million. It has a target completion date of this year.

Also on the East Side, Macklowe Properties and CIM Group have a hotel and condo planned at 432 Park Avenue between East 56th and East 57th Streets, at the site of the former Drake Hotel. It will be 96 stories with 104 units. Sales started in March 2013. Prices start at $17.4 million and an average $30 million, BHS data indicate. The building is 70 percent sold. With a planned completion date of this year, it had been lauded as the tallest residential tower in the Western Hemisphere, but at 1,396 it is dwarfed by 111 West 57th Street. The penthouse is reportedly in contract for $95 million.

https://nyocommercialobserver.files....7th-street.jpg

"Dwarfed" seems like a bit of a stretch describing a difference of 30 feet.

Quote:

Originally Posted by TBone7281 (Post 6983380)

"Dwarfed" seems like a bit of a stretch describing a difference of 30 feet.

I know I was thinking the same thing. It's the media though, they love to exaggerate.

Even at 1500+ Nordstrom won't "dwarf" 432 by any stretch although it will be noticeably a bit taller. :)

the anticipation for the official rendering is killing me...

http://a810-bisweb.nyc.gov/bisweb/Jo...ssdocnumber=01

Quote:

04/15/2015

INSTALLATION OF A SINGLE 6000 LBS CAPACITY PERSONNEL/MATERIAL HOIST DURING NEW BUILDING CONSTRUCTION, FILED SEPARATELY.

NEW RENDERINGS FROM YIMBY :cheers::djparty::banana:

http://www.yimbynews.com/2015/04/rev...-building.html

WOW. Love the new texture, and that lighting scheme ain't bad either. :yes:

The interior, hosted by Yimby-
http://www.yimbynews.com/wp-content/...t-Extell-5.jpg

Well it's not the slick, broad stroke tower many were fingers crossed holding out for and early models (Barnett office) had suggested, but this design IS VERY New York. I think it will become a classic in time. I'm digging the hefty sculptural spire.

Agreed the Nordstrom spire has some integrity, unlike the "bait and switch" spire at 1WTC which was unfortunately an aesthetic game changer.

Still not a fan, but it's an improvement. Also, it looks so much taller than One57 ... :slob:

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