Posted Feb 11, 2012, 9:37 PM
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Khurram Parvaz
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Join Date: May 2009
Location: NEW YORK
Posts: 2,424
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NY Times
For Sellers, High End Is Hot
Quote:
.....The condos that have opened in the last few years often have larger apartments and fewer units. They are aimed squarely at the rich, perhaps none more so than the new Extell development at 157th West 57th Street, called One57. When it opens next year, it will be the city’s tallest residential building, at 90 stories, and the most expensive, with the cheapest unit reportedly at $7 million. Fewer than 100 residences will be available. When the banker Sanford I. Weill sold an apartment at 15 Central Park West late last year with an asking price of $88 million — more than $13,000 per square foot — real estate executives said the deal signaled another leap in the kinds of prices that are possible. Mr. Weill very likely doubled his 2007 investment of $43,687,751.
The impact was immediate. For instance the reported asking price for the penthouse at One57, first set at $90 million, soon neared $115 million. Still, at $7,000 per square foot, a certain kind of shopper might consider it a bargain.
“Even if you are spending $40 million, it is comforting to know that there are other people spending that kind of money as well,” said Kelly Kennedy Mack, the president of the Corcoran Sunshine Marketing Group, who has been a consultant to top-selling Manhattan developments including One57. ”
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I think it's also fair to remind everyone where this building was exactly a YEAR ago.
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