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One57 Megalomania and A Dearth of Luxury Real Estate?

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The first rule of the real estate club is do not talk about your questionable sales tactics,* or admit on the record that your firm, say, has been "mailing letters to 300 condominium and townhouse owners around the city to see if anyone might consider selling." Though that's not really the point of this Bloomberg News piece hyping the low inventory of high-end housing as a positive sign of the times. It uses Rubicon Property's Jason Haber to illustrate how brokers, "struggling" under the weight of "dwindling supply" of luxury real estate, are beating off the "ready, willing and able buyer" with a stick. All of which seems to be a long con for the promotion of Extell's One57, the 90-story behemoth soon launching sales for apartments ranging from $5 million to $30 million and above. Big boss Gary Barnett is confident, media blowjob notwithstanding. He boasts, "Everything that people are talking about coming to market is at least two years behind our project. I expect to be sold out by then.”
· Manhattan Luxury-Home Supply Dwindles [Bloomberg News]
· One57 coverage [Curbed]

*And by that we mean, tipline's open!


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