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Buyers Shrugging Off Recession as Luxury Pre-Sales Thrive

If spring's developments held promise for fall, the pre-sales on some of the city's most luxurious new developments suggest high-end buyers aren't terribly worried about a double dip. If the protesters from Zuccotti Park needed anything else to rile them up, the sight-unseen sales going down around the city should provide plenty of fodder. The Post has rounded up the rash of luxe pre-sales and we've plucked out some highlights below:

1) One57: That 90-story behemoth going up just south of Central Park —yes, the one with the $100M penthouses—has apparently been doing brisk business in the pre-sale department. According to the Post, one $30M unit is already in contract. That's a long way from selling out the building's 95 pricey units, but not bad considering someone plunked down $30M based on a floor plan and some renderings.

2) The Touraine: With prices that range from $1.3M to $20M, and a location on the east side of Lex, we can't say we were expecting much out of this Upper East Side pre-war reproduction from Toll Brothers. Well, the pre-sales tell a different story, with 17 out of 22 units sold with the building almost a year away from opening.
3) 250 West Street: The 111-unit luxury building in Tribeca also won't be ready for move-ins until next fall, but, according to developer El-Ad, over a third of the condos have sold. That number includes at least 13 units are in contract for over $3M.

The Post article also carried more general good news from the ultraluxury market. Corcoran Group president and CEO Pam Liebman says 20 apartments over $20M have sold in Manhattan in 2011.
· Out of sight [NYP]
· 56 Leonard and Other Stalled Projects Plan Major Comebacks [Curbed]

250 West Street

250 West Street, New York, NY

One57

157 West 57th Street, Manhattan, NY 10019 Visit Website