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One57 Sales Grind to a Virtual Halt as Competition Arrives

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One57 sold only one unit during the third quarter this year, leaving 24 of the 94 condos in the luxury megatower unsold, Bloomberg reports. While a bunch of the absurdly expensive apartments sold shortly after sales launched in 2011 to trophy property collectors who don't actually have any intention of living in them, they have since slowed and now ground almost to a complete halt. Only three units in the building have been purchased in all of 2014. The most obvious reason for this is that One57 no longer has the same stranglehold on the superluxury Midtown skyscraper market that it once enjoyed—with projects like 432 Park Avenue, 111 West 57th Street, the Nordstrom Tower, 252 East 57th Street, and more now joining the fray, One57 no longer seems quite as tall, attractive, or unique as it did a mere two years ago. "People know there's a lot more product coming to the market in that range," one broker who is unaffiliated with One57 told Bloomberg. "They're either waiting to see what it's going to be like, or they're holding off."
· NYC's One57 Sells One Condo in Quarter as Luxury Slows [Bloomberg]
· One57 coverage [Curbed]


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