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One57's Rental Portion Up For Grabs For $250M

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The rental portion of One57 is looking for a new owner. Extell wants to offload the building's seven floors of rentals, between floors 32 and 39, for $250 million, the Wall Street Journal reports. The sale will lead to certain tax advantages for the developer, the Journal explains. Extell head honcho Gary Barnett says that he wants $3,800 per square foot for the rentals, or just over $6.5 million for each apartment. As of May, apartments in the tower started renting from $13,350 a month for a one-bedroom to $50,366 a month for a three-bedroom, the Journal reports.

Just last week, One57 became the most expensive condo building in the city, according to a CityRealty report, surpassing Robert A.M. Stern's 15 Central Park West. City Realty reports that One57's average 12-month price panned out to $6,010 per square foot. One57 is also home to the city's most expensive condo, which traded for $100.5 million in early 2015.

The rental apartments on sale are located between 94 condos on the top floors of the building and the Park Hyatt New York hotel on the lower floors. All the rentals come fully furnished as well.
· Rental Portion of One57 Is for Sale [WSJ]
· $100 Million One57 PH Officially Closes, Breaks NYC Record [Curbed]
· One57 Is Officially New York City's Most Expensive Condo [Curbed]


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