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One57, Home of NYC's Priciest Condo, Now Rents to the 1%

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Unit 37F, a three-bedroom asking $50,366/month.

The mindbogglingly expensive condos of One57 get all the attention—one sold for a whopping $100 million, for crying out loud—but the luxury supertall also has a collection of rentals, perfect for the rich person who just can't commit. In a story about the apartments, the Wall Street Journal says, "you don't have to be a billionaire to rent there," but it helps if you are part of the city's 1 percent. The "cheapest" of the 38 rentals costs $12,000 a month, so if Extell is using the usual formula of a renter's annual income needing to be 40 times the rent, you need to make $480,000 per year to live in One57. That puts you in the top 2 percent of all New Yorkers, and yet you would be the poorest person in the building.

All of the rental apartments come fully furnished, and the Journal says "they include many throw-ins such as bathrobes, cocktail shakers, and oven gloves"—because someone renting a $30,000/month condo is definitely going to use the oven. The apartments range from 1,021-square-foot one-bedrooms to a 3,466-square-foot four-bedroom, and they occupy seven floors above the Park Hyatt Hotel and below the condos.

Last April, Crain's reported that the minimum annual salary one needs to make to be part of New York City's 1 percent is $598,412. This means that if you're not part of the 1 percent, there are only two rentals you can afford at One57. Currently, the most expensive rental is a three-bedroom asking $50,366, so prospective tenants need to make at least $2 million.

The rentals, it should be noted, are what allowed the building to take advantage of the 421a tax abatement program, which means Extell pays extremely low property taxes. For the second cheapest rental, a one-bedroom on the 37th floor asking $13,500 a month, Extell will pay just $500 a month in taxes, or 3.8 percent of the rent.

· Luxury Living at One57 Tower—for Rent [WSJ]
· A new portrait of the 1% [Crain's]
· Rentals, Remaining Condos At One57 Start Hitting The Market [Curbed]