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One57 Pads Once Deemed Rentals Are Now Turnkey Condos from $3.5M

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38 apartments that were offered as high end rentals last summer

Extell Development is reverting course on a bunch of apartments at their midtown supertall, One57. Last summer, Extell offered 38 apartments located on floors 32 through 38 as high end rentals. However with a slowdown in the luxury rental market, the units are back on sale with the cheapest condo starting at $3.45 million, Bloomberg reports.

This time around, the apartments are also being offered fully furnished, according to a press release from the development firm. The interior work was carried out by Thomas Juul-Hansen.

The available units range in size from a 1,021-square-foot one bedroom to a 4,635-square- foot four-bedroom duplex.

"Having set the bar high for super-luxury living in New York City, we remain confident in the City’s luxury market," Gary Barnett, the president of Extell, said in the press release. "We recognize the demand for efficiently sized, luxury inventory below $10 million. There is absolutely no comparable product currently on the market."

As the luxury market became a tougher sell towards the end of last year, Extell even tried to offer up these 38 apartments to an outside developer for $250 million.

About 80 percent of the units in this 90-story building are already sold, according to Extell. The residential portion is located above the Park Hyatt New York hotel, and residents have access to all the amenities the hotel provides.


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