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Steeply discounted One57 pad is NYC's priciest sale this week

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The sponsor unit sold for $21.5 million, or $6.6 million less than it was asking

When One57 hit the market, condos were selling (and reselling) for so many millions that the 57th Street tower soon became known as The Billionaire Building. And while that nickname has more to do with exactly who was dishing up for the pricey (and oddly selective) pads, the building has become somewhat less exclusive in years past as prices have dipped just a teensy-weensy bit.

For example: the Times points out that the priciest residential sale to close in NYC this week is a three-bedroom, three-and-a-half bathroom sponsor unit that went for $21.5 million. But the 4,193-square-foot apartment was last listed for a whopping $28.1 million, meaning it sold at a $6.6 million, or 23.5 percent, discount.

But no matter: this buyer, or buyers, don’t seem too affected by the luxury market slowdown. The limited partnership, GMF 157, also purchased a neighboring condo in 2014 for $24.84 million. The Times astutely notes that it seems like the buyer(s) is/are planning on combining the two apartments and creating an over 8,500-square-foot skymansion. If the monster apartment isn’t totally reconfigured in the future, that means it would have six bedrooms, seven full bathrooms, and two half bathrooms.

More than 80 percent of the building’s condos have now sold, but that’s not too impressive considering that 70 percent of the luxurious condos had netted buyers by 2013. Of course in the meantime there’s been a ton of apartment flipping and renting on sold units. At one point sales had basically come to a halt as competition—cough, 432 Park Avenue, cough—arrived on the market.


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