Prices continue to drop at One57, with yet another hyper-luxury condo selling at a steep discount. According to The Real Deal, an LLC called "Escape From New York" paid nearly $32 million in 2014 for one of the building’s palatial pads, with the hopes of profiting from appreciating prices.
But oh, how times have changed: The sellers tried to flip the unit, initially listing it at $38.9 million (for those keeping track: that would have been a profit of 21.6 percent), but alas, TRD reports, it was not to be: the 4,500 square-foot-unit has now gone into contract for what’s likely to be "at least a $7 million loss." At last asking, the price was down to $25 million—a steep discount of nearly 22 percent.
This is part of a larger trend at the Extell-developed building, which has combated the luxury slowdown by offering more "affordable" units (inasmuch as a multi-million-dollar condo can be affordable, anyway).
On the bright side, if you’ve been angling for a spot in the weirdly selective building but have found yourself just a few million short, this might be your moment.