Before too long, the Lower East Side waterfront will look quite different, as four separate skyscrapers make their ascent in the area’s Two Bridges enclave. But as of right now, only one of those—Extell’s 252 South Street, also known as One Manhattan Square—has hit the market. Four months after launching sales, Extell announced that the building reached its first sales milestone: 100 contracts have been signed, including one for a sleek $13 million duplex penthouse.
If that sounds like a lot, consider this: the building has 815 condos total, so it’s only one-eighth of the way there. But Extell isn’t worried: In an interview with Bloomberg, Raizy Haas, the firm’s senior vice president of development, noted that prices for the condos coming to market now are actually going up. “It tells the market that we’re confident about our product and that we are selling well, selling fast,” she said of the price bumps.
Extell is in the unique position of getting out ahead of the competition: JDS, Starrett, and a team effort of CIM Group and L+M Development Partners, are also developing skyscrapers that are due to rise within a several-block radius of each other, ultimately adding more than 2,000 apartments (a mix of market-rate and affordable, both condos and rentals) to the neighborhood over the next few years.
But those towers, all of which will top out at more than 700 feet, are in the early stages, with the developers partnering on a joint Environmental Impact Statement that’s due to get underway this spring. (Local residents have unsuccessfully tried to stop this process from moving forward.) Extell’s, meanwhile, is already more than halfway to reaching its 823-foot height.
The developer is also hoping to entice potential buyers with a spate of slightly ridiculous amenities spread out over four floors within the building (including a bowling alley, screening room, and a spa with a hamam), as well as 45,000 square feet of landscaped outdoor space that includes a fire pit and an adult tree house. (Yes, really.)
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