Published On: Tue, May 13th, 2014

Details of Gary Barnett’s One57 Revealed

Affidavits filed with the New York State AG’s office give a look inside One57 for the first time.

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Much as been written about the vaunted new project recently completed by Gary Barnett and his Extell Development Real Estate called One57. Located at 157 west 57th Street, the residential building will be 1, 423 feet tall. Now we have the specifics of what the new apartment building will offer.

The 90 story $1.4 billion condominium tower took ten years of planning. Barnett, for his part, put up only 10% of the $700 million in equity needed for the deal. The rest came from funds from Arabian Gulf States.

The developers have already closed ten sales for condominiums in One57.

real-estate- 157 west 57th Street

There are 21 storage bins in the building’s basement that go for up to $4, 000 a square foot. A 54 square foot storage been goes for $216, 000. This is considered unprecedented in a city where such luxury apartments come with basement storage space.

There are 30 square foot storage bins that will cost $110, 000, or $3, 667 per square foot.

Gary Barnett's One57 real-estate- 157 west 57th Street

One57 will also have strict rules regarding pets. Only 2 will be allowed per apartment and be limited to animals like dogs, cats, caged birds and aquarium fish. There will also be security measures for the pets as residents will be required to provide pictures of them to the condo board so that they can be identified. No visitors to the building will be allowed to bring their pets in with them.

Residents will also have to live with strict rules regarding decorations. Any external ornamentation will have to be approved by the condo board and no special lighting will be permitted at holiday time. Even curtains, which can be seen from the outside, must get approval.

All of the above has been recorded in documents filed with the New York State Attorney General’s Office in accordance with state laws requiring such filings.

real-estate- 157 west 57th Street

The building is expected to begin operation on July first. Extell and Gary Barnett have already had to deal with nineteen different law suits that have been brought against the development and both Extell and its partners are expected to gross about $2 billion in sales from the project, according to news reports. One57 is expected to bring in $8.25 million in its first year.

Annual residential common charges should total $7.45 million a year. The hotel section’s common charges will be $775, 000 per year.

This will come after estimated expenses of $2.5 million a year for heat and water and $1.57 million for annual staff salaries and benefits. There will also be an annual expense of $1.43 million for electricity and another $1 million a year for services and supplies. The owners will have 8, 400 windows to keep clean.

One57_Entrance_NYC_Central_Park_apartments

A full time staff of 18, including doormen, porters, handymen and concierges, will work at One57 full time. Four bedroom units in the building are currently listed at as much as $26 million.

All of the above information was recorded in the affidavits provided to the Attorney General’s office.

A 58 year old rabbi’s son, Gary Barnett, founded and owns Extell Developments. After starting his career in the diamond business, Barnett began to purchase properties in New York. He was named Most Powerful Person by the New York Observer magazine in 2013. A product of public colleges, he received his BA from Brooklyn College and his MA in economics from Manhattan’s Hunter College, both part of the new York City University system.

Gary Barnett's One57

 

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