Published On: Mon, Nov 9th, 2015

The rental portion of One57 is for sale for $250 million, WSJ Report

Now an enterprising investor can buy a piece of Billionaires Row, wholesale.

Gary Barnett One57

 

The rental portion of the most expensive condominium in New York, One57, is now for sale. Extell Development Co. has put up for sale of 38 rental apartments, a block of seven floors, between floors 32 and 39, for $250 million, the Wall Street Journal reports.

The sale will lead to certain tax advantages for the developer, the Journal explains. Extell head honcho Gary Barnett says that he wants $3, 800 per square foot for the rentals, or just over $6.5 million for each apartment. As of May, apartments in the tower started renting from $13, 350 a month for a one-bedroom to $50, 366 a month for a three-bedroom, the Journal reports.

Just last week, One57 became the most expensive condo building in the city, according to a CityRealty report, surpassing Robert A.M. Stern’s 15 Central Park West. City Realty reports that One57’s average 12-month price panned out to $6, 010 per square foot. One57 is also home to the city’s most expensive condo, which traded for $100.5 million in early 2015.

Read the full story at ny.curbed,  by Tanay Warerkar

 

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