[NEW YORK] A full-floor apartment near the top of Manhattan's One57 just sold for US$28 million. Read more at The Business Times.
Extell Development broke ground on One57 in 2009 while many other projects were sidelined by the Great Recession. With little competition, it quickly drew global investors who payed large sums for homes they rarely lived in. A penthouse at the tower sold in 2014 for US$100.5 million, a city price record that stood until last year.
Now, buyers at One57 have increasingly been trading their homes at a loss as new projects proliferate in Manhattan and create a glut of high-end choices amid slackening demand. In 2017, resales at the tower averaged 25 per cent less than their 2014 purchase prices, according to Miller Samuel Inc data.
Continued weakness in the ultra-luxury market has been amplified by the global pandemic as well as the higher mansion and transfer taxes imposed by the state last year, Mr Miller said.For daily updates on weekdays and specially selected content for the weekend. Subscribe to
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