Implode-o-Meter News - NYC's 90-Story One57 Perks Up Sales With Luxury-Condo Discounts

Four years after completing the 90-story tower -- and setting a New York City record with a $100.5 million condo deal -- Extell Development Co. is still working to sell it out. In the first three months of the year, the firm sold five apartments totaling $73 million, according to a filing on the Tel Aviv Stock Exchange, where Extell sells debt. It was the firm's best quarter at One57, by both unit sales and value, since the end of 2016, according to an analysis of filings and data from StreetEasy.
"They were all discounted," Extell President Gary Barnett said in an interview. "That definitely has something to do with convincing people that it's time to buy and that they're getting a good value."
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At One57, Extell gave discounts in the quarter ranging from "single digit" percentages to bigger deals higher up in the tower, where the units are pricier, Barnett said. In some cases the developer covered the closing costs. Barnett said the two biggest sales were for about $24 million each. Not all the deals and their exact prices have been filed publicly yet with the city.

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NYC's 90-Story One57 Perks Up Sales With Luxury-Condo Discounts