Manhattan residence vendor takes $12 million loss on One57 rental

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Manhattan apartment seller takes $12 million loss on One57 condo

One57 building in the New York City skyline as seen from the Rockefeller Center Observation Deck.

Roberto Machado Noa | LightRocket | Getty Images

The seller of a luxury condominium on Manhattan’s Billionaires’ Row suffered a loss of at least $ 12 million to move the property, according to public records.

The 4,500 square foot condominium at 157 W. 57th St. or One57 was signed last week after it was listed for $ 22.5 million. This comes from the Olshan Luxury Market Report, which tracks Manhattan sales contracts. The purchase price is unknown and the brokers declined to comment on the price or the identity of the buyer or seller.

The apartment was purchased from the seller for $ 34 million in 2014 at the height of the Manhattan real estate craze. Assuming it sold below list price – which is likely in the current market – the seller suffered a loss of at least $ 12 million.

“This is the best buyers’ market I’ve ever seen,” said realtor Ryan Serhant, who advised buyers and recently started the brokerage and advisory firm Serhant. “The intelligent buyers take advantage.”

The multi-million dollar loss underscores the dramatic depreciation and destruction of the wealth of buyers who paid the highest dollar for the glamorous super towers in Midtown Manhattan. One57 was the king of condominiums in 2014 – it was the tallest residential building in town at the time. It was over 300 meters high and had a screening room, art studio, private fitness center, and Park Hyatt on the lower 18 floors. One57’s penthouse was sold to tech billionaire Michael Dell in 2014 for $ 100.5 million.

Even before the pandemic, the fate of One57 turned. Next door was an even taller apartment tower and Midtown saw a flurry of new condos. State and local tax changes in 2017 made matters worse. Resale prices at One57 began to decline. Then came the coronavirus pandemic and New York residents moved to the suburbs. Manhattan apartment sales declined 46% in the third quarter, with average prices falling between 5% and 10%.

An apartment on the 88th floor sold for $ 28 million in May, $ 19 million less than the seller in 2014.

The 58A unit on the 58th floor, signed last week, has three bedrooms and 4½ bathrooms, as well as an expansive living and dining room with views of Central Park. It’s been in the market for more than six months and its list price fell from $ 24.8 million to $ 22.5 million.

Serhant said the buyers were New Yorkers.

“They’re local,” he said. “They are excited about the prospect of buying a trophy house at a discount.”