NEW YORK | One Manhattan Square | 847 FT | 72 FLOORS

There is lively debate about the number of sales -

https://streeteasy.com/talk/discussion/45012-calling-streeteasy-missing-recorded-sales

It looks like 115 actual recorded sales and 172 in contract.


P7270489 by Jerry Quartley, on Flickr

7 Likes


Render

Reality

15 Likes

https://www.boweryboogie.com/2019/04/desperate-extell-offers-to-waive-up-to-10-years-of-common-charges-at-one-manhattan-sq

2 Likes

Perhaps the three other waterfront developments currently under the microscope should likewise read the tea leaves. Building it doesn’t necessarily mean that they will come.

Yeah, who needs those hundreds of units of affordable housing?

5 Likes

If they could give me a decent unit for 400k, I’d buy it tomorrow to help Extell.

On a side note, imagine snagging an affordable unit in 9 Dekalb. Truly winning the lottery.

YIM the point here is people aren’t buying into this building for a variety of reasons. Developers can’t make $ just from the tax breaks of building affordable units so building more towers in this area at this time is unlikely.

Yes, but the author of the article is demonstrating clear NIMBY sentiment by the way they worded that comment. The market for the higher-end portions may not be in great shape but it hasn’t helped that politicians and judges have been holding up these towers for years at this point while there’s a housing crisis and NYCHA is a fubar.

3 Likes

I agree with this. Even if you look at the history of that boweryboogie article author, some of the other articles have touches of anti-development.

1 Like

I think you’re missing the point. If people are not buying into this building, why would anyone build similar product in this vicinity? This could change in the future but for the time being it won’t happen.

1 Like

we don’t know if people aren’t buying. We know Extell is offering incentives to make their product more enticing. There is a slowdown in the ultraluxury condo market making it more competitive, sales will pick up again sooner or later.

Ten years of free maintenance is unheard of. You’re not accepting reality.

2 Likes
3 Likes


Tectonic

11 Likes


Freedom Tower and Manhattan and Brooklyn Bridges tip of Manhattan by Supremecourtjester, on Flickr

10 Likes





Now I see why that top took forever

14 Likes

the only angle I like of this tower is the one where it looks like the tetris squiggly. The rest are pretty egregious.

this angle, I mean. https://www.skyscrapercenter.com/building/one-manhattan-square/16055

ps http://www.thelodownny.com/leslog/2019/08/report-121-closings-at-one-manhattan-square-in-2019-so-far.html

@stache :wink: Over 100 units aint shabby before the tower is officially opened. They’ve also refinanced. If the other towers don’t get built It could be a boon for sales here, but with over 800 units, Extell needs to sell this building aggressively with signs of a possible recession.

2 Likes

From a larger article in the Times - https://www.nytimes.com/2019/09/13/realestate/new-development-new-york.html

The Manhattan neighborhoods with the lowest share of new condo sales were the Lower East Side (32 percent sold), Midtown West, which includes Hudson Yards (55 percent), East Harlem (56 percent), Gramercy Park (60 percent) and Washington Heights (63 percent). The data represents a snapshot of what has actually sold since 2013, in buildings where closings have started to be publicly recorded.

The single largest reason the Lower East Side tops the list is because of the massive One Manhattan Square, an 815-unit skyscraper that towers over nearby Chinatown, where prices ranged from $1.2 million for a one-bedroom to over $13 million for a penthouse. Among seven new buildings in the neighborhood that have recorded sales, it represents three-fourths of the new inventory.

As of Aug. 26, the tower, which received a permit for occupancy in late 2018, had only sold about 20 percent of its units, Mr. Long said. A spokeswoman for Extell said there are “hundreds of more units” under contracts that have not yet closed.

That is a worrying sales pace for a luxury project with some of the most compelling incentives on the market. The tower was one of the last to receive a now-expired tax break that buyers will enjoy for several years. And the developer, Extell, the same company that built One57 and Central Park Tower, has engaged in some of the costliest promotions to lure buyers, including a waiver of up to 10 years of common charges on their most expensive units, potentially worth tens of millions of dollars to Extell. The developer began marketing in 2015, while the building was under construction.

3 Likes

image

I see that the lights are on now, that’s so cool.

9 Likes