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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?
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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.
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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.
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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.
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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.
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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.
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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.
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Ten years of free maintenance is unheard of. You’re not accepting reality.
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https://www.instagram.com/p/B13DZM1Hr-O/?igshid=1ip90ac8x3yhx
https://www.instagram.com/p/B2G1015JY4L/?igshid=1re72hs7blcxk
https://www.instagram.com/p/B2OjxwAgFE-/?igshid=guevinssiqsk
https://www.instagram.com/p/B2PaaAdB4tA/?igshid=3n13671cpuj4
Now I see why that top took forever
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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. One Manhattan Square - The Skyscraper Center
@stache 
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.
https://rew-online.com/2019/09/blackstone-funds-692m-loan-to-extell/
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From a larger article in the Times - One in Four of New York’s New Luxury Apartments Is Unsold - The New York Times
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.
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I see that the lights are on now, that’s so cool.
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From RealDeal -
First, it offered up to [10 years of free common charges. Now, Extell Development is launching a “rent-to-buy” program to spur deals at One Manhattan Square.
In an email announcing the incentive, the developer said renters will be able to apply a “full year’s rent” to their purchase of a unit at the Lower East Side condo.
In a statement, an Extell spokesperson said “hundreds of residents” had moved into the 815-unit condo since it opened, but it’s also fielded many inquiries about rentals at the amenity-laden tower.
“We anticipate that after living at One Manhattan Square many will take advantage of this program and purchase in the building,” the spokesperson said.
But the developer’s perk is also clearly the latest sign of Manhattan’s slow condo market, where sales rose during the second quarter after a six-quarter decline. At OMS, the Gary Barnett-led firm currently has one-bedrooms starting at $4,000 a month or $1.209 million; two-beds asking $7,500 a month or $1.895 million and three-beds priced at $10,000 a month or $3.527 million. The average sale price of condos at OMS that have closed is $1.7 million, a TRD analysis of records show.
Property records show that Extell closed 194 units for a total of $332.4 million at the tower, which launched sales in 2016. But it’s unclear how many more units may be in contract. OMS currently has 76 active listings on StreetEasy, including a $13.2 million penthouse marked in-contract.
After initially marketing OMS to Asian buyers, Extell has offered several perks to entice buyers. In April, the developer said it would cover up to a decade of common charges for buyers who closed before July 4.
But foreign investment has dried up, and sources said renters are more likely to move to tertiary neighborhoods than buyers.
“The model of ‘If you build it, they will come’ is over,” said Bold New York’s Jordan Sachs, citing low buyer sentiment overall. “People aren’t believers now,” he said. “There’s a lot of talk about a recession on its way.”
Some also speculated the rent-to-buy program would drum up a few deals.
“When you’re on the softer side of the market, people try everything,” said Andrew Gerringer of the Marketing Directors. “It’s all so you don’t have to discount the price of the home."
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