In a luxury real estate market that is showing signs of slowing down, Gary Barnett’s Extell Development is trying a new trick to bring in buyers at One57. The developer spent at least $1 million to furnish a $20.1 million apartment at the glitzy tower.
“That’s what it costs to do something really nice,” Barnett told the Wall Street Journal.
The 94-unit One57 is now about 80 percent sold, according to Extell, and Barnett said most of the pads with “perfect views” are already spoken for. The $20.1 million, 45th-floor apartment, which has partially-obscured views, was designed by Jennifer Post.
Post installed recessed lighting and Venetian plaster in the three-bedroom, 3,228-square-foot apartment, and commissioned custom-made furniture. The soap and towels are in the bathrooms, drapes stand ready and the television is installed and hooked up, the Journal reported.
All the decor is included in the price tag, according to the paper.
Extell seems to be following the trend of developers furnishing apartments to attract buyers amid a high-end market that has seen a glut of new luxury developments. On Thursday, Bloomberg reported that Witkoff decided to shelve plans to convert the Park Lane Hotel into luxury condos, acknowledging that demand for such product was slowing down. [WSJ] — Dusica Sue Malesevic
Source: The Real Deal