Buildings Construction
One57, formerly known as Carnegie 57 and nicknamed "The Billionaire Building", is a 75-story supertall skyscraper at 157 West 57th Street between Sixth and Seventh Avenues in the Midtown neighborhood of Manhattan, New York City. Upon completion in 2014, it stood at 1,005 feet (306 m) tall, making it the tallest residential building in the city for a few months until the completion of 432 Park Avenue. The building has 92 condominium units on top of a new Park Hyatt Hotel with 210 rooms, which is set to become the flagship Hyatt property.
The building's developer is Extell Development Company, the contractor is Lend Lease Project Management & Construction, and the architect is Christian de Portzamparc. In January 2015, a duplex at One57 was sold for $100 million, making it the most expensive residence ever sold in New York City to that date.
Extell Development Company’s founder and President, Gary Barnett, spent 15 years assembling the property and air rights on 57th Street. At first, he said he wanted to build a 300,000-square-foot (28,000 m2) building, but plans for views of the park took shape as the assemblage got larger and markets started rising to new levels. Foundation work started in January 2010.
Extell received a $700 million construction loan for the project in October 2011 from a Bank of America-led syndicate that included Banco Santander, Abu Dhabi International Bank and Capital One. Sales at the project officially launched in December.
In May 2012, it was announced a buyer had agreed to pay a record price in New York of more than $90 million for the 10,923-square-foot (1,014.8 m2) duplex penthouse on the 89th and 90th floors. Just two months later, the Prime Minister of Qatar, Sheikh Hamad bin Jassim bin Jaber Al Thani, broke that record by agreeing to purchase a penthouse unit for $100 million.
After the sales offices had been open for six months, Extell announced One57 was 50% sold with $1 billion in transactions.
On June 20, 2012, it was announced that framework for the top floor had been completed. Shortly after, it was revealed the 13,550-square-foot (1,259 m2) “Winter Garden” duplex penthouse, located on the 75th and 76th floors, had gone into contract for an undisclosed amount.
In October 2012, entrepreneur Michael Hirtenstein and One57 developer Gary Barnett had a public clash regarding a unit Hirtenstein agreed to purchase in the building. Hirtenstein claimed he would not spend $16 million for a unit without seeing it, and that the view from the unit he purchased was obstructed. Barnett has been strict about not permitting buyers to view apartments prior to purchase, and as Hirtenstein paid a construction worker to show him his unit, Barnett refunded Hirtenstein's funds and canceled the contract. More details
Extell Development Company’s founder and President, Gary Barnett, spent 15 years assembling the property and air rights on 57th Street. At first, he said he wanted to build a 300,000-square-foot (28,000 m2) building, but plans for views of the park took shape as the assemblage got larger and markets started rising to new levels. Foundation work started in January 2010.
Extell received a $700 million construction loan for the project in October 2011 from a Bank of America-led syndicate that included Banco Santander, Abu Dhabi International Bank and Capital One. Sales at the project officially launched in December.
In May 2012, it was announced a buyer had agreed to pay a record price in New York of more than $90 million for the 10,923-square-foot (1,014.8 m2) duplex penthouse on the 89th and 90th floors. Just two months later, the Prime Minister of Qatar, Sheikh Hamad bin Jassim bin Jaber Al Thani, broke that record by agreeing to purchase a penthouse unit for $100 million.
