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What did it sell for?

Started by 30yrs_RE_20_in_REO
about 7 years ago
Posts: 9877
Member since: Mar 2009
Discussion about 157 W 57th Street #46C
There has been a lot of discussion lately about Developers giving deep discounts off of asking price to move inventory. This would seem to be one of the units that would get such a discount. Does anyone know what the contract price is? Or want to hazard a guess?
Response by 300_mercer
about 7 years ago
Posts: 10567
Member since: Feb 2007

$17mm. 20 percent off from the original ask in 2015; despite Extel providing interior design and furnishings (that is what I think but not sure)z

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Response by 300_mercer
about 7 years ago
Posts: 10567
Member since: Feb 2007

What is your guess?

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Response by ximon
about 7 years ago
Posts: 1196
Member since: Aug 2012

I suspect that Extel can be very patient with their marketing strategy at 157 so I would expect a good number from this listing. They have sold enough at 157 to insure a big profit and may have little to no pressure to liquidate their remaining portfolio unlike their other project downtown.

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Response by 300_mercer
about 7 years ago
Posts: 10567
Member since: Feb 2007

Sorry my estimate of $17mm is 15 percent off the original. Could be as low as $16mm.

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Response by 30yrs_RE_20_in_REO
about 7 years ago
Posts: 9877
Member since: Mar 2009

300,
I really don't know. This one it looks like they took about a 19% haircut?
https://streeteasy.com/sale/1338959

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Response by 30yrs_RE_20_in_REO
about 7 years ago
Posts: 9877
Member since: Mar 2009

ximon,
I wonder how much pressure having Central Park Tower come on line is exerting on Extell to close out One57 after being on the market for ?7 years?.

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Response by 30yrs_RE_20_in_REO
about 7 years ago
Posts: 9877
Member since: Mar 2009
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Response by 300_mercer
about 7 years ago
Posts: 10567
Member since: Feb 2007

I think 20% is probably the best guess as the buyers saw the previous discounts of 20%. But the absolute price is lower. So could be a little less than 20% discount.

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