Another Billionaire's Row Bust?

Started by 30yrs_RE_20_in_REO

over 6 years ago

Posts: 9876

Member since: Mar 2009

Discussion about SELENE at 100 East 53rd Street in Midtown

I don't think we have had any discussion about this building yet, but here is another example of a once ballyhooed "concept" tower (like 111 West 57th St) backed by Chinese money and a name NYC developer which has been on the market for almost 3 1/2 years and still hasn't even sold 1/3 or it's units. They tried to drum up some new steam through a PR campaign at the beginning of this year, but I don't think it lead anywhere: https://therealdeal.com/2019/01/28/see-it-to-believe-it-aby-rosens-100-east-53rd-is-banking-on-fresh-momentum/

Response by 300_mercer

over 6 years ago

Posts: 10553

Member since: Feb 2007

This is not billionaire’s row even by a large stretch.

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Response by Rock28

over 6 years ago

Posts: 49

Member since: Apr 2011

This quote from that Real Deal article stood out to me for some reason. Maybe it's not just the developers that need to come to grips with where the market is right now.

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Stribling’s Sean Murphy Turner said buying a home in the building is akin to splurging on a nice sports car... “It’s like an impulse buy, something jazzy and fun."

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Response by stache

over 6 years ago

Posts: 1293

Member since: Jun 2017

All of these so-so buildings (while very nice) will eventually fill up. Matter of time. It will take a while.

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Response by 300_mercer

over 6 years ago

Posts: 10553

Member since: Feb 2007

And right price which is lower than last closings.

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Response by Anton

over 6 years ago

Posts: 507

Member since: May 2019

1/3 sold, which is very good indeed regarding the high price

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Another Billionaire's Row Bust?

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