Extell Slashes Condo Prices at 80-Story One Manhattan Square

Posted on: February 23rd, 2016 at 5:10 am by
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Ruh roh.

Extell Development Corp. just slashed the target prices for condos in its 80-story, skyline-altering One Manhattan Square. The so-called “sellout price” at 250 South Street was reduced at the end of last month. Signs of cracking…?

According to the Real Deal, Extell chief Gary Barnett lowered the sellout price by $207.3 million to a total of $1.87 billion. Condo quarters in the enormous “vertical village,” which boasts 815 apartments, will now start at $1 million. Plus, there are two penthouses that cost thirteen times that, one of which is already in contract.

“We’re going to be very conservative here,” Extell chief Gary Barnett told The Real Deal. He disputed the notion of having cut prices per se, instead describing the markdown as a change to early placeholder prices to better match the current market, which is showing signs of a slowdown at the top.

“We priced it where we want to start and we think we’ll raise prices from where we’re starting now,” he said.

Domestic sales for the market-rate condos will begin any day now; it’s already underway abroad. Completion and opening of One Manhattan Square is scheduled for 2019. Amenities for homeowners (aka transients) are bonkers – access to basketball courts, turkish baths, bowling alley, golf simulator room, squash court, sauna, sunken tranquility garden (Lowline?), 75-foot swimming pool, billiards room, cigar room, and private theater.

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Swimming pool at One Manhattan Square

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