At More Than 60 Stories, Extell’s Inescapable ‘One Manhattan Square’ Dwarfs the Manhattan Bridge
It finally happened. The Manhattan Bridge is now dwarfed by its neighbor, One Manhattan Square.
With Two Bridges residents focused squarely on stopping the three supertall developments invading the area, the controversial “trailblazer,” Extell’s One Manhattan Square, remains the 800-foot elephant on the waterfront. Three years into construction, the superstructure is getting glassed, and has already surpassed sixty stories. About three-quarters of the way to the top.
Its sight in the Lower East Side skyline is now unavoidable. The eyesore is visible from nearly all points on the Lower East Side.
In addition, more than 100 units have sold since open season began. And who’s buying? The Real Deal interviewed Gary Barnett in March:
A lot of domestic Asian, not foreign so much. Either they live in Flushing or Downtown Manhattan, and they want to make an investment in real estate. Some of them are going to move in, or their kids will. And some are going to rent it out. What I’ve seen is once the buildings are completed and sold out, invariably the prices go up. Because then you’re only seeing one or two on sales at a time.
Donna Olshan of Olshan Realty is drinking the Kool Aid and points out the obvious, that the project risky. “I’ve never seen anything that large, and in an area in Manhattan that would be considered remote,” she told Bloomberg this spring. “This is a new location — an untested, unproven location — and they’re trying to build a community around it. It’s gutsy any way you slice it, no matter what the market is.”
In other news, the suits from Extell are holding their usual quarterly community meeting later this evening. It’s at 82 Rutgers Slip, 6:30pm.