Real Estate
Billionaires’ Row Condo Records 51% Resale Loss in Luxury Glut
- Apartments getting steep discounts at midtown Manhattan tower
- One57 was symbol of NYC’s high-end boom after financial crisis
A 58th-floor apartment at Manhattan’s One57 has traded at a 51% markdown, the biggest resale loss at the Billionaires’ Row tower that was a symbol of the borough’s luxury development boom.
The 4,483-square-foot (416-square-meter) condo sold for $16.75 million, according to city records made public this week. The seller purchased the unit from the developer in 2014 for $34 million.