Date
18 January 2017
Artist's rendering shows where One Manhattan Square will rise just beside the Manhattan Bridge. Photo: City Realty
Artist's rendering shows where One Manhattan Square will rise just beside the Manhattan Bridge. Photo: City Realty

New York luxury condo king targets Chinese buyers

Gary Barnett, the developer who sold New York’s most expensive apartment, is marketing his newest and largest Manhattan condo project to Asian buyers first — at prices well below those at his Billionaires’ Row towers.

Barnett told Bloomberg his Extell Development Co. will start sales of the more than 800 condominiums at his Lower East Side property exclusively overseas, including in China, Malaysia and Singapore.

Flats at the 80-story tower, called One Manhattan Square, won’t be for sale in the United States until early next year.

They also won’t be breaking any price records. Barnett estimates that most of the development’s condos will be listed at between US$1 million and US$3 million.

Homes in that range are in short supply in Manhattan, where developers — including Extell — have focused almost exclusively on building larger and lavish apartments aimed at ultra-wealthy buyers who view New York real estate as a haven for cash.

“There are a tremendous amount of people who would like to own something in New York City but are priced out because everybody’s building super-luxury,” Barnett said.

It was Barnett himself who ignited the development boom of high-end homes with the construction of One57, the 306 meter skyscraper across from Carnegie Hall on Manhattan’s west side, where a deal to buy a penthouse for US$100.5 million, the highest price ever paid for an apartment in New York, closed last year.

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