Extell Sells 100 Condos At One Manhattan Square In 3 Months
Extell Development has sold more than 100 luxury condominiums in One Manhattan Square, one of Manhattan's largest condo projects under development, the firm announced Thursday.
Sales of condo units in the building started in early November. The building is under construction and scheduled to be completed in 2018.
Experts have predicted that the luxury condo market will slow down due to oversupply. Extell was able to sell about one-eighth of the condos in the 815-unit skyscraper, helped by hitting the sweet spot under the ultra-luxe condo market. The units, marketed in-house by Extell, start at $1.15M. Extell sold a 3,700 SF penthouse in the building for $13M in December.
"Most of the residences at One Manhattan Square are in the $1M to $3M range, which is product that is in the shortest supply and has the greatest demand in the current market," Extell president Gary Barnett said in a release.
Located on the Lower East Side, One Manhattan Square will be an 850-foot-plus glass tower with views of New York Harbor, the Manhattan Bridge and the financial district. The 815-unit building includes more than 100k SF of indoor and outdoor amenity space.