These units have bargain basement price tags for the glitzy area they’re in.
Amid some of the world’s most expensive real estate, 99 comparatively budget-friendly condos have hit the market.
Sales started Thursday for freshly revamped homes within Midtown’s former Le Parker Méridien hotel, now known as the Thompson Central Park. Although area real estate is known to go for jaw-dropping prices — including Ken Griffin’s roughly $238 million purchase at 220 Central Park South in 2019, still the priciest US residential property sale — the new ONE11 residences carved out of the Thompson start at the comparatively low $1.3 million for a one-bedroom unit. The two pairs of four-bedroom penthouses on the 42nd floor are asking $14 million each, Bloomberg reported.
Although owners of apartments within the 119 W. 56th St. hotel are generally not allowed to live there more than six months of the year, so they can also be rented out as shorter-term lodgings, the ONE11 addresses will be sold as traditional condos, with full-time residency and subletting allowed, pending board approval. Owners will also be allowed access to the hotel’s amenities, including its lobby and restaurants.
Though the hotel building was completed in 1981, the units are “essentially new construction” thanks to developer GFI Development Co.’s massive overhaul of the space, the company’s managing director Stan Spiegelman told Bloomberg. Indeed, not only have the previous smaller windows been replaced with floor-to-ceiling ones, but the apartments now enjoy central air and modern mechanical systems.
GFI hopes that buyers will be enticed not just by the extremely discount prices for the area, but also by the comparatively un-stuffy vibe, at least by local standards.
“It has this downtown vibe similar to the Beekman,” said Spiegelman, despite its central location “in the middle of the city.”
Meanwhile, just down the block on West 57th St., a Central Park Tower penthouse, which will hit the market on Monday, is looking to set a new record with its sky-high $250 million pricetag.