NYT Reporter Checks Out $67 Million Midtown Apartment

By Richard Horgan Comment

One57ApartmentWhenever we encounter an article like Julie Creswell’s weekend print/video piece, we can’t help but open a new Web browser window. However, when we tried to calculate the 30-year-fixed monthly payment (with 10% down) for that $67 million, 87th floor One57 apartment, the bankrate.com calculator told us: “Please enter a value between 1 and 10000000.”

When your monthly mortgage payment hovers around or exceeds a quarter-million, there’s no need for an online mortgage calculator. If you have to calculate, you can’t afford it:

Put another way, the apartment costs nearly $11,000 per square foot. That’s Per. Square. Foot.

Too rich? Well, there is another, similar apartment a few floors lower that has a number of potential buyers circling it that’s “only $55 million,” [Extell Development Company founder] Mr. [Gary] Barnett says before pausing. “I didn’t really say, only $55 million?” He laughs. “It’s all relative.”

The penthouse price at One57 is even higher, a staggering $100 million. Creswell also checked out the under-construction digs at 56 Leonard Street. No online calculator needed there, either. At press time, over 75% of One57 is sold.

Check out Creswell’s rarefied video glimpses here.