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REAL ESTATE

New York City Finest Penthouse, by Gary Barnett

Providing breathtaking 360° panoramic views of the New York City skyline, the Penthouses at One 57 are some of Manhattans most sought after apartments. Designed by Pritzker Prize-winning French architect Christian de Portzamparc and Thomas Juul-Hansen, One 57 simulates a giant blue cascading waterfall, rising 305m (1,010ft). One57 is the second tallest tower in NY.

 

To date, 80 percent of apartments have been sold at a record-breaking price of £850m. Residents at the luxury tower enjoy 24h concierge service by Park Hyatt, including access to an array of first class amenities: A private fitness center, swimming pool, cinema, library, business facilities, restaurant, lounge, bar, secure parking, onsite catering and laundry service.Barnett, who grew up in an Orthodox Jewish community on the Lower East Side has earned a stellar reputation for its dedication to the development of superior quality properties distinguished by sophisticated design, gracious floor plans and first class amenities.

 

In recent years Barnett benefited from the flood of new money into New York from HNW foreigners requiring a safe haven for capital. George constantin, president of Heritage Realty Services, represents a European family that paid £30 million for an apartment on the 59th floor. He says his clients, whom he declines to name, plan to use it as a pied-à-terre during their periodic trips to the US. He says they intend to take full advantage of the hotel room service.

 

“These people don’t want to go to the local supermarket. They want to make sure everything is there when they arrive. You can say on Monday morning at 9 a.m. that you want a gallon of orange juice in the refrigerator, and it will be there.” “That’s a real asset,” says Constantin. According to city Realty, four buyers closed on their apartments and immediately put them on the market at substantially higher prices. Experts say, that these top units can often sell 20 percent above the original purchase price. Therefore with prices commencing at £10m, Penthouses may change hands several times.

 

Barnett, who has over 20 years experience in New York real estate, started his career as a principle with Ziel Feldman and Kevin Maloney at Property Markets Group. Miller of 5Points Group said about him: “Barnett is a master assembler and he is the smartest guys I have ever met in NY real estate for nearly 3 decades.” Meanwhile, Douglas Elliman veteran Gilad Azaria said that Barnett’s projects showed a knack for “predicting the future. “Before people even knew what $2,000 per square foot was, Gary was planning to sell units [at One57] for $10,000 per square foot,” Azaria said.

The £85 million, 10,000sqft duplex on the 89/90th floors was recently sold to the Emir of Qatar, however several more apartments are available on both higher and lower floors.