One57 foreclosure shatters price dreams at billionaires’ tower

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One57 is a gem of Billionaire’s Row. Evan Joseph/Extell Development A full-floor penthouse in the landmark One57 condo building is headed to the auction block after it was seized under foreclosure.

Trending Stories. One57, the iconic 90-story luxury skyscraper dubbed the "The Billionaire Tower" by Carnegie Hall, is hit with a second foreclosure in just a month, according to a news report. The full-floor penthouse on the 79th floor was bought in 2014 for $50.9 million and the owner took out a $35.5 million loan from a lender based in.

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More high-end deals targeted by revised anti-fraud reporting rule

Billionaires’ row Standing at 1,004 feet and sheathed in ocean-blue glass, One57, the most conspicuous icon of New York’s ultra-luxury buying frenzy, is now at the center of its slowdown. Extell Development Co.’s tower, which broke ground in 2009, drew investors paying large sums for lavish homes they rarely live in and reached $1 billion in sales after six months.

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 · Extell bought 16 West 57th Street for $80 million in 2011, a move some saw as designed to block Solow from building a luxury condo tower that could rival Extell’s One57. In a 2013 lawsuit , Extell accused Solow of obstructing its plans to build a tower on the lot by denying its workers entry to neighboring 10 and 20 West 57th Street and 19.

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Billionaires’ Row is headed for its first residential foreclosure. The owner of a four-bedroom condo at Extell Development’s One57 is facing a foreclosure auction scheduled for June 14, a.

In the latest sign that NYC’s ultra-high end property market is on the verge of imploding after a wave of overly aggressive development, another luxury condo at Manhattan’s One57 tower, a member of “Billionaire’s Row,” a group of high-end towers clustered along the southern edge of Central Park, has gone into foreclosure – the.