Extell Development Lowers “Sellout Target” at Massive Lower East Side Tower
While Extell Development honcho Gary Barnett is not calling it a “price cut,” the luxury apartments in his 80-story Lower East Side tower are taking a dip. The Real Deal reports on the shift at One Manhattan Square, the massive project on the former South Street Pathmark site:
Extell dropped the sellout price at One Manhattan Square by $207.3 million to a total of $1.87 billion, according to a Jan. 22 amendment to the building’s offering plan. “We’re going to be very conservative here,” Extell chief Gary Barnett told The Real Deal. He disputed the notion of having cut prices per se, instead describing the markdown as a change to early placeholder prices to better match the current market, which is showing signs of a slowdown at the top. “We priced it where we want to start and we think we’ll raise prices from where we’re starting now,” he said.
Apartments will still start at about $1 million. There are two $13 million penthouse units. According to the Real Deal, one of them is in contract. Buyers in Asia are getting the first crack at the 815 apartments at One Manhattan Square.