How pricey will Extell Development’s luxury condominiums on the former Cherry Street Pathmark site be when they finally hit the market? Today Extell honcho Gary Barnett offered the first clues.
In an interview with Bloomberg News, he said most of the apartments at 250 South St. will be in the $1 million-$3 million range. Barnett also indicated plans to market the project, called “One Manhattan Square “exclusively overseas.” Extell is targeting China, Malaysia and Singapore.
Extell has hired Jones Lang LaSalle Inc. to market One Manhattan Square overseas. Exhibitions are planned next month in Shanghai, Hong Kong, Beijing, Singapore and Kuala Lumpur. Sales are set to begin early next year in the U.S.
There will be more than 800 units. Bloomberg reported the tower would be 80 stories. There’s been endless speculation about the height of the massive project. Most recent Buildings Department filings put it at 71 stories.
While the prices Barnett is envisioning on the Lower East Side are sky high, they’re practically bargains compared with the $100 million penthouses Extell has been selling uptown. Referring to One Manhattan Square, he told Bloomberg, “We think that’s a reasonable place to be… There are a tremendous amount of people who would like to own something in New York City but are priced out because everybody’s building super-luxury.”
Barnett said the complex would include 40,000 sq. ft. of outdoor space, including a tea pavilion.