One57 resident pays $5.2M to swap 2-bed for duplex

Home buyers are looking for more space these days, even on Billionaires’ Row. A resident at Extell Development’s One57 just handed over $5.2 million to trade up to a bigger unit, property records show. The unknown resident first bought into the building in 2014, the year after it opened, purchasing unit 51B, a 2,009-square-foot two-bedroom, for $7.58 million through a British Virgin Islands company, Parksville Investments Corp. Now the anonymous owner has upgraded to a

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One57 condo sells at record 51% loss

 A condo at Extell’s One57 sold for $16.75 million — more than 50 percent below its previous purchase price, marking a record resale loss at the Billionaires’ Row tower. The three-bedroom unit on the 58th floor originally sold in 2014 to an LLC, One 57 Realty, for $34 million. As the pandemic took hold in March, it was listed with Corcoran for $24.8 million, according to StreetEasy. That was already a good deal lower than

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NYC Lawmakers Vow To Ban ‘Poor Doors’ In Luxury Buildings

New York City officials are vowing to reverse a law allowing luxury developers to install two separate entrances in new residential towers — one for residents paying at market rate and another for low-income residents who qualify for affordable housing. Such buildings include affordable housing units so that developers can receive tax credits.