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'{{Use mdy dates|date=November 2020}} {{Short description|Residential skyscraper in Manhattan, New York}} {{Infobox building |name = One57 |image = One57 from Columbus Circle, May 2014.png |image_size = |caption = (May 2014) |building_type = Residential condominiums and hotel |location = 157 West [[57th Street (Manhattan)|57th Street]]<br>[[Manhattan]], [[New York City]] |coordinates = {{coord|40.7656|-73.9791|region:US-NY|display=inline,title|format=dms}} |roof = {{convert|1345|ft}} |top_floor = {{convert|902|ft}} |antenna_spire = |floor_count = 73 (+2 below ground floors) |start_date = {{start date|2009|4}} |status = Complete |completion_date = 2014 |floor_area = {{convert|853,567|sqft|m2}} |cost = US$1.5 billion<ref name="Shaer 2012"/><ref name="nyt20120518"/> | architectural_style = [[Modern architecture|Modern]] |architect = [[Christian de Portzamparc]] |developer = [[Extell Development Company]] |main_contractor = [[Lend Lease Project Management & Construction]] |structural_engineer= [[WSP Group]] }} '''One57''', formerly known as '''Carnegie 57''',<ref name="curbed">{{cite web|url=http://ny.curbed.com/archives/2011/06/10/one57_hoping_for_approval_selling_new_york_returns_july_7.php|title=One57 Hoping for Approval|last=Polsky|first=Sara|date=June 10, 2011|work=Curbed|access-date=June 14, 2011}}</ref> is a 75-story, {{Convert|1,005|ft|m|abbr=|adj=on}} [[supertall skyscraper]] at 157 West [[57th Street (Manhattan)|57th Street]] between [[Sixth Avenue (Manhattan)|Sixth]] and [[Seventh Avenue (Manhattan)|Seventh]] Avenues in the [[Midtown Manhattan|Midtown]] neighborhood of [[Manhattan]], [[New York City]]. The building has 92 condominium units on top of a new Park Hyatt Hotel with 210 rooms, the flagship [[Hyatt]] property. The tower was developed by [[Extell Development Company]] and designed by [[Christian de Portzamparc]]. It was the first ultra-luxury condominium tower along a stretch of 57th Street called [[Billionaires' Row (Manhattan)|Billionaires' Row]]. Extell CEO [[Gary Barnett (real estate developer)|Gary Barnett]] started acquiring One57's site in 1998, although building plans were not filed until 2009. Construction started in 2010, and work reached the top floor by mid-2012. Toward the end of construction, there were two major incidents at the building: a collapsed construction crane requiring the evacuation of the nearby building, as well as a fire. Upon completion in 2014, it was the tallest residential building in the city for a few months until the completion of [[432 Park Avenue]]. The building set the records for the city's most and second-most expensive residences, selling respectively for $100.5 million and $91.5 million. However, sale prices started dropping in the late 2010s due to a general decline in the luxury condominium market in New York City. The tower's design, particularly its facade, was also negatively critiqued upon its completion. == Site == One57 is in the [[Midtown Manhattan]] neighborhood of [[New York City]], just south of [[Central Park]], between [[Sixth Avenue]] to the east and [[Seventh Avenue (Manhattan)|Seventh Avenue]] to the west. The building contains [[frontage]] along [[57th Street (Manhattan)|57th Street]] to the south and 58th Street to the north.<ref name="NYCityMap">{{Cite web|title=NYCityMap|url=http://maps.nyc.gov/|access-date=March 20, 2020|website=NYC.gov|publisher=[[New York City Department of Information Technology and Telecommunications]]}}</ref> The irregular site covers {{convert|23,808|ft2||abbr=}}, with the 57th and 58th Streets sides being slightly offset. The 57th Street frontage is {{Convert|106|ft||abbr=}} wide, while the lot has a depth of {{convert|200.83|ft}} between the two streets.<ref name="ZoLa">{{Cite web|title=157 West 57 Street, 10019|url=https://zola.planning.nyc.gov/l/lot/1/1010/7506#16.43/40.765532/-73.976974|access-date=September 8, 2020|publisher=[[New York City Department of City Planning]]}}</ref> One57 immediately adjoins [[Alwyn Court]] and the Louis H. Chalif Normal School of Dancing to the west, and occupies the same [[city block]] as the [[Nippon Club (Manhattan)|Nippon Club]], [[Calvary Baptist Church (Manhattan)|Calvary Baptist Church]], [[111 West 57th Street]], and [[The Quin]] to the east. One57 is also near [[Carnegie Hall]] and [[Carnegie Hall Tower]] to the southwest; the [[Russian Tea Room]] and [[Metropolitan Tower (Manhattan)|Metropolitan Tower]] to the south; [[130 West 57th Street]] and [[140 West 57th Street]] to the southeast; and [[JW Marriott Essex House]] and [[Hampshire House]] to the north.<ref name="NYCityMap" /> One57 is one of several major developments around 57th Street and Central Park that are collectively dubbed [[Billionaires' Row (Manhattan)|Billionaires' Row]] by the media. Other buildings along Billionaires' Row include [[432 Park Avenue]] four blocks southeast, [[220 Central Park South]] one block northwest, [[Central Park Tower]] one block west, and the nearby 111 West 57th Street.<ref>{{Cite news|last=Satow|first=Julie|date=June 27, 2014|title=Moving In, Slowly, to ‘Billionaires’ Row’|language=en-US|work=The New York Times|url=https://www.nytimes.com/2014/06/29/realestate/manhattan-luxury-high-rise-gets-its-first-residents.html|access-date=October 28, 2020|issn=0362-4331}}</ref><ref>{{cite web|last=Willett|first=Megan|date=September 2, 2014|title=The New Billionaires' Row: See the Incredible Transformation of New York's 57th Street|url=http://www.businessinsider.com/skyscrapers-of-57th-street-manhattan-2014-9|access-date=December 5, 2016|work=[[Business Insider]]}}</ref><ref name="Vanity Fair">{{cite web|last=Goldberger|first=Paul|date=May 2014|title=Too Rich, Too Thin, Too Tall?|url=http://www.vanityfair.com/unchanged/2014/05/condo-towers-architecture-new-york-city|access-date=December 5, 2016|work=[[Vanity Fair (magazine)|Vanity Fair]]}}</ref> ==Design== The tower, developed by [[Extell Development Company]] and designed by French architect [[Christian de Portzamparc]]. The interiors are by New York-based designer Thomas Juul-Hansen. The building has a roof height at {{convert|1345|ft}}, and its top floor at {{convert|902|ft}}.<ref name="emporis">{{cite web|title=One57|url=http://www.emporis.com/building/one57-new-york-city-ny-usa|access-date=January 14, 2012|work=Emporis}}</ref><ref>{{cite web|date=October 29, 2012|title=One57, New York City|url=http://skyscraperpage.com/cities/?buildingID=82104|access-date=November 2, 2012|work=SkyscraperPage.com}}</ref><ref>{{cite web|url=http://buildingdb.ctbuh.org/?do=building&building_id=570|title=One57 Facts|work=CTBUH Skyscraper Database}}</ref> === Facade === The use of dark and light glass on the building’s exterior creates vertical stripes, while also manipulating sunlight and maximizing views.<ref>{{cite web|last=Bradbury|first=Dominic|date=April 11, 2012|title=Soaring ambition|url=http://howtospendit.ft.com/architecture/6964-soaring-ambition|access-date=June 19, 2013|work=Financial Times}}</ref> The tower is characterized by its rippled canopies and numerous setbacks on 57th Street, its mottled fenestration, curved tops, scoops and accentuated verticality.<ref>{{cite web|author=Horsley|first=Carter|access-date=November 19, 2020|title=One57|url=http://www.cityrealty.com/nyc/midtown-west/one57-157-west-57th-street/review/45511|website=CityRealty}}</ref> === Interior === The base of the building contains a Park Hyatt Hotel with 210 rooms, the flagship [[Hyatt]] property.<ref>{{Cite web|last=Vora|first=Shivani|date=2014-03-04|title=Park Hyatt Flagship Is Set for New York|url=https://intransit.blogs.nytimes.com/2014/03/04/park-hyatt-flagship-is-set-for-new-york/|access-date=2021-02-04|website=In Transit Blog|language=en-US}}</ref> As planned, the Hyatt was to include a ballroom, spa, swimming pool, fitness room, and conference rooms.<ref name="Polsky 2010">{{cite web|last=Polsky|first=Sara|date=2010-11-03|title=Midtown's 90-Story Carnegie 57 Drops Hints of What's to Come|url=https://ny.curbed.com/2010/11/3/10497020/midtowns-90-story-carnegie-57-drops-hints-of-whats-to-come|access-date=2021-02-04|website=Curbed NY}}</ref><ref>{{Cite news|last=Hudson|first=Kris|date=2010-11-04|title=Hyatt Sets Plans For Luxury Hotel|language=en-US|work=Wall Street Journal|url=https://www.wsj.com/articles/SB10001424052748704462704575590670707012594|access-date=2021-02-04|issn=0099-9660}}</ref> The building has 92 condominium units above the 20th floor.<ref name="Shaer 2012" /><ref>{{cite news|last=Khan|first=Bilal|date=May 31, 2011|title=New Carnegie 57 Rendering, Name, Pricing Hints Unveiled!|work=Curbed|url=http://ny.curbed.com/archives/2011/05/31/new_carnegie_57_rendering_name_pricing_hints_unveiled.php|access-date=November 19, 2020}}</ref><ref name="$100 Million">{{Cite news|last=Abkowitz|first=Alyssa|date=May 30, 2013|title=The Art of Designing Luxury Model Apartments|language=en-US|work=Wall Street Journal|url=https://online.wsj.com/article/SB10001424127887324659404578503150173884778.html|access-date=November 19, 2020|issn=0099-9660}}</ref> When One57 was completed, each of the units on the top eleven floors, occupying an entire story, was listed with a starting price of at least $50 million.<ref name="Shaer 2012" /> ==History== === Planning === Extell Development Company’s founder and president, [[Gary Barnett (real estate developer)|Gary Barnett]], acquired the property and air rights over fifteen years,<ref name="NBC News 2012">{{cite web|date=September 19, 2012|title=It's new, it's tall and it's stuffed with billionaires|url=https://www.nbcnews.com/id/wbna49085054|access-date=November 20, 2020|website=NBC News}}</ref> buying the first property on One57's present site in 1998. At first, Barnett said he wanted to build a 40-story, {{convert|300,000|sqft|m2|adj=on}} building for $300 million.<ref name=":1">{{Cite news|last=Karmin|first=Craig|date=2011-12-07|title=Developer Courts the Global Elite|language=en-US|work=Wall Street Journal|url=https://online.wsj.com/article/SB10001424052970204083204577082542700061440.html|access-date=2020-12-08|issn=0099-9660}}</ref> However, plans for views of [[Central Park]] took shape as the assemblage got larger and markets started rising.<ref>{{Cite news|last=Barrionuevo|first=Alexei|date=September 19, 2012|title=Rising Tower Emerges as a Billionaires’ Haven|language=en-US|work=The New York Times|url=https://www.nytimes.com/2012/09/19/realestate/rising-tower-in-manhattan-takes-on-sheen-as-billionaires-haven.html|access-date=November 19, 2020|issn=0362-4331}}</ref><ref>{{cite web|last=O'Dea|first=Colleen|url=http://www.fa-mag.com/news/high-living-11244.html|title=High Living|work=Private Wealth|date=July 1, 2012|access-date=June 19, 2013}}</ref> By 2002, Barnett had acquired a small building at 161 West 57th Street, as well as the air rights over the Chalif School of Dancing at 165 West 57th.<ref>{{Cite news|last=Gray|first=Christopher|date=2002-08-11|title=Streetscapes/165 West 57th Street; A School for Dance Built by a Russian Immigrant|language=en-US|work=The New York Times|url=https://www.nytimes.com/2002/08/11/realestate/streetscapes-165-west-57th-street-school-for-dance-built-russian-immigrant.html|access-date=2020-11-20|issn=0362-4331}}</ref> The area at the time contained several brownstone townhouses, as well as a parking garage and the Park Savoy hotel. Even though Barnett was able to acquire the garage and townhouses, he did not buy the Park Savoy because the building's owners asked $80 million, almost eight times what Barnett was willing to pay.<ref name="Shaer 2012" /> By about 2007, Barnett was introduced to [[Khadem al-Qubaisi]], head of Emirati investment funds [[Aabar Investments]] and Tasameem Real Estate Company, who agreed to fund the project.<ref name=":1" />{{efn|According to ''The New York Times'', the initial funding came from Tasameem, while Aabar contributed additional funding later.<ref name=":2" /> The ''Wall Street Journal'' reports that by early 2009, Barnett had received another $250 million from al-Qubaisi; this funding probably came from Aabar.<ref name=":1" />}} The structures between 151 and 161 West 57th Street were being demolished by May 2007, when Barnett announced that a residential and hotel building with at least 50 stories would be built on the site.<ref>{{cite web|last=Cuozzo|first=Steve|date=May 15, 2007|title=Start-up at Carnegie Site|url=https://nypost.com/2007/05/15/start-up-at-carnegie-site/|access-date=December 8, 2020|website=New York Post}}</ref> Demolition was completed that November.<ref>{{Cite web|last=Cuozzo|first=Steve|date=2007-12-04|title=L&T to Starrett-Lehigh|url=https://nypost.com/2007/12/04/lt-to-starrett-lehigh/|access-date=2020-12-08|website=New York Post|language=en-US}}</ref> No further progress had been made by the following August, when the ''New York Post'' reported that Extell had not yet filed plans with the [[New York City Department of Buildings]].<ref>{{cite web|last=Cuozzo|first=Steve|date=August 26, 2008|title=For Developers, Life’s a Ditch|url=https://nypost.com/2008/08/26/for-developers-lifes-a-ditch/|access-date=December 8, 2020|website=New York Post}}</ref> Plans for excavation were filed in November 2008.<ref>{{cite web|last=Arak|first=Joey|date=November 25, 2008|title=How Do You Get To Extell's Pit? Practice, Practice, Practice!|url=https://ny.curbed.com/2008/11/25/10552814/how-do-you-get-to-extells-pit-practice-practice-practice|access-date=December 8, 2020|website=Curbed NY}}</ref><ref>{{cite web|last=Cuozzo|first=Steve|date=November 25, 2008|title=Let the Fdic Bail Out of D’town|url=https://nypost.com/2008/11/25/let-the-fdic-bail-out-of-dtown/|access-date=December 8, 2020|website=New York Post}}</ref> The following month, [[Steve Cuozzo]] of the ''New York Post'' reported that the website of project contractor Aegis Security Design indicated that the site would include a Park Hyatt hotel, along with stores and luxury condominiums. At the time, Extell was consulting with city agencies to purchase air rights from neighboring sites, including the Alwyn Court and the Chalif School of Dancing.<ref name="nypost.com 2008">{{cite web|date=December 2, 2008|title=Luxury Hotel to Rise on 57th St.|url=https://nypost.com/2008/12/02/luxury-hotel-to-rise-on-57th-st/|access-date=December 8, 2020|website=nypost.com}}</ref><ref>{{cite web|last=Arak|first=Joey|date=December 2, 2008|title=From Pit to Park Hyatt on 57th Street|url=https://ny.curbed.com/2008/12/2/10552500/from-pit-to-park-hyatt-on-57th-street|access-date=December 8, 2020|website=Curbed NY}}</ref> Plans for a tower at 157 West 57th Street were filed in March 2009.<ref>{{Cite web|last=Rubinstein|first=Dana|date=2009-03-02|title=Extell Files Plans for Mammoth Midtown Tower|url=https://observer.com/2009/03/extell-files-plans-for-mammoth-midtown-tower/|access-date=2020-12-08|website=Observer|language=en-US}}</ref><ref>{{Cite web|last=Cuozzo|first=Steve|date=2009-03-03|title=Landlords ‘Sleep’ on Rent Break|url=https://nypost.com/2009/03/03/landlords-sleep-on-rent-break/|access-date=2020-12-08|website=New York Post|language=en-US}}</ref> [[SLCE Architects]] was listed as the architect of record, with input from [[Frank Williams (architect)|Frank Williams]] and [[Costas Kondylis]], although de Portzamparc was also rumored to be involved.<ref name="Horsley 2009">{{cite web|last=Horsley|first=Carter|date=September 24, 2009|title=Partial permit issued today for 953-foot-high, mixed-use tower at 155 West 57th Street|url=https://www.cityrealty.com/nyc/market-insight/carters-view/carters-perch/partial-permit-issued-today-953-foot-high-mixed-use-tower-155-west-57th-street/1537|access-date=December 8, 2020|website=CityRealty}}</ref> The plans called a 73-story, {{Convert|953|ft||abbr=|adj=on}} tower with 210 hotel rooms on the lowest twenty floors, amenity rooms on the 21st story, a mechanical space on the 46th story, and 136 residences on the other stories between floors 22 and 72.<ref name="Horsley 2009" /> De Portzamparc's involvement was confirmed in a September 2009 article in French newspaper ''[[Le Figaro]]''.<ref>{{Cite web|last=de Rochebouët|first=Béatrice|date=2009-09-24|title=L'ovni en verre de Portzamparc|trans-title=The glass UFO of Portzamparc|url=https://www.lefigaro.fr/culture/2009/09/24/03004-20090924ARTFIG00462-l-ovni-en-verre-de-portzamparc-.php|access-date=2020-12-08|website=Le Figaro|language=fr}}</ref><ref>{{cite web|last=Arak|first=Joey|date=September 24, 2009|title=Frenchman Finds Carnegie Hall|url=https://ny.curbed.com/2009/9/24/10532206/frenchman-finds-carnegie-hall|access-date=December 9, 2020|website=Curbed NY}}</ref> That November, Aabar announced it had paid Extell for a majority stake in the construction of 157 West 57th Street.<ref>{{Cite web|last=Weiss|first=Lois|date=2009-11-18|title=Abu Dhabi does tower deal|url=https://nypost.com/2009/11/18/abu-dhabi-does-tower-deal/|access-date=2021-02-04|website=New York Post|language=en-US}}</ref><ref>{{Cite web|last=Hope|first=Bradley|date=2009-11-17|title=Aabar shifts to New York for its latest acquisition|url=https://www.thenationalnews.com/business/property/aabar-shifts-to-new-york-for-its-latest-acquisition-1.535698|access-date=2020-12-08|website=The National|language=en}}</ref><ref name="Arak 2009">{{cite web|last=Arak|first=Joey|date=November 17, 2009|title=73-Story Tower to Rise on 57th Street With Abu Dhabi's Help|url=https://ny.curbed.com/2009/11/17/10527730/73-story-tower-to-rise-on-57th-street-with-abu-dhabis-help|access-date=December 9, 2020|website=Curbed NY}}</ref> The development was to be the first major project in New York City after the [[financial crisis of 2007–2008]]; at the time, the city's unemployment rate was a relatively high 10 percent.<ref name=":2">{{Cite news|last=Bagli|first=Charles V.|date=May 26, 2010|title=Building a Tower of Luxury Apartments in Midtown as Brokers Cross Their Fingers|language=en-US|work=The New York Times|url=https://www.nytimes.com/2010/05/26/nyregion/26building.html|access-date=November 19, 2020|issn=0362-4331}}</ref> === Construction === Partial work permits for 157 West 57th Street were issued in September 2009.<ref name="Horsley 2009" /> Foundation work started in 2009 and took over a year, because of the difficulty of digging two basement levels and the building's supports.<ref name="Shaer 2012" /> Aside from the foundation work, details on the construction process remained scarce.<ref>{{cite web|last=Davies|first=Pete|date=March 2, 2010|title=The Plot Deepens on Extell's 73-Story Midtown Mystery|url=https://ny.curbed.com/2010/3/2/10519942/the-plot-deepens-on-extells-73-story-midtown-mystery|access-date=December 9, 2020|website=Curbed NY}}</ref> Revised plans were submitted to the Department of Buildings in March 2010. The changes included adding two floors, combining some of the units into duplex apartments, and enclosing some of the setback terraces that had been included in the original design.<ref>{{cite web|last=Arak|first=Joey|date=March 24, 2010|title=Midtown Tower Supersizes Apartments and Grows to 75 Stories|url=https://ny.curbed.com/2010/3/24/10518158/midtown-tower-supersizes-apartments-and-grows-to-75-stories|access-date=December 9, 2020|website=Curbed NY}}</ref><ref>{{Cite web|last=Weiss|first=Lois|date=2010-03-24|title=Extell eyes Oman loan for Riverside Center|url=https://nypost.com/2010/03/24/extell-eyes-oman-loan-for-riverside-center/|access-date=2020-12-09|website=New York Post|language=en-US}}</ref> Two months later, the media announced that the development would be called Carnegie 57.<ref name=":2" /><ref>{{cite web|last=Arak|first=Joey|date=May 26, 2010|title=Extell's 75-Story Midtown Condo/Hotel Finally Revealed!|url=https://ny.curbed.com/2010/5/26/10513116/extells-75-story-midtown-condo-hotel-finally-revealed|access-date=December 9, 2020|website=Curbed NY}}</ref><ref name="Lynch 2010">{{cite web|last=Lynch|first=Kori|date=May 26, 2010|title=Carnegie 57 to be High Above The Rest|url=https://www.nbcnewyork.com/news/local/carnegie-57-to-be-high-above-the-rest/1887994/|access-date=December 9, 2020|website=NBC New York}}</ref> Upon its expected completion in 2013, Carnegie 57 was to surpass the [[Trump World Tower]] as the city's tallest residential building, with a height of just over {{Convert|1000|ft||abbr=}}.<ref name="Lynch 2010" /><ref>{{cite web|last=Sherman|first=Gabriel|date=September 22, 2010|title=The Most Powerful People in New York - Why Gary Barnett of Extell Corporation Is the Anti-Trump |url=https://nymag.com/news/features/establishments/68503/|access-date=December 9, 2020|website=New York Magazine}}</ref> The main contractor, [[Lend Lease Project Management & Construction]], started constructing the skyscraper's reinforced columns in August 2010.<ref name="Shaer 2012" /><ref name="Crain's New York Business 2010">{{cite web|date=2010-08-31|title=Construction on Extell's Carnegie 57 underway|url=https://www.crainsnewyork.com/article/20100831/REAL_ESTATE/100839975/construction-on-extell-s-carnegie-57-underway|access-date=2021-02-04|website=Crain's New York Business}}</ref><ref name="The Real Deal New York 2010">{{cite web|date=2010-08-31|title=Extell's Carnegie 57 delayed but moving forward: Barnett|url=https://therealdeal.com/2010/08/31/extell-s-carnegie-57-delayed-but-moving-forward-barnett/|access-date=2021-02-04|website=The Real Deal New York}}</ref> At the time, Barnett said Extell was negotiating with a potential lender for a $1.3 billion loan.<ref name="The Real Deal New York 2010" /> In May 2011, the project was officially renamed One57, a reference to its address number of 157, as well as the fact that the building would be located on 57th Street.<ref name="Khan 2011">{{cite web|last=Khan|first=Bilal|date=May 31, 2011|title=New Carnegie 57 Rendering, Name, Pricing Hints Unveiled!|url=https://ny.curbed.com/2011/5/31/10464186/new-carnegie-57-rendering-name-pricing-hints-unveiled|access-date=December 9, 2020|website=Curbed NY}}</ref> Extell received a $700 million construction loan for the project in October 2011 from a [[Bank of America]]-led syndicate that included [[Banco Santander]], Abu Dhabi International Bank, and [[Capital One]].<ref>{{cite news|url=https://www.globest.com/sites/globest/2011/10/31/one57-development-receives-700m-loan/|title=One57 Development Receives $700M Loan|date=October 31, 2011|work=Globe St|first=Carl|last=Gaines|access-date=November 19, 2020}}</ref> Of this loan, $375 million was to be paid off by the expected opening of the Park Hyatt hotel.<ref name=":1" /> Sales at the project officially launched in December 2011.<ref>{{cite web|url=https://www.prnewswire.com/news-releases/extell-development-company-launches-sales-for-one57-new-york-citys-newest-landmark-135029993.html|title=Extell Development Company Launches Sales for ONE57, New York City's Newest Landmark|publisher=Extell Development Company|date=December 5, 2011|access-date=November 19, 2020}}</ref> By the next May, Extell announced that One57 was 50% sold with $1 billion in transactions.<ref>{{cite news|last=Chaban|first=Matt|url=http://observer.com/2012/05/billionaires-act-fast-turns-out-one57-is-50-percent-sold-out/|title=Billionaires, Act Fast! Turns Out One57 Is 50 Percent Sold Out|work=[[New York Observer]]|date=May 19, 2012|access-date=November 19, 2020}}</ref> One of these was a {{convert|10,923|sqft|m2|adj=on}} duplex penthouse on the 89th and 90th floors, which sold for $90 million, then a citywide record.<ref name="Shaer 2012">{{cite news|author=Shaer|first=Matthew|date=October 7, 2012|title=This Is What $90 Million Looks Like|work=[[New York (magazine)|New York Magazine]]|url=https://nymag.com/homedesign/urbanliving/2012/one-57/index4.html|access-date=November 19, 2020}}</ref><ref name="nyt20120518">{{Cite news|last=Barrionuevo|first=Alexei|date=May 18, 2012|title=At Over $90 Million, Sale of Midtown Penthouse Sets a New York Record|language=en-US|work=The New York Times|url=https://www.nytimes.com/2012/05/18/realestate/midtown-penthouse-at-one57-sells-for-new-york-record.html|access-date=November 19, 2020|issn=0362-4331}}</ref><ref name="Forbes">{{cite news|last=Brennan|first=Morgan|date=July 2, 2012|title=One57 Says Prime Minister Of Qatar Is Not Buying Penthouse For $100 Million|work=Forbes|url=https://www.forbes.com/sites/morganbrennan/2012/07/02/is-prime-minister-of-qatar-buying-one57s-penthouse-for-100-million-the-building-says-no/|access-date=June 19, 2013}}</ref> Framework for the top floor was completed by October 2012.<ref name="topped">{{cite news|last=Chaban|first=Matt|date=June 21, 2012|title=That's It? A Look at the Tallest Apartment Building In New York that Doesn't Look That Tall, One57|work=New York Observer|url=http://observer.com/2012/06/thats-it-a-look-at-the-tallest-apartment-building-in-new-york-that-doesnt-look-that-tall-one57/|access-date=November 19, 2020}}</ref> ====Incidents==== {{multiple image | align = right | direction = vertical | image1 = One57 Crane Collapse.JPG | width = 200 | caption1 = Dangling construction crane at the top of the building on the day after [[Hurricane Sandy]] | image2 = Fire at Extell's One57 - March 15, 2014.jpg | caption2 = Fire in 2014 | total_width = | alt1 = }} On October 29, 2012, in the [[Effects of Hurricane Sandy in New York|aftermath of Hurricane Sandy]], the construction crane on the building partially collapsed,<ref>{{cite news|last=Barbanel|first=Josh|date=October 29, 2012|title=Crane-Arm Snaps In Tower Mishap|work=The Wall Street Journal|url=https://www.wsj.com/articles/SB10001424052970203335504578087062647393392|access-date=November 2, 2012|issn=0099-9660}}</ref> causing thousands of people in the neighborhood to be evacuated for six days.<ref name="nydailynews">{{cite news|last1=Burke|first1=Kerry|last2=Smith|first2=Greg B.|last3=Siemaszko|first3=Corky|date=October 29, 2012|title=Crane collapse in midtown Manhattan as Hurricane Sandy storms into the East Coast|work=New York Daily News|url=http://www.nydailynews.com/new-york/crane-collapse-manhattan-article-1.1194790#ixzz2AjOkqzMY|access-date=October 29, 2012|name-list-style=amp}}</ref><ref name="nypost">{{cite news|last1=Sanderson|first1=Bill|last2=Fenton|first2=Reuven|last3=Defalco|first3=Beth|date=October 29, 2012|title=Police evacuate area around dangling crane|work=New York Post|url=http://www.nypost.com/p/news/local/manhattan/police_evacuate_area_around_h2T6UMV7he5mZlXwDi2ZQI|access-date=October 29, 2012|name-list-style=amp}}</ref><ref>{{Cite news|last=Santora|first=Marc|date=October 29, 2012|title=Crane Is Dangling Off Luxury High-Rise|language=en-US|work=The New York Times|url=https://www.nytimes.com/2012/10/30/nyregion/crane-accident-at-one57-in-midtown.html|access-date=November 19, 2020|issn=0362-4331}}</ref> In response to the crane collapse, area dentists filed a class action lawsuit alleging that the evacuation caused a lack of income.<ref>{{cite news|last=Katz|first=Basil|date=November 9, 2012|title=Dentists sue over NY crane collapse during storm Sandy|work=[[Chicago Tribune]]|url=http://articles.chicagotribune.com/2012-11-09/business/sns-rt-storm-sandylawsuitl1e8m9cmp-20121109_1_crane-collapse-canada-s-pinnacle-industries-construction-crane|access-date=November 19, 2020}}</ref> The [[New York City Department of Buildings]] (DOB) also stated they had received multiple complaints about the work site.<ref>{{cite web|author=Kussin|first=Zachary|date=October 30, 2012|title=Mayor Bloomberg: One57 crane is stable|url=http://therealdeal.com/blog/2012/10/30/bloomberg-one57-crane-is-stable/|access-date=November 2, 2012|work=[[The Real Deal (magazine)|The Real Deal]]}}</ref> However, the crane was inspected a week earlier and considered in good shape, leading city officials to call the boom's failure a freakish occurrence.<ref>{{Cite news|last=Bagli|first=Charles V.|date=November 7, 2012|title=As Crane Hung in the Sky, a Drama Unfolded to Prevent a Catastrophe Below|language=en-US|work=The New York Times|url=https://www.nytimes.com/2012/11/07/nyregion/drama-behind-securing-crippled-crane-in-manhattan.html|access-date=November 19, 2020|issn=0362-4331}}</ref> In May 2013, Extell announced plans to hoist a new crane, approved by the DOB. This involved a mandatory evacuation of the neighboring Alwyn Court and Briarcliff apartment buildings, the residents of whom received up to $1,500 each.<ref>{{cite web|author=Samtani|first=Hitten|date=May 3, 2013|title=Barnett’s One57 to get new crane|url=http://therealdeal.com/blog/2013/05/03/barnetts-one57-to-get-new-crane/|access-date=May 24, 2013|work=[[The Real Deal (magazine)|The Real Deal]]}}</ref><ref>{{Cite news|last=Moynihan|first=Colin|date=May 4, 2013|title=Another Order to Vacate at Site Threatened by Crane|language=en-US|work=The New York Times|url=https://www.nytimes.com/2013/05/05/nyregion/another-order-to-vacate-at-site-threatened-by-one57-crane.html|access-date=November 19, 2020|issn=0362-4331}}</ref> The coop board at the Alwyn Court attempted to block the forced evacuation, but the crane was hoisted as planned after Extell and the Alwyn signed an undisclosed agreement.<ref>{{cite web|last=Velsey|first=Kim|date=May 12, 2013|title=One57 Crane Boom Replaced Without Incident, Co-op Dwellers Allowed to Return to Their Homes|url=http://observer.com/2013/05/one57-crane-boom-replaced-without-incident-co-op-dwellers-allowed-to-return-to-their-homes/|access-date=May 24, 2013|publisher=New York Observer}}</ref> Its tasks completed, the replacement crane was removed in November 2013.<ref>{{cite web|author=Samtani, Hitten|date=November 11, 2013|title=Extell takes down One57 Crane|url=http://therealdeal.com/blog/2013/11/11/extell-takes-down-one57-crane/|work=[[The Real Deal (magazine)|The Real Deal]]}}</ref> On the evening of March 15, 2014, a fire broke out in the loading dock of One57, spreading into the courtyard behind the building and then onto the adjacent property at 152 West 58th Street, which was consequently evacuated.<ref>{{cite web|author=Wisloski, Jess|date=March 16, 2014|title=Fire Breaks Out at Problem-Plagued One57 Construction Site|url=http://www.dnainfo.com/new-york/20140316/midtown/fire-breaks-out-at-problematic-one57-construction-site|url-status=dead|archive-url=https://web.archive.org/web/20150524194003/http://www.dnainfo.com/new-york/20140316/midtown/fire-breaks-out-at-problematic-one57-construction-site|archive-date=May 24, 2015|access-date=May 23, 2015|work=[[DNAinfo]]}}</ref> === Post-opening === By May 2014, the building was 75 percent sold, with sales on thirteen units having been closed and sixty more in contract.<ref name="Samtani 2014">{{cite web|last=Hiten|first=Samtani|date=May 15, 2014|title=One57's big buys|url=https://therealdeal.com/issues_articles/one57s-big-buys/|access-date=December 8, 2020|website=The Real Deal New York}}</ref> The first resale at One57 occurred that October, when a unit was resold for $34 million, a $3.45 million increase from the initial sale price five months prior. By then, competition from other developments on Billionaires' Row had caused sales to stall at just above 75 percent.<ref name="Clarke 2014">{{cite web|last=Clarke|first=Katherine|date=October 3, 2014|title=Investor flips first unit at exclusive 57th St. tower to make $3.5M profit in five months|url=https://www.nydailynews.com/life-style/real-estate/investor-flips-unit-exclusive-57th-st-tower-4m-profit-months-article-1.1961694|access-date=December 8, 2020|website=New York Daily News}}</ref> One57 became the city's most expensive building per square foot by 2015, with residences selling for an average of {{Convert|5629|$/ft2||abbr=}} that year.<ref>{{cite web|last=Warerkar|first=Tanay|date=November 4, 2015|title=One57 Is Officially New York City's Most Expensive Condo|url=https://ny.curbed.com/2015/11/4/9903982/one57-is-officially-new-york-citys-most-expensive-condo|access-date=December 8, 2020|website=Curbed NY}}</ref> Media outlets reported in 2016 that the [[Mubadala Investment Company|International Petroleum Investment Company]]—parent company of the building's main financier, Aabar—was linked to the [[1Malaysia Development Berhad scandal]]. Because Aabar's head, al-Qubaisi, had been implicated in the scandal, the financing of One57 was investigated as well.<ref>{{Cite news|last=Hope|first=Bradley|last2=Parasie|first2=Nicolas|date=2016-12-01|title=Abu Dhabi Sovereign-Wealth Fund Gets Entangled in Global 1MDB Scandal|language=en-US|work=Wall Street Journal|url=https://www.wsj.com/articles/malaysian-money-trail-leads-to-the-middle-east-1480614247|access-date=2020-12-08|issn=0099-9660}}</ref><ref>{{Cite web|last=Gould|first=Jennifer|date=2016-03-10|title=One57 tower linked to global money-laundering probe|url=https://nypost.com/2016/03/10/one57-linked-to-global-money-laundering-probe/|access-date=2020-12-08|website=New York Post|language=en-US}}</ref><ref>{{cite web|last=Rosenberg|first=Zoe|date=March 10, 2016|title=One57 May Have Been Financed With Scandal-Tinged Money|url=https://ny.curbed.com/2016/3/10/11193426/one57-scandal-najib-razak|access-date=December 8, 2020|website=Curbed NY}}</ref> The next year, Nigerian businessman [[Kola Aluko]] was investigated for money laundering; the suspected laundering included his purchase of a penthouse apartment at One57.<ref>{{cite web|last=Sugar|first=Rachel|date=February 27, 2017|title=Oil tycoon’s $51M One57 penthouse named in money laundering investigation|url=https://ny.curbed.com/2017/2/27/14750138/one57-penthouse-money-laundering-kola-aluko|access-date=December 8, 2020|website=Curbed NY}}</ref><ref>{{Cite web|last=Weiss|first=Lois|date=2017-02-25|title=Nigerian mogul with Manhattan penthouse probed for money laundering|url=https://nypost.com/2017/02/24/nigerian-mogul-with-manhattan-penthouse-investigated-for-money-laundering/|access-date=2020-12-08|website=New York Post|language=en-US}}</ref> That May saw the first foreclosure in the building, for another apartment.<ref>{{Cite web|date=2017-06-08|title=Does a Middle Eastern businesswoman own the One57 unit facing foreclosure?|url=https://therealdeal.com/2017/06/08/does-a-middle-eastern-businesswoman-own-the-one57-unit-facing-foreclosure/|access-date=2020-12-08|website=The Real Deal New York|language=en-US}}</ref><ref>{{cite web|last=Levitt|first=David M|last2=Carmiel|first2=Oshrat|date=May 31, 2017|title=Foreclosure Reaches NYC Billionaires' Row With Condo Auction|url=https://www.bloomberg.com/news/articles/2017-05-31/foreclosure-comes-to-nyc-s-billionaires-row-with-condo-auction|access-date=December 8, 2020|website=Bloomberg}}</ref> Aluko's $51 million apartment was also foreclosed upon shortly thereafter;<ref>{{cite web|date=June 24, 2017|title=One57 could set NYC foreclosure record|url=https://therealdeal.com/2017/06/24/one57-could-set-nyc-foreclosure-record/|access-date=December 8, 2020|website=The Real Deal New York}}</ref><ref>{{cite web|last=Carmiel|first=Oshrat|date=June 23, 2017|title=A Second, Even Bigger Foreclosure Reaches NYC Billionaires’ Row|url=https://www.bloomberg.com/news/articles/2017-06-23/a-second-even-bigger-foreclosure-reaches-nyc-billionaires-row|access-date=December 8, 2020|website=Bloomberg}}</ref> it was ultimately sold for $36 million in September 2017, the largest foreclosure auction in city history.<ref>{{cite web|last=Carmiel|first=Oshrat|date=November 8, 2017|title=One57 Penthouse Sold in New York's Biggest Foreclosure Auction|url=https://www.bloomberg.com/news/articles/2017-11-08/one57-penthouse-sold-in-new-york-s-biggest-foreclosure-auction|access-date=December 8, 2020|website=Bloomberg}}</ref><ref>{{cite web|last=Warerkar|first=Tanay|date=November 9, 2017|title=Oil tycoon’s One57 penthouse sells at auction for $36M|url=https://ny.curbed.com/2017/11/9/16628038/one-57-penthouse-oil-tycoon-nigerian-sold|access-date=December 8, 2020|website=Curbed NY}}</ref> The two foreclosures, amid a slowing luxury real estate market, raised public scrutiny about the viability of Billionaires' Row, where more luxury residential towers were being erected at the time.<ref>{{Cite web|last=Solomont|first=E.B.|last2=Clarke|first2=Katherine|date=2017-06-28|title=One57 made Billionaires’ Row. Will it now destroy it?|url=https://therealdeal.com/2017/06/28/one57-made-billlionaires-row-will-it-now-destroy-it/|access-date=2020-12-08|website=The Real Deal New York|language=en-US}}</ref> By late 2018, the luxury real estate market in New York City had stalled. To lure tenants, Extell unveiled new buyer's incentives, offering to waive between three and five years of common charges and pay 50% of broker's commissions.<ref>{{Cite web|last=Slomont|first=E.B.|date=2018-11-29|title=To lure buyers, Extell offers free common charges for up to five years|url=https://therealdeal.com/2018/11/29/to-lure-buyers-extell-offers-free-common-charges-for-up-to-five-years/|access-date=2020-11-20|website=The Real Deal New York|language=en-US}}</ref> One57 was affected by this downturn, as the average price of units declined from {{Convert|5872|$/ft2||abbr=}} in 2014 to {{Convert|3900|$/ft2||abbr=}} in 2020.<ref name="Strum 2020">{{cite web|last=Strum|first=Beckie|date=June 8, 2020|title=Top-Floor Condo at Manhattan’s One57 is Latest to See a Deep Price Cut|url=https://www.mansionglobal.com/articles/top-floor-condo-at-manhattans-one57-is-latest-to-see-a-deep-price-cut-216649|access-date=November 20, 2020|website=Mansion Global}}</ref> The downturn was worsened by a general decrease in real estate activity in 2020 due to the [[COVID-19 pandemic in New York City]]. One57 contained the most expensive residence sold in the city that June: an 88th-story apartment that sold for $28 million, forty-one percent lower than its original price.<ref name="Strum 2020" /><ref>{{Cite news|last=Marino|first=Vivian|date=2020-07-03|title=In June, Slower Sales and Price Reductions in New York City|language=en-US|work=The New York Times|url=https://www.nytimes.com/2020/07/03/realestate/most-expensive-home-sales-new-york-june-2020.html|access-date=2020-11-20|issn=0362-4331}}</ref> == Notable residents == When sales of One57 were launched, Barnett initially did not identify buyers.<ref name="Shaer 2012" /> Nine billionaires including [[Lawrence Stroll]] and [[Silas Chou]] had purchased full-floor units at One57 by September 2012.<ref name="NBC News 2012" /><ref>{{Cite news|last=Barrionuevo|first=Alexei|date=September 24, 2012|title=Two Billionaire Buyers Revealed at One57|language=en-US|work=The New York Times|url=https://www.nytimes.com/2012/09/24/realestate/two-billionaire-buyers-revealed-at-one57.html|access-date=November 19, 2020|issn=0362-4331}}</ref> The [[Prime Minister of Qatar]], [[Hamad bin Jassim bin Jaber Al Thani|Sheikh Hamad bin Jassim bin Jaber Al Thani]], had also agreed to purchase a penthouse unit for $100 million.<ref name="nyt20120518" /><ref name="Forbes" /><ref>{{cite news|last1=Keil|first1=Jennifer Gould|last2=Margolin|first2=Josh|date=July 2, 2012|title=Prime Minister of Qatar to spend $100M to buy city's most expensive condo|work=New York Post|url=http://www.nypost.com/p/news/local/manhattan/sheik_up_at_co_op_rbciiRmDnZL5vRq3MGVZZM|access-date=November 19, 2020|name-list-style=amp}}</ref> The building set the record for the city's second-most expensive residence in 2015, when hedge fund manager [[Bill Ackman]] bought a 75th floor duplex for $91.5 million.<ref>{{Cite news|last=Marino|first=Vivian|date=April 17, 2015|title=A Duplex at One57 for $91.5 Million|language=en-US|work=The New York Times|url=https://www.nytimes.com/2015/04/19/realestate/duplex-at-one-57-for-91-million.html|access-date=November 19, 2020|issn=0362-4331}}</ref> The building also had the city's most expensive residence at the time: the penthouse, which sold for $100.5 million in 2014.<ref>{{cite news|author=Kiel|first=Jennifer Gould|date=January 16, 2015|title=The most expensive residence ever purchased in NYC|newspaper=[[New York Post]]|url=https://nypost.com/2015/01/16/this-is-the-most-expensive-residence-ever-purchased-in-nyc/|access-date=November 19, 2020}}</ref>{{efn|The record was broken in January 2019 when [[Kenneth C. Griffin|Ken Griffin]] paid $238 million for a unit at [[220 Central Park South]].<ref>{{Cite news|last=Clarke|first=Katherine|date=January 23, 2019|title=Billionaire Ken Griffin Buys America’s Most Expensive Home for $238 Million|language=en-US|work=Wall Street Journal|url=https://www.wsj.com/articles/billionaire-ken-griffin-buys-americas-most-expensive-home-for-238-million-11548271301|access-date=November 19, 2020|issn=0099-9660}}</ref>}} The buyer's identity was initially kept secret, but the media subsequently announced that the buyer had been [[Dell Technologies]] CEO [[Michael Dell]].<ref>{{Cite news|last=Clarke|first=Katherine|date=February 22, 2018|title=Michael Dell Paid a Record $100.47 Million for Manhattan’s One57 Penthouse|language=en-US|work=Wall Street Journal|url=https://www.wsj.com/articles/michael-dell-paid-a-record-100-47-million-for-manhattans-one57-penthouse-1519304017|access-date=November 19, 2020|issn=0099-9660}}</ref> Additionally, in 2016, [[Sunline Group]] chairman [[Liu Yiqian]] bought a unit at One57 for $23 million.<ref>{{Cite news|last=Marino|first=Vivian|date=December 2, 2016|title=An Aerie Ready for Artwork at One57, and Other Sales|language=en-US|work=The New York Times|url=https://www.nytimes.com/2016/12/02/realestate/an-aerie-ready-for-artwork-at-one57-and-other-sales.html|access-date=November 19, 2020|issn=0362-4331}}</ref> Several prospective residents had their contracts canceled. Barnett refused to sell to British developer [[Nick Candy]] and another buyer after they both separately indicated their intentions to renovate their apartments,<ref name="Shaer 2012" /><ref name="NBC News 2012" /> and entrepreneur Michael Hirtenstein's purchase was canceled after he hired a worker to film his unit, in spite of Barnett's request that buyers not see their units before purchase.<ref name="NBC News 2012" /><ref>{{cite web|author=Cameron, Christopher|date=October 24, 2012|title=At One57, Barnett returns Hirtenstein's deposit, cancels contract|url=http://therealdeal.com/blog/2012/10/24/gary-barnett-drops-michael-hirsteins-one57-contract/|access-date=October 29, 2012|work=[[The Real Deal (magazine)|The Real Deal]]}}</ref> ==Critical reception== One57 was named "Worst Building of the Year" in 2014 by ''[[Curbed]]'', which said, "Pretty much everyone (or at least most archicritics) agrees that its wavy blue facade is ugly."<ref name="curbed.com">{{cite web|author=Dalley|first=Jessica|date=December 30, 2014|title=From Atlantic Yards to One57, the Saddest Buildings of 2014|url=http://ny.curbed.com/archives/2014/12/30/from_atlantic_yards_to_one57_the_saddest_buildings_of_2014.php|access-date=May 23, 2015|work=Curbed}}</ref> According to ''[[New York (magazine)|New York]]'' magazine's architecture critic Justin Davidson, One57 was "so clumsily gaudy that a fellow architect surmised [that de Portzamparc] must be a socialist pranking the plutocrats".<ref>{{cite web|last=Davidson|first=Justin|date=December 5, 2014|title=Who Wants a Supertall Skyline? The Emerging Aesthetic of the 1,000-Foot Tower|url=https://nymag.com/intelligencer/2014/12/emerging-aesthetic-of-the-1000-foot-tower.html|access-date=November 20, 2020|website=Intelligencer}}</ref> Another architecture critic, James Russell, characterized the facade as "endless acres of cheap-looking frameless glass in cartoonish stripes and blotches of silver and pewter".<ref>{{cite web|last=Dailey|first=Jessica|date=October 31, 2013|title=Archicritic Is Not A Fan Of 57th Street's Super Tall Towers|url=https://ny.curbed.com/2013/10/31/10180580/archicritic-is-not-a-fan-of-57th-streets-super-tall-towers|access-date=November 20, 2020|website=Curbed NY}}</ref> Michael Kimmelman, in ''The New York Times'', contrasted One57's "pox of tinted panes" against de Portzamparc's earlier, "jewel-like" [[LVMH Tower]] nearby.<ref name=":0">{{Cite news|last=Kimmelman|first=Michael|date=2013-12-23|title=Seeing a Need for Oversight of New York’s Lordly Towers|language=en-US|work=The New York Times|url=https://www.nytimes.com/2013/12/23/arts/design/seeing-a-need-for-oversight-of-new-yorks-lordly-towers.html|access-date=2020-11-20|issn=0362-4331}}</ref> One57 was also criticized for its shape and symbolism. Matthew Shaer of ''New York'' magazine wrote that the building resembled a "gleaming, tumescent phallus" that stood out from its surroundings,<ref name="Shaer 2012" /> while the ''Times''{{-'}} Kimmelman characterized the building's form as "cascade of clunky curves" .<ref name=":0" /> Further, Shaer said that many of One57's buyers did not intend to actually become residents, and that the apartments were akin to an "investment, a collectible item, a safe-deposit box" for the ultra-wealthy.<ref name="Shaer 2012" /> ==Gallery== <gallery class="center" widths="225px" heights="275px"> File:2017 One57 base from Seventh Avenue.jpg|The base of One57, as seen from Seventh Avenue File:2017 One57 tower from Seventh Avenue.jpg|The tower of the building, from Seventh Avenue File:Central Park New York May 2015 001 crop.jpg|One57 rises above Central Park </gallery> ==See also== * [[List of tallest buildings in New York City]] * [[List of tallest buildings in the United States]] ==References== ===Notes=== {{notelist}} ===Citations=== {{Reflist}} ==External links== {{Commons category}} * {{Official website|one57.com}} * [http://www.skyscrapercenter.com/building/one57/570 One57 listing on skyscrapercenter.com] {{Midtown North, Manhattan}} {{Supertall skyscrapers | current}} {{Hotels in New York City}} [[Category:2014 establishments in New York City]] [[Category:Hotel buildings completed in 2014]] [[Category:Midtown Manhattan]] [[Category:Residential buildings completed in 2014]] [[Category:Residential condominiums in New York City]] [[Category:Residential skyscrapers in Manhattan]] [[Category:Skyscraper hotels in Manhattan]] [[Category:Skyscrapers on 57th Street (Manhattan)]] [[Category:Pencil towers in New York City]]'