The One57 tower in Manhattan, New York. Victor Blue / Bloomberg News
The One57 tower in Manhattan, New York. Victor Blue / Bloomberg News

Hot properties in New York with a cool price tag



Fancy rubbing shoulders with some of the richest and most famous men and women in the world?

Starting at a cool US$45 million (Dh165.2m) per apartment, the 92 flats at One57, a 306-metre tower in mid-Manhattan, are being touted as next year's hottest exclusive address for the global elite.

The $1.5 billion building at 157 West 57th Street, which will soon become the tallest apartment block in New York City, is being built by Extell Development Company, which is owned by the former diamond trader Gary Barnett.

Speculation is raging about the identities of the 40 buyers who have purchased homes in the building so far - including two posh maisonettes under offer for north of $90m apiece.

This week, The New York Times revealed the identities of two of the first residents, the Montreal clothing magnate Lawrence Stroll and his business partner Silas Chou. Celebrities linked to the building include the actor Denzel Washington, the singer Sting and the sports broadcaster Bob Costas.

New York brokers are now targeting the UAE and the wider Arabian Gulf region, confident the building's high profile and luxurious fit-out will attract rich Middle East buyers. (However, suggestions the Qatari prime minister Sheikh Hamad bin Jassim bin Jabr Al Thani had bought one of the penthouses were quickly denied by the developer.)

Horacio LeDon, a former executive at Starwood Capital with his own brokerage in New York, visited the UAE last week to drum up interest in the scheme in Abu Dhabi and Dubai. "Traditionally, Arabic buyers tend to purchase overseas properties in London rather than New York," he said. "However, we are starting to see an increase in the number of Arabic buyers purchasing in Manhattan over the past year.

"This is partly because developers in New York are starting to build the sort of stock which appeals more to high net-worth individuals from overseas, as buildings in the Midtown area are being developed as luxury housing schemes," he said.

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Name: Hassan Mohsen Elhais

Position: legal consultant with Al Rowaad Advocates and Legal Consultants.

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At a glance

Global events: Much of the UK’s economic woes were blamed on “increased global uncertainty”, which can be interpreted as the economic impact of the Ukraine war and the uncertainty over Donald Trump’s tariffs.

 

Growth forecasts: Cut for 2025 from 2 per cent to 1 per cent. The OBR watchdog also estimated inflation will average 3.2 per cent this year

 

Welfare: Universal credit health element cut by 50 per cent and frozen for new claimants, building on cuts to the disability and incapacity bill set out earlier this month

 

Spending cuts: Overall day-to day-spending across government cut by £6.1bn in 2029-30 

 

Tax evasion: Steps to crack down on tax evasion to raise “£6.5bn per year” for the public purse

 

Defence: New high-tech weaponry, upgrading HM Naval Base in Portsmouth

 

Housing: Housebuilding to reach its highest in 40 years, with planning reforms helping generate an extra £3.4bn for public finances

Where to buy

Limited-edition art prints of The Sofa Series: Sultani can be acquired from Reem El Mutwalli at www.reemelmutwalli.com

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