Extell Set to Sell Cheaper Lower Manhattan Units to Foreign Investors
Extell's Gary Barnett is saddling up to sell more than 800 lower Manhattan condos in his 80-story tower to overseas investors, particularly in China, Malaysia and Singapore.
Apartments in the tower, One Manhattan Square, won't be for sale until early 2016.
For a developer who sold New York's most expensive apartment, none of the prices are set to be record-breaking. Extell bought the land at the low price of $103.5M in January 2012, allowing it to develop cheaper units, priced at $1M to $3M.
Still, units like these (and even more high-end) are already in short supply in Manhattan and are expected to go fast. Foreign investors find financial solace in investing in cities like New York. This also propels more construction, such as Vornado's 220 Central Park South. [Bloomberg]
