Design

Billionaires’ Row in NYC Sees Its Second Major Foreclosure

Affects full-floor penthouse condo in Manhattan's ultra-ritzy One57 building.

Mini-Foreclosure Crisis Hits Manhattan's Ritziest Building

New York city skyline with the curved top, One57 building as seen from the Rock Observation Deck. One57, formerly known as Carnegie 57 is a supertall skyscraper in the Midtown neighborhood of Manhattan, New York City. (Roberto Machado Noa/LightRocket via Getty Images)

By Will Levith

A mini-foreclosure crisis has hit one of Manhattan’s ritziest buildings—and as Bloomberg notes, it might be the priciest one in the city’s history.

The owner of unit 79 in One57—a 75-foot-tall high rise at 157 West 57th Street, a building along the fabled “Billionaires’ Row”—has defaulted on its $35.3 million mortgage loan.

The 6,240-square-foot apartment is a full-floor penthouse, and was the eighth most expensive unit sold in the building. It was purchased for $50.9 million in 2014, with the buyer’s identity not made public.

“It’s probably the most-expensive foreclosure we’ve ever seen in luxury development,” Donna Olshan, president of high-end Manhattan brokerage Olshan Realty Inc., told Bloomberg. “I don’t know of a foreclosure that’s larger than that.”

This is actually the second foreclosure—a rarity in Manhattan, especially in high-end buildings such as this one—in a month in the same building. The other condo was bought in 2015 for $21.4 million.

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