What were the priciest condo projects of the past 40 years? The Zeckendorfs make an appearance every decade
From left: (top) 200 East 69th Street, 160 West 66th Street, 845 United Nations Plaza, 1 Central Park West, 15 Central Park West, (bottom) 768 Fifth Avenue, 432 Park Avenue, 157 West 57th Street and 133 West 11th Street
Zeckendorf Towers began rising above Union Square at a time when co-ops were still king and the concept of condominium buildings was relatively new in the city.
In the late 1980s, when the project s developer submitted plans for the condo towers, Union Square had not yet hit its stride, and the project s site — once the flagship location of discount department store S. Klein — had sat vacant for two decades. Still, developer William Zeckendorf Jr. believed that transportation options near Union Square would help lead to the area s revival, a bet that paid off.
It was a challenging project. A lot of people thought he was too much of a pioneer at the time, William Lie Zeckendorf said of his father. That was a neighborhood transition project.
Roughly 10 years later, his two sons, Arthur and William Lie Zeckendorf, who launched their own company Zeckendorf Development, would take an爱上海同城论坛 other risk at 515 Park Avenue. The condo building featured units three times the爱上海同城 size of the those in the Union Square project — an average of 3,000 square feet — and was expected to command the unheard of price of $2,000 per square foot.
Arthur and I worked on that deal for two to three years, William Lie Zeckendorf said. It was a hard sell. Investors didn t believe that you could get that.
He noted that he and his brother have taken a different strategy than their father, focusing exclusively on the ultraluxury segment of the market. (Their father also developed office and hotel projects.) They also typically only work on one project every two years, whereas their father would take on several — at one time half a dozen — at once. To mitigate risk, the brothers try not to rely heavily on bank financing.
In every decade since the 1980s, the Zeckendorf family initiated at least one of the city s most expensive condo projects. These Included Central Park Place, Zeckendorf Towers, 515 Park Avenue, 15 Central Park West and 520 Park Avenue. Zeckendorf Development s 15 Central Park West — often cited as the city s most exclusive address — had the highest initial projected sellout of any of the family s condo projects proposed between 2000 and 2017, weighing in at $1.7 billion, according to a data analysis by The Real Deal.
To get a closer look at the projects that have dominated the high-end condo market, TRD compiled data on the priciest condo projects — by the original sellout price registered with the New York State Attorney General s office — for each of the past three decades and the current one so far. For the 1980s through the 2000s, we included projects according to their filing date. For the most recent developments, w[……]