Problems With One57 Crane May Last for a While

When it will be completed, One57 will be the tallest residential building in New York City. Ever since the beginning of the construction, the structure has drawn a lot of media buzz and numerous billionaire buyers. Still, after the superstorm Sandy, Crane57 has attracted another kind of attraction that’s not flattering at all.

Everyone stares at the skyscraper because of the crane that collapsed and hangs from the 90th floor. The crane collapsed because of the high winds brought by Sandy. Thus, the authorities were forced to evacuate the nearby buildings and shut down the streets. Michael Bloomberg, the New York mayor has recently declared that the crane is bound by secure ties. At the same time, he added that it will take a while to construct another crane and remove the damaged one.

Jonathan Miller, the CEO of Miller Samuel, an appraisal firm based in New York City, said that the collapsed crane stands as a disturbing setback for One57. Until the accident, the building has had a charmed and successful existence. For example, at the beginning of the year, an unknown buyer purchased a penthouse in the building for $90 million. The penthouse measures almost 10,000 square feet and the $90 million score is the highest price that was ever paid for an apartment in New York City. The penthouse comes with a wide array of luxury amenities such as 23-foot ceilings, marble flooring, advanced technology, and more. Also, it features an entire wall of windows that overlooks New York’s most famous park, Central Park. Since Central Park is located 2 blocks away, you can easily imagine that Crane57’s location is a prestigious one. The building is going to feature 92 units and the cheapest apartment will cost almost $7 million. It has been reported that more than 60% of the condos have already been sold.

Pinnacle Industries is the crane operator. Unfortunately, it didn’t answer the journalist’s phone calls. At the same time, Extell Development, the developer, did not want to comment. The only one that was allowed to answer questions was Bovis Lend Lease, the construction manager. They released a press release after the storm was over and they declared that the company is working with city agencies and structural engineers to make the crane safe.

Miller added that the apartment prices will not be affected by the crane incident, explaining that the accident happened during one of New York’s worst storms. Thus, this background is paradoxically helpful for One57. At the same time, some buyers might be discouraged if the building won’t be opened in the spring of 2013. He also said that everyone is questioning when the building will get back on its feet. Their momentum might be stolen if they can’t show or sell for more than 6 months.

The positive aspect about this entire situation is that the persons who bought an apartment in One57 don’t need immediate accommodation. For example, the upper floors are reserved for international billionaires such as Lawrence Stroll and Silas Chou. Both of them are apparel company moguls and they became billionaires after taking Michael Kors public.

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