Thompson Hotel will offer one-bed apartments on Billionaire’s Row starting at $1.3 million
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A Manhattan hotel located on one of the most expensive tracts of land in the world – nicknamed ‘Billionaire’s Row’ – now offers apartments priced much lower than their neighbors, but still in the millions.
The ONE11 Residences at the Thompson Hotel went on sale Thursday and offer apartments starting at $1.3 million for a one-bedroom, but up to $14 million for larger four-bedroom penthouses.
Joint projects between hotels and condo developers usually set a 6-month limit for apartment residents so that the hotel can rent out the rooms, but the ONE11 residences have no limit.
Thompson Hotel, once known as Le Parker Meridien, aims to bring a downtown feel to the more upscale downtown with its new apartments. The development is led by GFI Development, the same team that created the Ace, Beekman and NoMad hotels.
A Manhattan hotel located on one of the most expensive tracts of land in the world – nicknamed ‘Billionaire’s Row’ – now offers apartments priced much lower than their neighbors, but still in the millions.
The ONE11 Residences at the Thompson Hotel went on sale Thursday, offering apartments as “low” as $1.3 million for a one-bedroom, but as high as $14 million for larger four-bedroom penthouses.
GFI Development Managing Director Stan Spiegelman said the location of the apartments is crucial: ‘It’s all in the middle of the city – near Central Park, near Billionaires’ Row, near Fifth Avenue.’
Spiegelman said it’s hard to find a “downtown vibe” in the area and the apartments are meant to bring that vibe to the billionaire ranks.
Developers bought the building for $420 million in early 2019, then said they planned to invest another $100 million through renovations.
Residents of the apartments have access to the amenities offered by the Thompson Hotel, located on 56th Street near Sixth Avenue, including a wellness center, gym and restaurants.
The cheapest one-bedroom apartment is $1.3 million and about 554 square feet, while the glitzier one-bedrooms on the penthouse levels are 1,100 square feet and have a starting price of $5 million.
Joint projects between hotels and condo developers usually set a 6 month limit for apartment residents so that the hotel can rent out the rooms, but the ONE11 residences have no limit
Thompson Hotel, once known as Le Parker Meridien, aims to bring a downtown feel to the more upscale downtown with its new apartments.
Depending on which direction the windows face, residents have a view of Central Park to the north or a view of the city
For the two-bedroom apartments, an 800-square-foot one costs $2.15 million, while a larger 1,100-square-foot one costs $4.95 million.
Depending on which direction the windows face, residents have a view of Central Park to the north or the city.
Spiegelman says these prices are impossible to beat on Billionaires’ Row, especially with hotel amenities included.
“These aren’t price points available anywhere near Billionaires’ Row,” he said.
The units are “essentially new construction,” according to Spiegelman, meaning the apartments look very different from before the development, with new windows and central air conditioning.
The developer also said pricing for the company is manageable as the units are built on top of the Thompson Hotel, which will continue to operate its nearly 600 rooms.
Residents of the apartments have access to the amenities offered by the Thompson Hotel, located on 56th Street near Sixth Avenue, including a wellness center, gym and restaurants.
Spiegelman expects the buyers of the apartments to be a mix of full-time residents and investors.
Karen Mansour, an executive at Douglas Elliman Development Marketing who will oversee apartment sales at ONE11, said developers needed to think about how the pandemic was changing what buyers wanted from their living spaces.
“There’s a pent-up demand to have fun and see people and go out and go to restaurants,” Mansour said.
The apartments will share the hotel entrance and lobby, meaning residents “will be surprised when they come home every night,” she said, calling the experience “very chic.”
Contrary to the “discount” prices available on top of ONE11, nearby Central Park Tower has listed a penthouse for $250 million on Thursday.
The penthouse, with more than 17,500 square feet of interior space and 1,400 of outdoor space, will span the 129th floor to the 131st floor of the skyscraper to become the “tallest residence in the world,” according to real estate agency Serhant.
If the apartment sells for the $250 million asking price, it would be the most expensive home ever sold in the country.
Russians are estimated to own more than $1 billion in Manhattan real estate, many of which are on Billionaire’s Row (pictured)
Russia’s wealthiest were quietly trying to sell their Manhattan properties, it was alleged, for fear they could face sanctions.
Kuzmichev’s Luxurious Home Listed for $41 Million on the Upper East Side
Alexei Kuzmichev, 59, an owner of Alfa-Bank – Russia’s largest private bank, which has been slammed by US sanctions – listed his $41 million Manhattan quadruplex.
The area became infamous during the Russian invasion of Ukraine earlier this year, when wealthy Russians rushed to sell their apartments in Billionaire’s Row amid fears of sanctions.
Alexei Kuzmichev, 59, an owner of Alfa-Bank – Russia’s largest private bank, which has been slammed by US sanctions – listed his $41 million Manhattan quadruplex.
Another who seemed to sell is Valery Kogan, the billionaire owner of Moscow’s Domodedevo airport, and his wife Olga.
Democratic lawmakers have introduced a bill that aimed to “expose secret patterns of real estate investment in New York City among international elites through anonymous LLCs and the use of New York LLCs by wealthy Russian citizens in New York State to buy luxury homes.” .
The bill would require LLCs to disclose their owners to the New York Department of State and would create a public database of which LLCs share common ownership.