Schmatte Billionaires Buy Big at One57, NY Times Reveals

“Gary Barnett, the developer of One57,

One57 under construction between 6th and 7th Avenues, NYC

is attracting a steady flow of billionaire buyers to his Midtown tower, which upon completion next year will be New York’s tallest building with residences.

One57 will be NYC’s tallest residential building when it is completed in 2013

But Mr. Barnett, the president of the Extell Development Company, is more than a little worried about a possible gripe fest in the tower’s top 15 floors, where the billionaires’ club is forming.

Several of the future owners of the high-altitude, full-floor apartments are hiring their own designers to finish their spaces, which could become a big headache for their neighbors, Mr. Barnett said.

“This was a major, major issue for us,” he said. “We don’t want our people who are buying and accepting our finishes to be sitting there for three or four years while tons of construction goes on in the building and people build out their spaces. It ties up elevators and creates dust and noise. We are doing everything possible to avoid that…”

“They include the fashion moguls Silas K. F. Chou and Lawrence S. Stroll, the first billionaires to be identified as buyers a week ago, according to a person familiar with the matter.

Mr. Stroll, a 53-year-old Canadian, became a billionaire after he and Mr. Chou, 66, took the fashion label Michael Kors public last December as the company’s majority owners and former co-chairmen, cashing out hundreds of millions of dollars of their shares. Mr. Stroll is worth an estimated $1.8 billion, while Mr. Chou, the son of a billionaire from Hong Kong, has a fortune of $2 billion, according to Forbes.

Fashion titans Silas K. Chou and Lawrence Stroll (shown here with designer Michael Kors) both joined the billionaire buyer’s club at One57, according to the NY Times

The longtime friends and business partners, who also previously acquired and served as co-chairmen of the Tommy Hilfiger Corporation, were among the first buyers at One57. According to two people who declined to be identified because of confidentiality agreements, Mr. Stroll bought first; his 85th-floor unit, with four bedrooms and 6,240 square feet, cost just under $50 million. Mr. Chou bought the 82nd floor for just over $50 million, they said.”

http://www.nytimes.com/2012/09/30/realestate/big-deal-one57s-billionaires-and-the-dust-ups-they-cause.html?partner=rss&emc=rss&_r=0

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