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Thompson Hotel will offer one-bed apartments on Billionaire’s Row starting at $1.3 million

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A Manhattan hotel positioned on one among the priciest stretches of land on this planet – nicknamed ‘Billionaire’s Row’ – is now offering apartments which are priced far lower than their neighbors, but still within the hundreds of thousands. 

The ONE11 Residences on the Thompson Hotel went on sale on Thursday offering apartments as ‘low’ as $1.3 million for a one-bedroom, but as high as $14 million for larger four-bedroom penthouses.  

Joint projects between hotels and condo developers normally set a limit of 6 months for apartment residents, so the hotel can rent out the rooms, however the ONE11 residences can have no limit. 

Thompson Hotel, once referred to as Le Parker Meridien, goals to bring a downtown feel to the swankier midtown area with its latest apartments. The event is headed by GFI Development, the identical team that created the Ace, Beekman and NoMad hotels.

A Manhattan hotel positioned on one among the priciest stretches of land on this planet – nicknamed ‘Billionaire’s Row’ – is now offering apartments which are priced far lower than their neighbors, but still within the hundreds of thousands

The ONE11 Residences at the Thompson Hotel went on sale on Thursday offering apartments as 'low' as $1.3 million for a one-bedroom, but as high as $14 million for larger four-bedroom penthouses

The ONE11 Residences on the Thompson Hotel went on sale on Thursday offering apartments as ‘low’ as $1.3 million for a one-bedroom, but as high as $14 million for larger four-bedroom penthouses

Managing director of GFI Development Stan Spiegelman said the placement of the apartments is essential: ‘It’s all in the midst of the town — near Central Park, near Billionaires’ Row, near Fifth Avenue.’

Spiegelman said it’s hard to seek out a ‘downtown vibe’ in the realm and the apartments aim to bring that vibe to Billionaire’s row. 

Developers bought the constructing for $420 million in early 2019, and said on the time they planned to place one other $100 million in through renovations.

Residents of the apartments can have access to the amenities offered by the Thompson Hotel, positioned on 56th street near Sixth Avenue, including a wellness center, gym and restaurants. 

The most affordable one-bedroom apartment is $1.3 million and roughly 554 square feet, while the glitzier one-bedrooms positioned 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 limit of 6 months for apartment residents, so the hotel can rent out the rooms, but the ONE11 residences have no limit

Joint projects between hotels and condo developers normally set a limit of 6 months for apartment residents, so the hotel can rent out the rooms, however the ONE11 residences haven’t any limit

Thompson Hotel, once known as Le Parker Meridien, aims to bring a downtown feel to the swankier midtown area with its new apartments

Thompson Hotel, once referred to as Le Parker Meridien, goals to bring a downtown feel to the swankier midtown area with its latest apartments

Depending on which direction the windows face, residents will have either a view of Central Park to the north or a city view

Depending on which direction the windows face, residents can have either a view of Central Park to the north or a city view

For the two-bedroom condos, one sized at 800 square feet costs $2.15 million while an even bigger one sized at 1,100 square feet goes for $4.95 million. 

Depending on which direction the windows face, residents can have either a view of Central Park to the north or a city view. 

Spiegelman says these prices are unimaginable to beat on Billionaires’ Row, especially with the hotel’s amenities included.

‘These aren’t price points which are available anywhere near Billionaires’ Row,’ he said.

The units are ‘essentially latest construction,’ based on Spiegelman, meaning the apartments look vastly different from how they did before development, with latest windows and central air-conditioning.  

The developer also said the pricing is manageable for the corporate since the units were built on top of the Thompson Hotel, which can proceed to operate its nearly 600 rooms. 

Residents of the apartments will have access to the amenities offered by the Thompson Hotel, located on 56th street near Sixth Avenue, including a wellness center, gym and restaurants

Residents of the apartments can have access to the amenities offered by the Thompson Hotel, positioned on 56th street near Sixth Avenue, including a wellness center, gym and restaurants

Spiegelman anticipates the buyers of the apartments to be a combination of full-time residents and investors. 

Karen Mansour, an executive with Douglas Elliman Development Marketing which can oversee the apartment sales at ONE11, said developers needed to reflect on how the pandemic shifted what buyers want from their living spaces.

‘There is a pent-up demand to have a good time and see people and be out and go to restaurants,’ said Mansour. 

The condos will share the hotel’s entrance and lobby, meaning residents shall be ‘surprised every night once they come home,’ she said, calling the experience ‘very chic.’

In contrast to the ‘discount’ prices available atop at ONE11, nearby Central Park Tower listed a penthouse on Thursday for $250 million. 

The penthouse, which boasts greater than 17,500 square feet of indoor space and 1,400 of outside space, will span the 129th floor to the 131st floor of the skyscraper to change into the ‘highest residence on this planet,’ based on brokerage Serhant. 

If the apartment sells on the $250 million asking price, it could be the most costly home ever sold within the country.  

Russians are estimated to own over $1 billion in Manhattan real estate, many of which are on Billionaire's Row (pictured)

Russians are estimated to own over $1 billion in Manhattan real estate, lots of that are on Billionaire’s Row (pictured)

Russia's wealthiest tried to quietly sell their Manhattan properties, it has been claimed, amid fears that they could face sanctions

Russia’s wealthiest tried to quietly sell their Manhattan properties, it has been claimed, amid fears that they may face sanctions

Kuzmichev's luxurious home was listed for $41 million on the Upper East Side

Kuzmichev’s luxurious home was 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 slapped by US sanctions — listed his $41 million Manhattan quadruplex.

Alexei Kuzmichev, 59, an owner of Alfa-Bank – Russia’s largest private bank, which has been slapped by US sanctions — listed his $41 million Manhattan quadruplex.

The realm became notorious earlier this 12 months in the course of the Russian invasion of Ukraine, as wealthy Russians scrambled to sell their apartments in Billionaire’s Row out of fear of sanctions.   

Alexei Kuzmichev, 59, an owner of Alfa-Bank – Russia’s largest private bank, which has been slapped by US sanctions — listed his $41 million Manhattan quadruplex.  

One other that looked to sell is Valery Kogan, the billionaire owner of Moscow’s Domodedevo Airport, and his wife Olga.

Democratic lawmakers introduced a bill that aimed to reveal ‘secretive patterns of real estate investment in Latest York City amongst international elites through anonymous LLCs and the usage of Latest York LLCs by wealthy Russian nationals in Latest York state to buy luxury homes.’ 

The bill would require LLCs to reveal their owners to the Latest York Department of State and would create a public database of which LLCs share common ownership.

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