Luxury NYC condo tower home to Succession's Kendall Roy has slashed prices by up to FIFTY PERCENT
A $35million pad in the tower featured as the home of Succession's Kendall Roy
Developers have launched a fire sale as the high-rise has struggled to sell units
Lavish apartments at 35 Hudson Yards are available for a fraction of the price
An ultra-exclusive condo tower at the heart of Manhattan's elite real estate market has been forced to sell apartments for up to 50 percent off after selling just half its units.
Despite its penthouse being seen by millions as the home of Succession's Kendall Roy, 35 Hudson Yards is now offering discounts of up to 50 percent on its multi-million dollar apartments.
Recent sales include a four bed sold for $8.5 million - 46 percent less than its original listing of $15.725 million.
The neighborhood of Hudson Yards was conceived by developer Related Companies a decade ago to lure high-level residents from around the world. But it has been blasted as sterile and soulless.
Hudson Yards is home to a swish mall itself plagued by issues. Department store Neiman Marcus closed as anchor tenant after just 16 months due to flagging sales and the COVID crisis.
And outside the mall sits the vessel - a divisive metal sculpture which can be climbed, but which is closed indefinitely after four people died by suicide by leaping off it.
The ritzy 35 Hudson Yards was intended to be one of the most luxurious condo towers in NYC
One of the apartments that starred in hit show Succession (pictured) was recently sold for $35 million
Decades ago, the Hudson Yards area was a deserted rail yard, with the livelier Hell's Kitchen and Greenwich Village neighborhoods attracting larger crowds walking distance away.
Seeing its promise, Related took on the space to try and transform it into a new home for the city's elites, constructing two towers, 15 and 35 Hudson Yards, with the intention of becoming the 'new Park Avenue'.
But the grand designs have since flatlined, with approximately 50 percent of units in 35 still unsold in the last week of June, according to the Wall Street Journal.
The poor sales come over four years after condos in the luxury high-rise hit the market, leading Related to offer units at a fraction of their eye-popping values.
Recorded sales in June were an average 30 percent lower than their original prices, while some active listings have been discounted by up to 50 percent. Notably, the same deals are not offered in the 15 tower, where sales were far better.
To lure residents to the 35 tower, prospective residents are also being offered a variety of rare amenities, including covering buyers' taxes and closing costs.
The development has seemingly been disastrous for Related, which signed a roughly $1 billion lease with the Metropolitan Transportation Authority in 2010 to begin building.
As of June 2023, the company still has over a billion dollars' worth of condos to sell at Hudson Yards.
On popular property listing site Zillow, the cheapest apartment currently listed on the site is valued at $4.8 million.
Hudson Yards was conceived as Manhattan's 'new Park Avenue', attracting the richest home seekers in the world. The 35 Hudson Yards apartment condo can be seen left
Hudson Yards is known as one of the most luxurious areas of Manhattan, but the glass skyscrapers have given it a lifeless and dull feel to some
The penthouse apartment rose to fame in the third season of the HBO show Succession, serving as Kendall Roy's base. Actor Jeremy Strong is pictured on the rooftop in the show
While many in New York dream of landing one of the exclusive apartments in Hudson Yards, some have blamed the poor sales on more than just the daunting costs.
The area has hardly built a reputation as a party town, with the abundance of office spaces, luxury designer stores and expensive restaurants doing little to give it life.
Notably, much of the quiet nature of the area was on purpose, as elite residents look for an easier commute home compared to nearby Times Square. To enhance this, Related even pays for a private security firm to police Hudson Yards.
And while the noise-cancelling glass skyscrapers haven't helped sales, the area's Vessel structure - once one of its chief selling points - is another eyesore.
The $200 million sculpture has seen several suicides since it was opened in 2019, and it remains shut while officials try and figure out how to bring it back safely.
The Vessel structure in Hudson Yards has become something of an eyesore, as it remains closed following a series of suicides. The 35 Hudson Yards building can be seen behind
Hudson Yards was filled with designer stores and high end restaurants to lure elites, but some have complained it lacks the vibe needed to attract home seekers
For residents looking to sell and real estate agents struggling to offload, the issues with the opulent area are beginning to hurt their wallets too.
Ann Cutbill Lenane, a real estate agent with Douglas Elliman who lives in a $4.84 million condo in neighboring 15 Hudson Yards, has owned several listings in the two buildings but says she is now set to lose out big.
With her children moving out, Lenane is looking to sell, but knows she will be facing a large loss when she parts ways with the unit.
As a real estate agent, she said she is embarrassed to lose money on property, but added: 'I can't beat myself up... You always take a risk when you step into a new product. That’s just the nature of the beast.'
'It’s a very dramatic area that’s sprung out of nothing,' said Manhattan real-estate agent Donna Olshan to WSJ. 'It’s high-rise buildings, commercial real estate and a mall. It has less of a residential feeling.'
Among New York's hostile housing market, where rents are known to swing wildly, 35 Hudson Yards' huge cuts are standing out.
'The actual housing market is not seeing anywhere near that kind of discount,' said Jonathan Miller, an appraiser at Miller Samuel.
The building's penthouse apartment, home to Kendall Roy in Succession, was sold in September for $35 million
Four years after the lavish apartments hit the market, half remain empty
The master bedroom is en-suite with a wet bar, dual dressing rooms and windowed bathrooms with full depth soaking tubs
This private yoga and meditation room in the penthouse features tall metal-textured walls and central light, and modern furniture
The penthouse's 10,171sq-ft allow for spacious and private rooms, like this recreational room for storage that has been accommodated to simulate a golf course
The fitness center with a stretching and yoga studio, serene meditation room in The Equinox Hotel
In September, the lavish skyscraper made headlines when its penthouse apartment sold for $35 million to a mystery buyer.
The unit was the on-screen home of Kendall Roy on HBO's Succession, and was originally listed for $59 million before the general lack of interest saw it drop.
It boasts some of the most opulent amenities money can buy, not least the picturesque views it offers of the World Trade Center and Statue of Liberty.
The five-bedroom apartment boasts a sprawling 10,171 square feet with a 454 square foot outdoor terrace, which was the highest private perch in Manhattan when it was built.
However, while many may look at the penthouse as an unreachable dream, the developer is reportedly planning to build a casino in the area that some residents warn could attract an unwanted crowd.
In response to criticism of the casino plan, Related said in a statement: 'If we are fortunate enough to be one of the successful bidders for a gaming license, we will deliver a world-class resort with amenities, restaurants, retail and entertainment that will even further elevate the offerings at Hudson Yards and make the experience for the neighborhood, residents and office tenants even greater than it is today.'
Source: Daily Mail
