The Thompson Hotel offers one-bedroom apartments on Billionaire’s Row, starting at $1.3 million.

Manhattan hotels are located in one of the most expensive real estate in the world, called “Billionaire Row”, and now offer apartments at prices that are much cheaper than neighboring hotels, still in the millions.

ONE11 Residences at the Thompson Hotel went on sale Thursday, offering a “low-priced” apartment at $1.3 million for a one-bedroom, while the larger four-bedroom penthouse is up to $14 million.

Joint ventures between hotels and condominium developers usually place a six-month limit on condo residents before the hotel can rent rooms, but ONE11 residences have no limit.

Formerly known as Le Parker Meridien, the Thompson Hotel aims to bring a downtown feel to its chic downtown district with its new apartments. The development is led by GFI Development, the same team that created the Ace, Beekman and Nomad Hotel.

Housed in one of the most expensive properties in the world, Manhattan hotels, called Billionaire Rowe, now offer apartments that are much cheaper than nearby hotels, but still cost hundreds. Ten thousand units.

ONE11 Residences at the Thompson Hotel went on sale Thursday, offering “low-priced” apartments starting at $1.3 million for a one-bedroom apartment, but up to $14 million for large four-bedroom apartments.

The location of the apartments is important, says Stan Spiegelmann, general manager of development at GFI.

It’s hard to find “downtown” in the area, Spiegelman said, and the condo aims to give that vibe to Millionaire Row.

The developer bought the building in early 2019 for $420 million and said at the time it planned to invest another $100 million in renovations.

Apartment residents have access to the amenities offered by the Thompson Hotel on 56th Street near Sixth Avenue, including a wellness center, gym and restaurants.

The cheapest one-bedroom apartment is $1.3 million and is approximately 554 square feet, while a beautiful one-bedroom penthouse is 1,100 square feet and starts at $5 million.

Joint projects between hotels and condominium developers usually put a six-month limit on apartment dwellers so the hotel can rent rooms, but ONE11 Residence has no limit.

Joint projects between hotels and condominium developers usually put a six-month limit on apartment dwellers so the hotel can rent rooms, but ONE11 Residence has no limit.

Formerly known as Le Parker Meridien, the Thompson Hotel aims to bring a downtown feel to its chic downtown district with its new apartments.

Formerly known as Le Parker Meridien, the Thompson Hotel aims to bring a downtown feel to its chic downtown district with its new apartments.

Depending on which direction the windows face, residents have views of Central Park or the city to the north.

Depending on which direction the windows face, residents have views of Central Park or the city to the north.

For two-bedroom apartments, the 800-square-foot apartment is $2.15 million and the larger 1,100-square-foot apartment is $4.95 million.

Depending on which direction the windows face, residents have views of Central Park or the city to the north.

Spiegelman says these rates can’t be beat on Billionaires’ Row, especially when hotel amenities are included.

“These are not price points available anywhere near Billionaire’s Row,” he said.

According to Spiegelmann, the unit is “essentially a new build,” meaning the apartments, with new windows and central air conditioning, look a lot different than they did before the development.

The developer also said the price would be more manageable for the company since the unit would be built on top of the Thompson Hotel, which would still operate about 600 rooms.

Apartment residents have access to the amenities offered by the Thompson Hotel on 56th Street near Sixth Avenue, including a wellness center, gym and restaurants.

Apartment residents have access to the amenities offered by the Thompson Hotel on 56th Street near Sixth Avenue, including a wellness center, gym and restaurants.

Spiegelman expects condo buyers to be a mix of full-time residents and investors.

Karen Mansour, executive director of Douglas Elliman Development Marketing, who oversees condo sales at ONE11, said developers need to think about how the pandemic is changing what buyers want in living spaces.

“I have a desire to have fun, meet people, go out and go to restaurants,” Mansour said.

Because the apartments share a hotel entrance and lobby, she said, residents will be “surprised every night when they come home,” describing the experience as “very elegant.”

Nearby Central Park listed the penthouse Thursday for $250 million, in contrast to the ONE11’s “discount price.”

With more than 17,500 square feet of interior space and 1,400 square feet of exterior space, the penthouse will span 129 to 131 skyscraper floors and be “the tallest residence in the world,” according to broker Serhant.

If this apartment sold for an asking price of $250 million, 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, mostly on Billionaires Street (photo)

Russians are estimated to own more than $1 billion in Manhattan real estate, mostly on Billionaires Street (photo)

Russia's richest people have been quietly trying to sell their Manhattan property amid fears they could face sanctions.

Russia’s richest people have been quietly trying to sell their Manhattan property amid fears they could face sanctions.

Kuzmichov's luxury home is listed for $41 million on the Upper East Side

Kuzmichov’s luxury home is listed for $41 million on the Upper East Side

Alexey Kuzmichov, 59, owner of Russia's largest private bank Alphabank, has listed the $41 million Manhattan Quadrupleplex.

Alexey Kuzmichov, 59, owner of Russia’s largest private bank Alphabank, has listed the $41 million Manhattan Quadrupleplex.

The area gained notoriety when Russia invaded Ukraine earlier this year when wealthy Russians tried to sell their apartments on Billionaire Street fearing sanctions.

Alexey Kuzmichov, 59, owner of Russia’s largest private bank Alphabank, has listed the $41 million Manhattan Quadrupleplex.

Another is billionaire Valery Kogan, who owns Domodizhevo Airport in Moscow, and his wife Olga.

A Democratic lawmaker said: “Through an anonymous LLC, the secret pattern of real estate investment in New York is among the international elites and wealthy Russian citizens of New York State who use New York LLCs to buy luxury homes. Have a bill presented what is meant to be exposed

The bill would require LLCs to disclose their owners to the New York State Department, and create a public database in which LLCs share common ownership.

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