Developer Nile Niami began construction hoping for a $500 million sale — a four-story glass tower with a 30-car garage, a nightclub, a bowling alley, and a candy wall — financed largely through high-interest debt.
The scale of the project made it a fixture of luxury real estate coverage years before it was even finished.
When the debt came due and no buyer met the ask, The One went to a bankruptcy auction in 2021 and sold for just $126 million.
Still an enormous sum, but a nearly $400 million gap between ambition and reality that became a cautionary tale across the industry.
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