When the 421a dream meets 2025 reality

First in our Up, Down, or Sideways? series: 252 South Street, #76E—part of the towering One Manhattan Square

We covered OMS way back in an early series—check it out here—and it’s worth revisiting. Developed by Extell and completed in 2019, this skyscraper rises 80 stories high with 815 condo residences. (It also neighbors 247 Cherry Street, an adjacent building with 600 affordable units.

Now, the amenities are what really make OMS stand out:
Spa
Pools
Sports courts
Lounges
Gardens
…and more—100,000 sq ft of full-on resort-style living.

Oh, and one more perk: it’s got one of the last 20-year tax abatements in NYC . Thanks to a 421a exemption, monthly property taxes for #76E are…wait for it…just $32 until 2039. (Yes. Thirty. Two. Dollars.)

Let’s talk numbers:
Currently, there are 34 units for sale (~4%) and 16 for rent (~2%). It’s unclear if 94% of the building is actually occupied (and the developer isn’t obligated to share).

252 South Street, #76E

Zooming in on unit #76E:
List price: $2,970,000

3 beds | 2 baths | 5 rooms
1,400 sf | $2,121 per sq ft
Days on market: N/A
Price change this cycle: N/A

Listing History:
Originally listed at $3.635M, it dropped to $2.97M this summer—a $665K haircut (-18.3%). Factor in inflation and that $3.635M from 2019 is roughly $4.6M today. Meaning? If you bought in 2019 and sold now at ask, you’re looking at a $1.6M loss. Ouch .

Takeaway
Even with world-class amenities and that sweet tax abatement, OMS doesn’t seem to be moving on price momentum. It’s selling a lifestyle (and maybe a tax break), not a quick return.

But—if you’re in the market for a 3BR under $3M, this might be a smart buy-and-hold until the early 2030s…just make sure to list before the abatement runs out .