is the name given to a set of ultra-luxury residentialskyscrapers, constructed or in development, that are arrayed roughly along the southern end ofCentral ParkinManhattanNew York City. Several of these buildings are in thesupertallcategory (taller than 1,000 feet (300m)), and are among the tallest buildings in the world. Since most of these buildings are built or proposed on57th Street, the term has been used to refer to the street itself as well.
The area is notable for containing some of the most expensive residences in the world. The top two floors ofOne57sold toMichael Dellfor $100.47 million in 2015, setting a record for the most expensive apartment ever sold in New York.12Anotherduplexin the building was bought by hedge fund managerBill Ackmanfor $91.5 million.3The top penthouse at 432 Park Avenue went to Saudi retail magnateFawaz Al Hokairfor $87.7 million, and hedge fund managerKenneth C. Griffinis said to have bought three floors at 220 Central Park South for $238 million, breaking One57s record for the most expensive home sold in New York City and setting a new record for the most expensive home sold in the United States.45Also at 220 CPS, several units were combined into a four-story mansion costing $250 million.6These projects have generated controversy concerning the economic conditions78and zoning policies9that have encouraged these buildings, as well as the impact these towers will have on the surrounding neighborhoods and the shadows they will cast on Central Park.10
One of the factors underlying the boom is foreign investment, often in the form ofcapital flight. Some of these buyers have poured money into high-end New York real estate for the purpose oftax avoidancemoney laundering, or to export wealth to locales where it is less easilyseized.11Many of the apartments are only sporadically occupied, functioning aspied–terres, or as real-estate basedsafe deposit boxesfor parking money.11
The ultra-luxury building boom in the area predates the term Billionaires Row.Time Warner Center, built in 2003, is at the southwest corner of Central Park. A majority of its tenants bought their condos anonymously (throughshell companiesandtrusts); at least 17 of these have been identified as billionaires.1115 Central Park West(CPW), two blocks north, contains units that have been purchased by billionairesSara BlakelyLloyd BlankfeinOmid KordestaniDaniel LoebDaniel OchEyal OferPan ShiyiSandy WeillJerry Yang, andZhang Xin.12131415Prior to the sale of the $100 million penthouse at One57, the record for an apartment in New York was $88 million paid byDmitry Rybolovlevfor a penthouse at 15 CPW.16
In 2016, theUnited States Treasury Departmentannounced it would start identifying and tracking the purchase of multi-million-dollar units, especially those paid for in cash or via shell companies, to cut down on the practice of money laundering.17New laws in China restricting capital outflow have also been implemented, and lower oil prices have affected potential Middle Eastern buyers. Uncertainty overBrexithas also played a role.1819This has weakened the market for the highest-end units, with some declaring that the Eight Digit Boom on Billionaires Row has ended.20In the face of this soft market, at least one project in the area (1 Park Lane) has been put on hold.21
The first supertall building to be built in the area was One57, a 1,004-foot (306m) apartment building betweenSixthandSeventh Avenuesthat was completed in 2014.22By then, several other even-taller skyscrapers were proposed or under construction along the stretch of57th Streetroughly corresponding to the southern edge ofCentral Park.23Due to the often record-breaking prices2425that have been set for the apartments in these buildings, the press dubbed this section of 57th Street Billionaires Row.262728The term has since been extended to other supertall luxury buildings facing southern Central Park not strictly on 57th Street.29
Projects (planned, under way, or complete) that have been listed as part of Billionaires Row include:303132
Ay Ay, High.We finally know who overpaid for the $100-million apartment in NYC.
Clarke, Katherine.$100M condo sale breaks city record.
Solomont, E. B. (December 23, 2015).The 10 biggest residential sales of 2015.
Brenzel, Kathryn (September 15, 2016).Saudi billionaire closes on NYCs highest pad for $88M.
Solomont, E.B. (October 4, 2015).Kenneth Griffin Goes on a Record-Setting Real Estate Spending Spree.
Solomont, E. B. (May 5, 2016).220 CPS officially has a $250M mansion in the sky: Photos.
Rosenberg, Zoe (March 18, 2015).New Yorks Megatower Boom Reduced To Mere Vertical Money
Capps, Kriston (May 11, 2015).Why Billionaires Dont Pay Property Taxes in New York.
Ayala, Shannon (September 25, 2014).Why 57th Street Is the Supertall Tower Mecca of New York.
Adler, Margot (April 23, 2014).New Yorkers Protest Long Shadows Cast By New Skyscrapers.
Stream of Foreign Wealth Flows to Elite New York Real Estate.
Carlyle, Erin.Manhattans New Most Expensive Listing: A $130 Million Park Avenue Penthouse.
The worlds most powerful address. And the people who live there.
Billionaire Couple Lists 15 Central Park West Pad – Manhattan Scout.
Zeveloff, Julie; Stone, Madeline (January 25, et the big shots who live at 15 Central Park West, the worlds most powerful address.
Polsky, Sara (December 19, 2011).Worlds 93rd Richest Person Buys $88M 15 CPW Penthouse.
Story, Louise (January 13, 2016).U.S. Will Track Secret Buyers of Luxury Real Estate.
Putzier, Konrad (September 9, 2016).Billionaires Row struggles to live up to its go-go name.
Higgins, Michelle (July 11, New York, a Falling Market for Trophy Homes in the Sky.
Plitt, Amy (July 12, 2016).The eight digit boom in NYC real estate is finally over.
Solomont, E.B. (January 28, 2016).Witkoff shelves plans for condos at Park Lane Hotel.
Davidson, Justin (September 15, 2013).Giants in Our Midst: The first of the 1,000-footers stomps onto 57th Street.
Zeveloff, Julie (June 14, 2015).New Yorks iconic skyline will look incredibly different in just a few years.
Marino, Vivian (January 23, 2015).$100.4 Million Sale at One57.
Samtani, Hiten; Hofmann, Tess (May 28, 2015).Saudi billionaire said to be buyer of $95M penthouse at 432 Park.
Satow, Julie (June 27, 2014).Moving In, Slowly, to Billionaires Row
Willett, Megan (September 2, 2014).The New Billionaires Row: See the Incredible Transformation of New Yorks 57th Street.
Goldberger, Paul (May 2014).Too Rich, Too Thin, Too Tall?.
Putzier, Konrad (August 1, 2016).Billionaires Row: 2014-2016?.
The Most Important Towers Shaping Central Parks South Corridor, a.k.a. Billionaires Row – 6sqft.
Goldberger, Paul (May 2014).New Condo Towers Are Racing Skyward in Midtown Manhattan.
Nicolaou, Anna (September 29, 2015).Foreigners pile into Central Parks Billionaires Row.
Coordinates:404552N735838W / 40.7644N 73.9772W /40.7644; -73.9772
This page was last edited on 29 September 2019, at 19:58