Posted by Wei Min Tan on March 27, 2023
Billionaire’s Row, located on the southern end of Central Park in New York City, has become a symbol of luxury and extravagance. The stretch of buildings on 57th Street between Park Avenue and Broadway, also known as “Billionaire’s Belt” or “Billionaire’s Row,” has been attracting billionaires and celebrities from all over the world since the early 2000s.
Billionaire’s Row has become a symbol of the staggering wealth in New York City and the world. The buildings on Billionaire’s Row offer some of the most luxurious amenities and views in the city, and remains a sought-after address for the world’s wealthiest individuals, and the buildings on the strip continue to set records for the most expensive apartments ever sold.
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Billionaire’s Row Buildings
One 57 – the original Billionaire’s building
The first “Billionaire” building that was built on Billionaire’s Row was One57, designed by architect Christian de Portzamparcand completed in 2014. One57 is a 90-story, 1,004-foot-tall building that features some of the most luxurious amenities in the city, including a private restaurant, a screening room, and a 24-hour doorman and concierge. The penthouse in One57 was sold for a record-breaking $100.5 million in 2015, making it the most expensive apartment ever sold in New York City at the time.
432 Park Avenue
Another notable building on Billionaire’s Row is 432 Park Avenue, designed by Rafael Vinoly and completed in 2015. At 1,396 feet tall, it offers sweeping views of the city and Central Park, as well as luxurious amenities such as a private restaurant, an outdoor terrace, and a spa and fitness center.
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111 West 57 – the skinny building
The most recent addition to Billionaire’s Row is 111 West 57th Street, designed by SHoP Architects and completed in 2020. The building is 1,428 feet tall and features a slender, terracotta facade that evokes the classic New York skyscrapers of the early 20th century. The building offers luxurious amenities such as a private dining room, a fitness center, and a rooftop lounge with stunning views of Central Park and the city.
Central Park Tower
Next is the Central Park Tower. Standing at a height of 1,550 feet, it is the tallest residential building in the world and the second-tallest building in the United States, surpassed only by One World Trade Center. The tower was designed by Adrian Smith + Gordon Gill Architecture and features an impressive, sleek design with a glass curtain wall exterior. Central Park Tower is located at 217 West 57th Street. The price range of the residential units in the tower starts from around $6.5 million and goes up to over $100 million for the most luxurious penthouses. The tower was completed in 2020 and began welcoming residents in the same year.
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220 Central Park South – the most expensive
Completing the list is 220 Central Park South. Completed in 2018, the building stands 950 feet tall and boasts 118 luxury condominium units. The project was designed by renowned architect Robert A.M. Stern, who drew inspiration from pre-war architecture in the design of the building. The interior design was done by Thierry W. Despont, a French architect and designer who has worked on several high-profile projects, including the restoration of the Ritz Paris. The units in 220 Central Park South range in price from $6.9 million to over $100 million, making it perhaps the most expensive residential building in the city.
The most expensive condo ever bought in NYC is the penthouse at 220 Central Park South, which sold for $238 million in January 2019. The 24,000 square-foot penthouse takes up the top four floors of the building and features 16 bedrooms, 17 bathrooms, five balconies, and views of Central Park. The buyer is said to be billionaire hedge fund manager Ken Griffin.
Billionaire’s Row Asking Price per sqft
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While the above are trophy buildings commanding astronomical prices, most buildings on 57th Street are not trophy buildings asking $5,000 to $9,000 per sqft. For example, Parc Vendome is a prewar residential condo on W 57 Street, just one block west from Central Park Tower. The asking prices at Parc Vendome? $1,400 per sqft. Or about $1.7 million for a two bedroom.
Are Billionaire buildings a good buy
The world’s super wealthy invest in these trophy buildings as a hedge against inflation and because Manhattan real estate is seen as a safe haven for asset diversification. The supply is very limited and there is safety in knowing Manhattan only has a handful of these buildings and hence it must be a good investment.
These trophy buildings are usually half empty because it’s where the very rich buy as a third, fourth or fifth home. They don’t live there. Manhattan has a lot of very expensive buildings where local, very wealthy Manhattanites live. But the Billionaire’s Row trophy buildings are not them.
Yes, they are good investments provided the unit chosen is unique. The price difference between a Central Park facing and non-CP facing unit is large. Having a Central Park facing unit is one of the key criterion when buying at a trophy building. A current listing at 220 Central Park South is asking 50 percent more than the original purchase price in 2019. A well chosen condo in a top building will have great appreciation.
What We Do
We focus on global investors buying Manhattan condos forportfolio diversification and long term return-on-investment.
1) Identify the right buy based on objectives
2) Manage the buy process
3) Rent out the property
4) Manage tenants
5) Market the property at the eventual sale
