Billionaires' Row (Manhattan)

Billionaires' Row is the name given to a set of ultra-luxury residential skyscrapers, constructed or in development, that are arrayed roughly along the southern end of Central Park in Manhattan, New York City. Several of these buildings are in the supertall category (taller than 1,000 feet (300 m)), and are amongst the tallest buildings in the world.

These projects have generated controversy concerning the economic conditions[1][2] and zoning policies[3] that 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.[4]

They are also notable for containing some of the most expensive residences in the world. The top two floors of One57 sold for $100.47 million in 2015, setting a record for the most expensive apartment ever sold in New York.[5] Another duplex in the building was bought by hedge fund manager Bill Ackman for $91.5 million.[6] The top penthouse at 432 Park Avenue went to Saudi retail magnate Fawaz Al Hokair for $87.7 million, and hedge fund manager Kenneth C. Griffin is said to have bought three floors at 220 Central Park South for about $200 million.[7][8] Also at 220 CPS, several units were combined into a four-story mansion costing $250 million.[9]

Buildings

The first supertall building to be built in the area was One57,[10] a 1,004-foot (306 m) apartment building between Sixth and Seventh Avenues which was completed in 2014. By then, several other even-taller skyscrapers were proposed or under construction along the stretch of 57th Street roughly corresponding to the southern edge of Central Park.[11] Due to the often record-breaking prices[12][13] that have been set for the apartments in these buildings, the press dubbed this section of 57th Street "Billionaires' Row".[14][15][16] The term has since been extended to other supertall luxury buildings facing southern Central Park not strictly on 57th Street.[17]

Projects (planned, under way, or complete) that have been listed as part of Billionaires' Row include:

Street address Building name Construction started Completed date Architectural height Image
432 Park Avenue n/a September 2011 December 23, 2015 1,396 ft. (426m)
432 Park Avenue
111 West 57th Street n/a 2014/15 expected 2018 planned 1,438 ft. (438m)
111 West 57th Street
157 West 57th Street One57 April 2009 2014 1,005 ft. (306m)
157 West 57th Street
225 West 57th Street Central Park Tower
or Nordstrom Tower		 2014 expected 2019 planned 1,569 ft. (478m)

References

  1. ↑ Zoe Rosenberg, "New York's Megatower Boom Reduced To Mere 'Vertical Money'",Curbed, March 18, 2015
  2. ↑ Kriston Capps, "Why Billionaires Don't Pay Property Taxes in New York", Citylab, May 11, 2015
  3. ↑ "Why 57th Street Is the Supertall Tower Mecca of New York", Curbed, September 25, 2014
  4. ↑ Margot Adler, "New Yorkers Protest Long Shadows Cast By New Skyscrapers", NPR, April 23, 2014
  5. ↑ http://www.nydailynews.com/life-style/real-estate/100m-condo-sale-breaks-city-record-article-1.2081765
  6. ↑ http://therealdeal.com/2015/12/23/the-10-biggest-residential-sales-of-2015/
  7. ↑ http://therealdeal.com/2016/09/15/saudi-billionaire-closes-on-nycs-highest-pad-for-88m/
  8. ↑ http://www.nytimes.com/2015/10/04/business/kenneth-griffin-goes-on-a-record-setting-real-estate-spending-spree.html
  9. ↑ http://therealdeal.com/2016/05/05/220-cps-now-officially-has-a-250m-mansion-in-the-sky-photos/
  10. ↑ Justin Davidson,"Giants in Our Midst: The first of the 1,000-footers stomps onto 57th Street", New York Magazine, September 15, 2013
  11. ↑ Julie Zeveloff, "New York's iconic skyline will look incredibly different in just a few years", Business Insider, June 14, 2015
  12. ↑ "$100.4 Million Sale at One57",New York Times, January 23, 2015
  13. ↑ Hiten Samtani and Tess Hofmann, "Saudi billionaire said to be buyer of $95M penthouse at 432 Park",The Real Deal, May 28, 2015
  14. ↑ Julie Satow, "Moving In, Slowly, to ‘Billionaires’ Row’", New York Times, June 27, 2014
  15. ↑ Megan Willett, "THE NEW BILLIONAIRES' ROW: See The Incredible Transformation Of New York's 57th Street, Business Insider, September 2, 2014
  16. ↑ Paul Goldberger, "Too Rich, Too Thin, Too Tall?", Vanity Fair, May 2014
  17. ↑ http://therealdeal.com/issues_articles/billionaires-row-2014-2016/
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