Super-tall, thin, sexy and elegant! One would think I was referring to the latest runway models at fashion week, but, actually, I am referring to the new super-tall, ultra-luxurious towers rising, or set to rise, from 950 to 1,550 feet tall along 57 Street (and its environs) from Park Avenue to Broadway, now dubbed by many as Billionaire’s row in New York. While the intersection of 57 Street and Fifth Avenue has long been the epicenter of luxury in Manhattan, never has it been home to the most exclusive of New York residential real estate. Soon, however, that will forever change.
Over the next five years, seven ultra-luxury buildings, which I will call the Ultra-Luxury 7, or UL-7, for lack of a better abbreviation, will permeate the area. What defines an ultra-luxury building? Well, each of these buildings will feature incredible architecture, superb location, luxurious finishes, incomparable views, and, of course, very steep prices. Their developers are catering to only the very rich, so if you are simply affluent, you may be excluded from the ultra-luxury owners club. Expect to pay $20 million to $30 million for entry-level apartments in many of these trophy buildings (although certain buildings, like One57, have some smaller and, therefore, lower priced options). Most people will scoff at the high prices. Just how many people can actually afford a $27 million entry-level apartment, $55 million full floor residence or $100 million penthouse?
For those buyers who can afford such trophy properties, however, owning one will be the ultimate status symbol. Most importantly, however, like all Manhattan property investments, its owners will be guaranteed asset preservation and a hedge from inflation. The Manhattan real estate market has had a great long-term historical track record in price appreciation, resiliency, and stability. For these reasons, many owners will use these apartments as vertical safety deposit boxes, keeping large chunks of their net worth out of international and domestic gyrating stock markets, as well as far away from political turmoil and economic uncertainty. These super towers, like super models, are vying to be the most beautiful, fashionable, adored and exclusive in the city, if not the world. So, which are the contestants that are vying for to be the best residence on new Billionaire’s row? Here is the casting from East to West. To learn more about each building, click on the link below.
- 520 Park Avenue (781 ft. or 238 m)
- 432 Park Avenue (1,398 ft. or 426 m)
- Tower Verre (aka MoMa Tower) (1,050 ft. or 320 m)
- 111 W 57 Street (1,350 ft. or 411 m)
- One57 (1,004 ft. or 306 m)
- 225 W 57 Street (1,550 ft. or 472 m)
- 220 Central Park South (950 ft. or 290 m)
- What Billionaire's Don't Want You to Know About One57
Sources: The Wall Street Journal, The Commercial Property Executive, Curbed, The Real Deal, Skyscraper.com, and NYIMBY.COM. Image credit: Adrian Berger