Billionaires' Row | |
|---|---|
 Part of Billionaires' Row and Central Park (background) | |
 Interactive map of Billionaires' Row | |
| Coordinates:40°45′52″N73°58′38″W / 40.7644°N 73.9772°W /40.7644; -73.9772 | |
| Country |  United States |
| State |  New York |
| City | New York City |
| Borough | Manhattan |
Billionaires' Row is a group of ultra-luxury residentialskyscrapers, and the neighborhood surrounding them, near the southern end ofCentral Park in theMidtown section ofManhattan in New York City.[1] Several of these buildings are in thesupertall category—taller than 1,000 feet (300 m)—and, as of 2024, include the world's threetallest residential buildings. Since several of thesepencil towers are on or near57th Street, the term can refer to this street as well.
The neighborhood has some of the most expensive residences in the world. The top two floors ofOne57 sold toMichael Dell for $100.47 million in 2015, setting a record for the most expensive apartment ever sold in New York.[2][3] Another bi-level apartment in the building was bought by hedge fund managerBill Ackman for $91.5 million.[4] The top penthouse at432 Park Avenue went to Saudi retail magnateFawaz Al Hokair for $87.7 million, and hedge fund managerKenneth C. Griffin is said to have bought four floors at220 Central Park South for $238 million, breaking One57's 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.[5][6] Also at 220 CPS, several units were combined into a four-story mansion costing $250 million.[7] These projects have highlighted the controversial economic conditions[8][9] and zoning policies[10] that have encouraged these buildings, and concerns have been raised about their effects have on the surrounding neighborhoods and the shadows they cast on Central Park.[11] As of August 2021, an estimated 44% of units in seven buildings considered part of Billionaires' Row still hadn't been sold.[12]
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 tododge taxes,launder money or transfer wealth to a jurisdiction where it is less easilyforfeited.[13] Many of the apartments are only sporadically occupied, functioning aspied-à-terres or "safe deposit boxes" for valuables.[13]
The ultra-luxury building boom in the area predates the term "Billionaires' Row".Deutsche Bank Center, built in 2003, is at the southwest corner of Central Park. A majority of its tenants bought their condos anonymously (throughshell companies andtrusts); at least 17 of these have been identified as billionaires.[13]15 Central Park West (CPW), two blocks east, contains units that have been purchased by billionairesSara Blakely,Lloyd Blankfein,Omid Kordestani,Daniel Loeb,Daniel Och,Eyal Ofer,Pan Shiyi,Sandy Weill,Jerry Yang andZhang Xin.[14][15][16][17] Before the sale of the $100 million penthouse at One57, the record for an apartment in New York was $88 million paid byDmitry Rybolovlev for a penthouse at 15 CPW.[18]
In 2016, theUnited States Treasury Department announced 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.[19] New laws in China restricting capital outflow have also been implemented, and lower oil prices have affected potential Middle Eastern buyers. Uncertainty overBrexit has also played a role.[20][21] This has weakened the market for the highest-end units, with some declaring that the "Eight Digit Boom" on Billionaires' Row has ended.[22] In the face of this soft market, at least one project in the area (1 Park Lane) has been put on hold.[23]
The first supertall building to be built in the neighborhood wasOne57, a 1,004-foot (306 m) apartment building betweenSixth andSeventh Avenues completed in 2014.[24] By then, several other even-taller skyscrapers were proposed or under construction along the stretch of57th Street roughly corresponding to the southern edge ofCentral Park.[25] Due to the often record-breaking prices[26][27] that have been set for the apartments in these buildings, the press dubbed this section of 57th Street "Billionaires' Row".[28][29][30][31] The term has since been extended to other supertall luxury buildings facing southern Central Park not strictly on 57th Street.[32]
Projects (planned, underway, or complete) that have been listed as part of Billionaires' Row include:[33][34][35]
| Building name (street address) | Developer | Architect | Construction started | Completed date | Architectural height | Image |
|---|---|---|---|---|---|---|
| One57 (157 West 57th Street) | Extell Development Company | Christian de Portzamparc | 2009 | 2014 | 1,005 feet (306 m) |  |
| 432 Park Avenue | CIM Group andHarry B. Macklowe | Rafael Viñoly | 2011 | 2015 | 1,397 feet (426 m) | .jpg) |
| 252 East 57th Street | World Wide Group and Rose Associates, Inc. | Roger Duffy ofSkidmore, Owings & Merrill | 2013 | 2016 | 712 feet (217 m) |  |
| 111 West 57th Street | JDS Development Group and Property Markets Group | SHoP Architects | 2014 | 2021 | 1,438 feet (438 m) |  |
| Central Park Tower (225 West 57th Street) | Extell Development Company andShanghai Municipal Investment Group | Adrian Smith + Gordon Gill Architecture | 2014 | 2021 | 1,550 feet (470 m) |  |
| 220 Central Park South | Vornado Realty Trust | Robert A.M. Stern Architects | 2015 | 2019 | 952 feet (290 m) |  |
| 53W53 (53 West 53rd Street) | Pontiac Land Group andHines | Jean Nouvel | 2014 | 2019 | 1,050 feet (320 m) |  |
| 520 Park Avenue | Zeckendorf Development | Robert A.M. Stern Architects | 2015 | 2018 | 781 feet (238 m) |  |