Billionaires' Row

The neighborhood has some of the most expensive residences in the world. The top two floors of One57 sold to Michael Dell for $100.47 million in 2015, setting a record for the most expensive apartment ever sold in New York.{{cite web|url=https://qz.com/1213408/michael-dell-is-the-mystery-buyer-of-the-100-million-one57-apartment-in-nyc/|first=Sangeeta|last=Singh-Kurtz|title=We finally know who overpaid for the $100-million apartment in NYC|work=Quartz|access-date=February 23, 2018|archive-date=January 28, 2023|archive-url=https://web.archive.org/web/20230128050316/https://qz.com/1213408/michael-dell-is-the-mystery-buyer-of-the-100-million-one57-apartment-in-nyc|url-status=live}}{{cite web|url=http://www.nydailynews.com/life-style/real-estate/100m-condo-sale-breaks-city-record-article-1.2081765|first=Katherine|last=Clarke|title=$100M condo sale breaks city record|work=New York Daily News|access-date=December 5, 2016|archive-date=November 18, 2022|archive-url=https://web.archive.org/web/20221118041033/https://www.nydailynews.com/life-style/real-estate/100m-condo-sale-breaks-city-record-article-1.2081765|url-status=live}} Another bi-level apartment in the building was bought by hedge fund manager Bill Ackman for $91.5 million.{{cite web|url=http://therealdeal.com/2015/12/23/the-10-biggest-residential-sales-of-2015/|title=The 10 biggest residential sales of 2015|first=E. B.|last=Solomont|date=December 23, 2015|work=The Real Deal|access-date=December 5, 2016|archive-date=November 18, 2022|archive-url=https://web.archive.org/web/20221118042538/https://therealdeal.com/2015/12/23/the-10-biggest-residential-sales-of-2015/|url-status=live}} 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 four floors at 220 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.{{cite web|url=http://therealdeal.com/2016/09/15/saudi-billionaire-closes-on-nycs-highest-pad-for-88m/|first=Kathryn|last=Brenzel|title=Saudi billionaire closes on NYC's highest pad for $88M|date=September 15, 2016|work=The Real Deal|access-date=January 23, 2019|archive-date=December 25, 2022|archive-url=https://web.archive.org/web/20221225201709/https://therealdeal.com/2016/09/15/saudi-billionaire-closes-on-nycs-highest-pad-for-88m/|url-status=live}}{{cite web|url=https://therealdeal.com/2019/01/23/ken-griffin-pays-238m-for-220-cps-penthouse-setting-record-for-priciest-us-home/|first=E.B.|last=Solomont|title=Kenneth Griffin Goes on a Record-Setting Real Estate Spending Spree|date=October 4, 2015|work=The New York Times|access-date=December 5, 2016|archive-date=February 9, 2023|archive-url=https://web.archive.org/web/20230209222213/https://therealdeal.com/2019/01/23/ken-griffin-pays-238m-for-220-cps-penthouse-setting-record-for-priciest-us-home/|url-status=live}} Also at 220 CPS, several units were combined into a four-story mansion costing $250 million.{{cite web|url=http://therealdeal.com/2016/05/05/220-cps-now-officially-has-a-250m-mansion-in-the-sky-photos/|title=220 CPS officially has a $250M mansion in the sky: Photos|first=E. B.|last=Solomont|date=May 5, 2016|work=The Real Deal|access-date=December 5, 2016|archive-date=November 18, 2022|archive-url=https://web.archive.org/web/20221118041036/https://therealdeal.com/2016/05/05/220-cps-now-officially-has-a-250m-mansion-in-the-sky-photos/|url-status=live}} These projects have highlighted the controversial economic conditions{{cite web|url=http://ny.curbed.com/archives/2015/03/18/new_yorks_megatower_boom_reduced_to_mere_vertical_money.php|first=Zoe|last=Rosenberg|title=New York's Megatower Boom Reduced To Mere 'Vertical Money'|work=Curbed|date=March 18, 2015|access-date=December 5, 2016}}{{cite web|url=http://www.citylab.com/housing/2015/05/why-billionaires-dont-pay-property-taxes-in-new-york/389886/|first=Kriston|last=Capps|title=Why Billionaires Don't Pay Property Taxes in New York|work=Citylab|date=May 11, 2015|access-date=December 5, 2016|archive-date=February 25, 2017|archive-url=https://web.archive.org/web/20170225123242/http://www.citylab.com/housing/2015/05/why-billionaires-dont-pay-property-taxes-in-new-york/389886/|url-status=live}} and zoning policies{{cite web|url=http://ny.curbed.com/archives/2014/09/25/why_57th_street_is_the_supertall_tower_mecca_of_new_york.php|title=Why 57th Street Is the Supertall Tower Mecca of New York|first=Shannon|last=Ayala|work=Curbed|date=September 25, 2014|access-date=December 5, 2016|archive-date=September 12, 2015|archive-url=https://web.archive.org/web/20150912182245/http://ny.curbed.com/archives/2014/09/25/why_57th_street_is_the_supertall_tower_mecca_of_new_york.php|url-status=live}} 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.{{cite web|url=https://www.npr.org/2014/04/23/305643904/nyc-s-tall-skyscrapers-cast-super-shadows-on-central-park|first=Margot|last=Adler|title=New Yorkers Protest Long Shadows Cast By New Skyscrapers|work=NPR|date=April 23, 2014|access-date=December 5, 2016|archive-date=September 23, 2019|archive-url=https://web.archive.org/web/20190923114256/https://www.npr.org/2014/04/23/305643904/nyc-s-tall-skyscrapers-cast-super-shadows-on-central-park|url-status=live}} As of August 2021, an estimated 44% of units in seven buildings considered part of Billionaires' Row still hadn't been sold.{{Cite web |title=Nearly half of Billionaires' Row remains unsold |url=https://www.serhant.com/blog/948/nearly-half-of-billionaires-row-remains-unsold |access-date=April 6, 2022 |website=www.serhant.com |archive-date=June 22, 2023 |archive-url=https://web.archive.org/web/20230622024518/https://www.serhant.com/blog/948/nearly-half-of-billionaires-row-remains-unsold |url-status=live }}

One of the factors underlying the boom is foreign investment, often in the form of capital flight. Some of these buyers have poured money into high-end New York real estate to dodge taxes, launder money or transfer wealth to a jurisdiction where it is less easily forfeited. Many of the apartments are only sporadically occupied, functioning as pied-à-terres or "safe deposit boxes" for valuables.

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 (through shell companies and trusts); at least 17 of these have been identified as billionaires.{{cite web|url=https://www.nytimes.com/2015/02/08/nyregion/stream-of-foreign-wealth-flows-to-time-warner-condos.html|title=Stream of Foreign Wealth Flows to Elite New York Real Estate|last1=Story|first1=Louise|last2=Saul|first2=Stephanie|date=February 8, 2015|work=The New York Times|access-date=December 5, 2016|archive-date=September 4, 2021|archive-url=https://web.archive.org/web/20210904041734/https://www.nytimes.com/2015/02/08/nyregion/stream-of-foreign-wealth-flows-to-time-warner-condos.html|url-status=live}} 15 Central Park West (CPW), two blocks east, contains units that have been purchased by billionaires Sara Blakely, Lloyd Blankfein, Omid Kordestani, Daniel Loeb, Daniel Och, Eyal Ofer, Pan Shiyi, Sandy Weill, Jerry Yang and Zhang Xin.{{cite web|url=https://www.forbes.com/sites/erincarlyle/2014/09/24/manhattans-new-most-expensive-listing-a-130-million-park-avenue-penthouse/|title=Manhattan's New Most Expensive Listing: A $130 Million Park Avenue Penthouse|first=Erin|last=Carlyle|date=September 24, 2014|work=Forbes|access-date=December 5, 2016|archive-date=July 2, 2022|archive-url=https://web.archive.org/web/20220702232000/https://www.forbes.com/sites/erincarlyle/2014/09/24/manhattans-new-most-expensive-listing-a-130-million-park-avenue-penthouse/|url-status=live}}{{cite web|url=https://www.independent.co.uk/news/world/americas/meet-the-residents-of-15-central-park-west-the-worlds-most-powerful-address-a6835006.html|title=The world's most powerful address. And the people who live there|last1=Zeveloff|first1=Julie|last2=Stone|first2=Madeline|last3=Gross|first3=Michael|date=January 26, 2016|work=The Independent|access-date=December 5, 2016|archive-date=November 18, 2022|archive-url=https://web.archive.org/web/20221118044037/https://www.independent.co.uk/news/world/americas/meet-the-residents-of-15-central-park-west-the-worlds-most-powerful-address-a6835006.html|url-status=live}}{{cite web|date=October 30, 2013|url=https://www.manhattanscout.com/news/billionaire-couple-lists-15-central-park-west-pad|title=Billionaire Couple Lists 15 Central Park West Pad|work=Manhattan Scout|access-date=December 5, 2016|archive-date=December 20, 2016|archive-url=https://web.archive.org/web/20161220051702/https://www.manhattanscout.com/news/billionaire-couple-lists-15-central-park-west-pad|url-status=live}}{{cite web|url=http://www.businessinsider.com/15-central-park-west-residents-2016-1|title=Meet the big shots who live at 15 Central Park West, the world's most powerful address|work=Business Insider|first=Julie|last=Zeveloff|first2=Madeline|last2=Stone|date=January 25, 2016|access-date=December 5, 2016|archive-date=September 29, 2023|archive-url=https://web.archive.org/web/20230929112432/https://www.businessinsider.com/15-central-park-west-residents-2016-1|url-status=live}} Before the sale of the $100 million penthouse at One57, the record for an apartment in New York was $88 million paid by Dmitry Rybolovlev for a penthouse at 15 CPW.{{cite web|url=http://ny.curbed.com/2011/12/19/10414666/worlds-93rd-richest-person-buys-88m-15-cpw-penthouse|title=World's 93rd Richest Person Buys $88M 15 CPW Penthouse|first=Sara|last=Polsky|date=December 19, 2011|work=Curbed|access-date=December 5, 2016|archive-date=March 21, 2023|archive-url=https://web.archive.org/web/20230321211803/https://ny.curbed.com/2011/12/19/10414666/worlds-93rd-richest-person-buys-88m-15-cpw-penthouse|url-status=live}}

In 2016, the United 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.{{cite web|url=https://www.nytimes.com/2016/01/14/us/us-will-track-secret-buyers-of-luxury-real-estate.html|title=U.S. Will Track Secret Buyers of Luxury Real Estate|first=Louise|last=Story|date=January 13, 2016|work=The New York Times|access-date=December 5, 2016|archive-date=August 13, 2023|archive-url=https://web.archive.org/web/20230813140939/https://www.nytimes.com/2016/01/14/us/us-will-track-secret-buyers-of-luxury-real-estate.html|url-status=live}} New laws in China restricting capital outflow have also been implemented, and lower oil prices have affected potential Middle Eastern buyers. Uncertainty over Brexit has also played a role.{{cite web|url=http://www.llnyc.com/stories/billionaires-row-struggles-to-live-up-to-its-go-go-name|title=Billionaires' Row struggles to live up to its go-go name|work=Luxury Listings NYC|date=September 9, 2016|first=Konrad|last=Putzier|access-date=December 5, 2016|archive-date=June 13, 2017|archive-url=https://web.archive.org/web/20170613084425/http://www.llnyc.com/stories/billionaires-row-struggles-to-live-up-to-its-go-go-name|url-status=dead}}{{cite web|url=https://www.nytimes.com/2016/07/12/realestate/luxury/slow-times-on-billionaires-row-as-the-8-digit-boom-fizzles.html|title=In New York, a Falling Market for Trophy Homes in the Sky|first=Michelle|last=Higgins|date=July 11, 2016|work=The New York Times|access-date=December 5, 2016|archive-date=November 18, 2022|archive-url=https://web.archive.org/web/20221118041037/https://www.nytimes.com/2016/07/12/realestate/luxury/slow-times-on-billionaires-row-as-the-8-digit-boom-fizzles.html|url-status=live}} This has weakened the market for the highest-end units, with some declaring that the "Eight Digit Boom" on Billionaires' Row has ended.{{cite web|url=http://ny.curbed.com/2016/7/12/12163252/new-york-billionaires-row-real-estate-slow-down|title=The 'eight digit boom' in NYC real estate is finally over|first=Amy|last=Plitt|date=July 12, 2016|work=Curbed|access-date=December 5, 2016|archive-date=June 6, 2023|archive-url=https://web.archive.org/web/20230606231952/https://ny.curbed.com/2016/7/12/12163252/new-york-billionaires-row-real-estate-slow-down|url-status=live}} In the face of this soft market, at least one project in the area (1 Park Lane) has been put on hold.{{cite web|url=http://therealdeal.com/2016/01/28/witkoff-shelves-plans-for-condos-at-park-lane-hotel/|title=Witkoff shelves plans for condos at Park Lane Hotel|first=E.B.|last=Solomont|date=January 28, 2016|work=The Real Deal|access-date=December 5, 2016|archive-date=February 7, 2023|archive-url=https://web.archive.org/web/20230207222921/https://therealdeal.com/2016/01/28/witkoff-shelves-plans-for-condos-at-park-lane-hotel/|url-status=live}}

The first supertall building to be built in the neighborhood was One57, a {{convert|1,004|ft|m|adj=on}} apartment building between Sixth and Seventh Avenues completed in 2014.{{cite web|url=http://nymag.com/arts/architecture/reviews/one57-davidson-2013-9/|first=Justin|last=Davidson|title=Giants in Our Midst: The first of the 1,000-footers stomps onto 57th Street|work=New York|date=September 15, 2013|access-date=December 5, 2016|archive-date=September 22, 2019|archive-url=https://web.archive.org/web/20190922164735/http://nymag.com/arts/architecture/reviews/one57-davidson-2013-9/|url-status=live}} 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.{{cite web|url=http://www.businessinsider.com/new-york-skyline-in-2020-2015-6|first=Julie|last=Zeveloff|title=New York's iconic skyline will look incredibly different in just a few years|work=Business Insider|date=June 14, 2015|access-date=December 5, 2016|archive-date=September 22, 2019|archive-url=https://web.archive.org/web/20190922164742/https://www.businessinsider.com/new-york-skyline-in-2020-2015-6|url-status=live}} Due to the often record-breaking prices{{cite web|url=https://www.nytimes.com/2015/01/25/realestate/100-4-million-dollar-sale-at-one57.html|title=$100.4 Million Sale at One57|work=The New York Times|first=Vivian|last=Marino|date=January 23, 2015|access-date=December 5, 2016|archive-date=June 14, 2021|archive-url=https://web.archive.org/web/20210614160539/https://www.nytimes.com/2015/01/25/realestate/100-4-million-dollar-sale-at-one57.html|url-status=live}}{{cite web|url=http://therealdeal.com/blog/2015/05/28/saudi-billionaire-said-to-be-buyer-of-95m-penthouse-at-432-park|first=Hiten|last=Samtani|first2=Tess|last2=Hofmann|title=Saudi billionaire said to be buyer of $95M penthouse at 432 Park|work=The Real Deal|date=May 28, 2015|access-date=December 5, 2016|archive-date=December 30, 2015|archive-url=https://web.archive.org/web/20151230175956/http://therealdeal.com/blog/2015/05/28/saudi-billionaire-said-to-be-buyer-of-95m-penthouse-at-432-park/|url-status=live}} that have been set for the apartments in these buildings, the press dubbed this section of 57th Street "Billionaires' Row".{{Cite news |title=Billionaires Row Owner Patrick Ductant Boldly Leads in the Luxury Goods Arena {{!}} Markets Insider |url=https://markets.businessinsider.com/news/stocks/billionaires-row-owner-patrick-ductant-boldly-leads-in-the-luxury-goods-arena-1033231794 |archive-date=April 24, 2024 |access-date=June 28, 2024 |archive-url=https://web.archive.org/web/20240424032853/https://markets.businessinsider.com/news/stocks/billionaires-row-owner-patrick-ductant-boldly-leads-in-the-luxury-goods-arena-1033231794 |url-status=live }}{{cite web|url=https://www.nytimes.com/2014/06/29/realestate/manhattan-luxury-high-rise-gets-its-first-residents.html|first=Julie|last=Satow|title=Moving In, Slowly, to 'Billionaires' Row'|work=The New York Times|date=June 27, 2014|access-date=December 5, 2016|archive-date=November 1, 2020|archive-url=https://web.archive.org/web/20201101090659/https://www.nytimes.com/2014/06/29/realestate/manhattan-luxury-high-rise-gets-its-first-residents.html|url-status=live}}{{cite web|url=http://www.businessinsider.com/skyscrapers-of-57th-street-manhattan-2014-9|first=Megan|last=Willett|title=The New Billionaires' Row: See the Incredible Transformation of New York's 57th Street|work=Business Insider|date=September 2, 2014|access-date=December 5, 2016|archive-date=December 18, 2016|archive-url=https://web.archive.org/web/20161218213452/http://www.businessinsider.com/skyscrapers-of-57th-street-manhattan-2014-9|url-status=live}}{{cite web|url=http://www.vanityfair.com/unchanged/2014/05/condo-towers-architecture-new-york-city|first=Paul|last=Goldberger|title=Too Rich, Too Thin, Too Tall?|work=Vanity Fair|date=May 2014|access-date=December 5, 2016|archive-date=November 27, 2015|archive-url=https://web.archive.org/web/20151127062635/http://www.vanityfair.com/unchanged/2014/05/condo-towers-architecture-new-york-city|url-status=live}} The term has since been extended to other supertall luxury buildings facing southern Central Park not strictly on 57th Street.{{cite web|url=http://therealdeal.com/issues_articles/billionaires-row-2014-2016/|title=Billionaires' Row: 2014–2016?|work=The Real Deal|date=August 1, 2016|first=Konrad|last=Putzier|access-date=December 5, 2016|archive-date=November 18, 2022|archive-url=https://web.archive.org/web/20221118041036/https://therealdeal.com/issues_articles/billionaires-row-2014-2016/|url-status=live}}

Projects (planned, underway, or complete) that have been listed as part of Billionaires' Row include:{{cite web|last=Horsley|first=Carter B.|date=November 25, 2015|url=https://www.6sqft.com/the-most-important-towers-shaping-central-parks-south-corridor-a-k-a-billionaires-row/|title=The Most Important Towers Shaping Central Park's South Corridor, a.k.a. Billionaires' Row|work=6sqft.com|access-date=December 5, 2016|archive-date=October 31, 2020|archive-url=https://web.archive.org/web/20201031024150/https://www.6sqft.com/the-most-important-towers-shaping-central-parks-south-corridor-a-k-a-billionaires-row/|url-status=live}}{{cite web|url=http://www.vanityfair.com/culture/2014/05/condo-towers-architecture-new-york-city|title=New Condo Towers Are Racing Skyward in Midtown Manhattan|first=Paul|last=Goldberger|work=Vanity Fair|date=May 2014|access-date=December 5, 2016|archive-date=May 7, 2022|archive-url=https://web.archive.org/web/20220507105727/https://www.vanityfair.com/culture/2014/05/condo-towers-architecture-new-york-city|url-status=live}}{{cite web|url=https://www.ft.com/content/34305a30-472e-11e5-af2f-4d6e0e5eda22|title=Foreigners pile into Central Park's Billionaires' Row|work=Financial Times|date=September 29, 2015|first=Anna|last=Nicolaou|access-date=December 5, 2016|archive-date=November 18, 2022|archive-url=https://web.archive.org/web/20221118041035/https://www.ft.com/content/34305a30-472e-11e5-af2f-4d6e0e5eda22|url-status=live}}

• The Bishops Avenue, a street in London known as "Billionaires' Row"
• Millionaires' Mile

{{reflist}}

• {{Cite Q|Q119945545}}

{{Midtown North, Manhattan}}

Category:57th Street (Manhattan)

Category:Neighborhoods in Manhattan

Category:Residential skyscrapers in Manhattan

Category:Upper class culture in New York City