The borough of Manhattan in New York City is known for its high-priced residences, but it’s never seen anything like the new 1,004-foot “global billionaires’ club” that is near completion along Central Park in Midtown.
According to the New York Times, One57 will become the tallest building in New York with residential units when it opens. In the meantime, apartments in the building are being snapped up at staggering costs by some of the world’s most well-heeled buyers. According to the Times, since units were put up for sale in November contracts totaling more than $1 billion have been signed. The most expensive unit is an 11,000-square-foot duplex that sold for $95 million, which is a new record for a New York penthouse.
As has been well-chronicled of late, the luxury real-estate market in New York has been booming throughout 2012. The Times’ illustrates that point by noting there have been a string of record-breaking sales this year in Manhattan, topped by the $88 million paid for a penthouse by the daughter of a Russian billionaire in March. That record was shattered by the $95 million duplex at One57.
Some New York real estate professionals have signaled their amazement in the amount of wealth that’s converged on One57. As noted, high-end buyers have flocked to New York real estate this year and One57 has not been an exception.
The president of property appraiser Miller Samuel, Jonathan J. Miller, described the scene to the Times.
“The scale of wealth in this building is just unheard of,” Miller said. “Despite all the problems economically, you are seeing these people invest in real estate unlike any other period that has ever happened.
One57 cost $1.5 billion to build. Its apartments offer 360-degree views of the city with sight-lines to many of New York’s landmarks, beginning with Central Park directly below and the Statue of Liberty in the distance. According to the Times, “fewer than 40” of the 92 apartments at One57 are still on the market. This includes four full-floor apartments that cost a minimum of $50 million each.