Billionaires' Row is the name given to a set of very fancy, built or under construction skyscrapers, roughly arranged along the southern end of Central Park in Manhattan, New York City. Some of these buildings are in the supertall category (higher than 1,000 feet (300 m)), and is one of the tallest buildings in the world. Since most of these buildings were built or proposed on West 57th Street, the term is also used to refer to the road itself.
These projects have caused controversy over the economic conditions and zoning policies that have driven these buildings, as well as the impact these towers will have on the surrounding environment and the shadows they will cast in Central Park.
They are also famous for containing some of the most expensive dwellings in the world. The top two One57 floors are sold to Michael Dell for $ 100.47 million by 2015, setting a record for the most expensive apartment ever sold in New York. Another duplex in the building was bought by hedge fund manager Bill Ackman for $ 91.5 million. The upper penthouse at 432 Park Avenue went to Saudi major Fawaz Al Hokair's main retail store for $ 87.7 million, and hedge fund manager Kenneth C. Griffin is said to have bought three floors in 220 Central Park South for about $ 200 million. Also at 220 CPS, some units combined into a four-story luxury house for $ 250 million.
One of the underlying factors of the explosion is foreign investment, often in the form of capital flight. Some of these buyers have poured money into high-end New York real estate for tax avoidance, money laundering, or for exporting wealth to places that are less easily confiscated. Many apartments are only occupied sporadically, serving as pied-ÃÆ' -terres, or as real estate-based "storage boxes" for parking money.
The explosion of ultra-luxury buildings in the area preceded the term "Billionaires' Row". Time Warner Center, built in 2003, is in the southwest corner of Central Park. Most tenants buy their condos anonymously (through shell companies and trusts); at least 17 of these have been identified as billionaires. 15 Central Park West (CPW), two blocks north, has been counted among its owners, billionaire Sarah Blakely, Lloyd Blankfein, Omid Kordestani, Daniel Loeb, Daniel Och, Eyal Ofer, Pan Shiyi, Sandy Weill, Jerry Yang and Zhang Xin. Before the $ 100 million penthouse sale in One57, a record for an apartment in New York was $ 88 million paid by Dmitry Rybolovlev for a penthouse at 15 CPW.
In 2016, the US Treasury announced it would begin identifying and tracking the purchase of multi-million dollar units, mainly cash-paid or through shell companies, to reduce money laundering practices. New laws in China that limit capital outflows have also been implemented, and lower oil prices have affected potential Middle East buyers. Uncertainty over Brexit also plays a role. This has weakened the market for upscale units, with some stating that the "Eight Digits Boom" on the Billionaire Rows has ended. In the face of this soft market, at least one project in the area (1 Park Lane) has been postponed.
Video Billionaires' Row (Manhattan)
Building
The first supertall building to be built in this area is One57, an apartment building of 1,004 feet (306 m) between Sixth and Seventh Avenues completed in 2014. At that time, several other higher-rise skyscrapers were proposed or under construction along a 57th Street stretch of roughly the same as the southern edge of Central Park. Because it often broke the set price record for apartments in these buildings, the press dubbed the 57th Street section of "Billionaires' Row". This term has since been extended to other supertall luxury buildings that face south of Central Park not strictly on 57th Street.
Projects (planned, ongoing, or complete) that have been registered as part of Billionaires' Row include:
Maps Billionaires' Row (Manhattan)
See also
- Pied-ÃÆ' -terre
References
Source of the article : Wikipedia
0 Comments