Everything You Need To Know About Billionaire's Row
New York City is no stranger to wealth and tall buildings. But what do you get when you put a crop of starchitect-designed skyscrapers by some of the most prominent developers ALL on the same street?
You get Manhattan's Billionaire's Row: a place where the world's wealthiest are dropping loads of cash on luxury units most of us could only dream of—as their pied-à-terres and pretty piggy banks, no less.
Extell led the charge with One57, launching what—at 1,005 feet—would become the tallest residential tower in New York. But that record won't last long as more follow in its footsteps. And the mega-rich are eating it up.
Interestingly enough, many buyers are foreigners looking to invest in prime US real estate. Some detractors criticize the surplus of luxury development while the city still struggles with a dearth of affordable housing.
Others complain of obstructed views and worry that the buildings will cast too many shadows on Central Park. (There's a reason the term NIMBY exists, after all.) Additionally, just this summer, developers Michael Stern and Kevin Maloney landed in some hot water for not using union workers to construct 111 West 57th St.
But controversy isn't stopping these buildings from rising, luxury amenities and all. Let's take a look:
One57 – 1005 feet (90 stories)
Architect: Christian de Portzamparc
Appropriately nicknamed "The Billionaire Building," two penthouse apartments already sold for $90.5M back in 2012—and that's not even its most brag-worthy feat. In January 2015 it became home to the first NYC condo to cross the $100M threshold when a penthouse closed for $100.4M.
One57 is officially New York's most expensive building, commanding an average of $6,010/SF in the 12 months ending Sept. 30, 2015. It holds the title of New York's tallest residential tower, until 432 Park takes over, followed by the Nordstrom Tower. Hedge fund billionaire Bill Ackman dropped $91.5M on a penthouse this spring. One57 will also have a Park Hyatt hotel. The entire building is supposedly worth $2B.
432 Park – 1,396 feet (96 stories)
Developer: Macklowe Properties and CIM Group
Architect: Rafael Vinoly
This 77-story condominium began developing in 2012 and when it's complete, it will be the tallest residential tower in the Western Hemisphere...until the Nordstrom Tower comes along, that is. It will have 125 residential units ranging from 2,600 SF to over 8k SF and costing $7M to $95M, with 10 x 10 windows for ridiculous views. There will also be 30k SF of amenities and entertainment, including a screening room, a lounge, a restaurant, an outdoor terrace, a billiards room, a gym, a pool, a spa and a massage therapy room. It's worth about $3B sold out.
252 East 57th St - 700 feet (65 stories)
Developer: World Wide Group and Rose Associates
Architect: SOM, SLCE Architects
Sure, this is the kid sister of the supertalls. At "just" 700 feet it's a mere skyscraper instead of a supertall, but what it lacks in height, it makes up for in luxury. Pricing for its 93 condos starts at $4.25M. The 65-story, curved building also has 173 luxury rental units. Amenities include a screening room, a pool and sauna, a gym with yoga studio and spinning room, and a children's playroom. All told, the building is worth $1B.
VIA 57 West - 460 feet
Developer: The Durst Organization
Architect: Bjarke Ingels Group
This tetrahedron is the smallest of the bunch, and it's also more affordable. 20% of the apartments have been allotted for affordable housing. The building will have eco-friendly water, heating and cooling, and retail space. It will have a 22k SF courtyard modeled after a mini Central Park, and 45k SF of retail space.
111 West 57th St – 1,428 feet (82 stories)
Developer: JDS and Property Markets Group
Architect: SHoP Architects
Known for being the slenderest tower, this development (pictured) began construction in 2014. It will have a hotel topped by 45 full-floor and duplex luxury apartments, starting at $14M and climbing to $100M. Residents will enjoy 360-degree views of the city, including Central Park. Recent renderings of the building's façade on JDS's instagram reveal a terracotta, glass and bronze filigree.
Nordstrom Tower (Central Park Tower) – 1,550 feet (99 stories)
Architect: Adrian Smith + Gordon Gill Architecture
Once rumored at 1,775 feet, this tower will no longer be rocking its spire, leaving it at a "mere" 1,550 feet. That won't stop it from being the tallest residential tower in NYC, though. When complete, the first seven floors will be reserved for New York's first Nordstrom department store.
123 West 57th St
Developer: Extell (CEO Gary Barnett pictured)
This May, we reported that Extell was in talks to develop yet another Billionaire's Row site with leftover air rights from One57. 123 57th St will stand about 1,000 feet max, which will make it the Jan Brady of the Row next to the other supertalls.
16 West 57th St
Developer: A group of Brazilian Developers
Architect: possibly Rafael Vinoly (Pictured)
If this hotel-condo happens, it will carry the Fasano family brand, which means delicious Brazilian cuisine. The tower's potential size is larger than 100k SF, a baby compared to its giant neighbors, but it will likely be really ritzy.
41 West 57th St (102 stories)
Architect: Mark Foster Gage Architects
It may be a new kid on the block (if it actually happens) but it's determined to stand out. This project was designed by Mark Foster Gage, a Yale professor and protégé of Robert A.M. Stern and Frank Gehry. He's designed everything from Lady Gaga's wardrobe to Manhattan pads.
It boasts an elaborate façade with bizarre ornamentation like sculpted wings. A close look at the full design is oddly reminiscent of the opening sequence of Game of Thrones...but more elaborate. But keep in mind, this is just at the conceptual stage.
53 West 53rd St (1,050 feet)
Another building that's technically not on 57th Street but is still grouped in with Billionaire's Row is the Jean Nouvel-designed MoMA Tower at 53 West 53rd St. It will be 1,050 feet at completion and will have 139 condos starting at $3M.