New York City can now add Billionaire’s Row to its list of luxury real estate. A line up of new, high-end skyscrapers overlooking the city’s prized Central Park has become home to record-breaking price points.
The Row’s most recent abode on the market is being estimated at a sky-high $250 million. An anonymous Qatari buyer is planning on combining multiple penthouses at the developing 220 Central Park South building to create Manhattan’s priciest apartment. The most expensive New York condo, prior to this, went for $100.5 million in 2014 for the penthouse in the 90-story One57. According to The Associated Press via documents that the developer filed with the state attorney general’s office for the new record-breaking cost of $250 million, you could be the owner of a 23,000-square-foot, 16-bedroom, 17-bathroom, five balcony and massive terrace four-story apartment with panoramic views of New York City. The building itself will boast an incredible 70-stories and will have monthly common charges of more than $45,000, with annual taxes of about $675,000.
“These are the trophy buildings of our era, and the foreign buyer clearly fuels this very, very high-end condominium tower market,” says John Burger, a broker for such properties with Brown Harris Stevens.
Central Park South won’t be the only new skyscraper with soaring costs. The Central Park Tower development, projected for a 2018 completion at 111 West 57th St., will reach 1,438 feet and aims to become the tallest residential edifice in the western hemisphere. Similarly set for a 2018 completion is a 54-story tower at 520 Park Ave.
While most New Yorkers won’t see the upside to these increasingly expensive and exclusive condos, wealthy prospects from less stable regions of the world look at these kinds of properties as a safe investment.
Image courtesy of Robert A.M. Stern Architects