This Is The Most Expensive Street In The World! (Hint: It’s In Midtown Manhattan)
Manhattan is said to be the hub of the wealthy! However, the Billionaire’s Row, an enclave around 57th Street, is where the rich, the very rich; the richer still come together! The strip leading from the Columbus Circle to about Park Avenue certainly seems to be the last word on affluence. No wonder, it has grabbed eyeballs and piqued interest in recent times. And why not, the poised and perfect buildings lined up in this street certainly deserve more than a passing interest.
It was first named Billionaires’ Row, after the completion of some impossibly tall buildings in 2014. Strangely, the new towers on Billionaire’s Row still remain empty, yet they have seen record-breaking real-estate sales! It was the hedge fund manager Ken Griffin who broke the record for the most expensive home to be ever sold in the US when he bought a $238 million worth penthouse at 220 Central Park South. All the buildings lined up on the street are some of the most expensive residential real estate in the world.
The Street for the Richer Than the Richest
We know that it is the place of choice for the Billionaires of NYC, however, there have been other billionaires around the world who have set their eyes on the priciest patch. We bet there will be several others who will follow in the wake of Ken Griffith and seal the deal for the most expensive real estate buy ever.
The other bigshots who have been trying to sneak in a stupendous deal are Saudi billionaire Fawaz Alhokair who purchased an $87M purchase and Michael Dell’s penthouse that set him back by $100 M. There are more to follow and talks are on for a $250 M quadruplex penthouse! The 220 Central Park South will certainly be a sight to behold!
Love it? Hate it? You Just Cannot Ignore Billionaire’s Row!
Rows and rows of glitzy buildings can certainly pique the interest of people, but behind the glamorous veneer lies a pile of controversies. While the buildings are giving their owners a sweeping view of Central Park, the other New Yorkers are getting their views obstructed.
The tall buildings also obstruct light and cast long shadows across Central Park. Not everyone is happy with their altered view of the Manhattan skyline. The Buildings are casting a shadow in more ways than one. The other controversy brewing for some time was to build a home for the homeless on 58th Street right behind the One57 much to the chagrin of both the wealthy and the middle class. A lawsuit filed against them came to naught as it was rejected by the State Court.
The Mystery of the Empty Houses
The enduring mystery of the Billionaire’s Row is there are rows and rows of empty houses waiting to be bought. The reason they remain empty is that wealthy foreigners use shell companies to buy American properties to keep their name and money under wraps. So, although some of the posh buildings are bought, they lie empty. Glitzy, glamorous, a melange of chrome and glass looking all fancy yet not lived in. It is kind of strange if you come to think of its rows of gorgeous buildings lying barren for days.
Track the Anonymous Buyers
The federal government announced way back in 2016 to track the anonymous buyers of expensive real estate. However, despite this cloud of scrutiny, not everyone is willing to come behind the facade and start living in these prim and proper buildings. It’s only a minuscule part of the population who can afford to buy a fancy pad on the upscale street. These homes are there for weekend excursions and not for permanent living.
New Asset Class of Luxury Real Estate
Billionaires’ Row has given rise to a whole new range of new asset classes of luxury real estate. It is simply because there is a lot of money going around. Also because the money for investment has grown massively in recent years; researchers are naming it a giant pool of cash. So, which is the right place to invest that money? You guessed it right! Luxury real estate, like the rows and rows of Billionaire houses, is appropriately titled Billainaire’s Row!
If you walk down the road of Billionaire’s Row, you may wonder what it is like to live in the lap of luxury! With no sounds of laughter or no sounds of people coming out and conversing, you may realize one thing, luxury comes at a price!
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