the celebrities, the controversy and the mind blowing luxury of Billionaires’ row nyc
Curious about the illusive secrets of the rich and famous on Billionaires’ Row NYC? We’re going to discuss exactly what Billionaires’ Row is, exactly where it is, which of the rich and famous call it home and what makes the area controversial.
Tons of the rich and famous call NYC home. However, there’s one specific pocket in NYC, dubbed Billionaires’ Row, that has become infamous for it’s ultra expensive, ultra luxury apartments and its star studded list of residents.
Ready to move to NYC? Download my FREE Guide to navigate NYC Living with ease >>>
What is Billionaires’ Row NYC?
Billionaires’ Row is a collection of ultra-thin, ultra-tall luxury condominiums located right below Central Park that houses some of the most expensive apartments in New York City. These skyscrapers are architectural marvels, boasting world-class amenities, panoramic views of the city, and prices that reflect their high-end status. These residences cater exclusively to the ultra-wealthy, reinforcing New York City's reputation as a playground for the rich.
Why Is it Called Billionaires’ Row?
Billionaires’ Row is a name that was somewhat mockingly bestowed upon the stretch of Manhattan that houses these super skyscrapers by the press. It’s called Billionaires ‘Row because, with some apartments costing hundreds of millions of dollars, residents need to be multi millionaires or even billionaires to purchase a spot there.
Where is Billionaires’ Row?
Billionaires’ Row is located just south of Central Park. Billionaires’ Row was originally located on 57th street in New York City, however in recent years, it has expanded to also include nearby towers.
Some of the buildings on Billionaires’ Row Include:
One57
432 Park Avenue
252 East 57th Street
111 West 57th Street
Central Park Tower
22- Central Park South
53W53
Other Definitions You’ll Need to Know:
Pied-à-Terre: Apartments used as a secondary residence or for occasional use.
421a Tax Abatements: Tax breaks that were originally granted to developers for building multifamily housing on underutilized land but have since been more strongly tied to the construction of affordable housing.
History and Origins
In the 21st century, more advanced construction techniques and NYC zoning regulations ushered in an era of ultra tall, ultra thin buildings in Manhattan. This allowed developers to transform the skyline below Central Park.
While luxury towers in the Central Park South neighborhood pre-date the collection of buildings known as Billionaire’s Row, the construction of One57, completed in 2014, marked the beginning of an era of super tall residential buildings, towering over 1,000 feet high. Since then, several more super-tall and slender towers have joined the lineup. These eight residential super structures have set records for the most expensive purchases of NYC real estate ever known and, therefore, are collectively known as Billionaire’s Row.
When Was Billionaires’ Row Built?
Billionaire’s row was built between 2010 and 2021. The first tower, One57 started constructed in 2010 and finished in 2015. The latest building to be added to the lineup, Central Park Tower, completed its construction in 2021.
Luxury Living on Billionaires’ Row NYC
Each apartment in a building on Billionaires’ Row is be equipped with state of the art chef quality appliances and was constructed with the highest quality, often imported, natural materials. The fixtures and finishes of the interiors are curated by top notch designers and architects. Many units boast impressive, panoramic views of Central Park.
Additionally, when you purchase an apartment in one of these super tall luxury buildings, you gain access to an impressive suite of services and amenities. Living in one of the building’s on Billionaires’ Row feels like a never ending trip to the world’s best hotels. Residents can have drinks delivered poolside by one of their building’s associates, enjoy an intimate meal at their building’s private restaurant and host impressive events in their building’s private parks and ballrooms. The hotel like suite of world class amenities set the buildings on Billionaire’s Row apart from other luxury properties.
What does a billionaires’ row apartment cost?
The typical price range for a standard apartment in one of these buildings is five to fifteen million dollars. However the prices can go much much higher. The Central Park Tower penthouse is currently the most expensive apartment on the market, and a unit in 220 Park Central Park South is most expensive piece of property ever purchased.
Why Is It So Expensive?
Apartments on Billionaire’s Row are so expensive because they offer an unparalleled luxury living experience to residents.
Who lives On Billionaires' Row NYC?
Many high-profile individuals, from CEOs to celebrities, call Billionaires’ Row home. Here are a few examples:
Tech magnate Michael Dell
Citadel’s CEO Ken Griffin
Pershing Capital’s Bill Ackman
Saudi retail tycoon Fawaz Al Hokair
Jennifer Lopez
Alex Rodriguez
Sting (lead singer of The Police)
Controversies and Criticisms
The construction of these super tall super thin super luxury condominiums catering to the ultra wealthy has drawn criticism from those worried about housing affordability in one of the most expensive cities in the world.
Tax ABATEMENT for “Affordable Housing”
Accusations have been made that the 1%-ers who live in these mega buildings are paying a fraction of their fair share in taxes - as units are often assessed far below their market value. 421a tax abatements have also artificially lowered the tax burden on these mega wealthy condo owners. The abatement is given to developers who contribute financially to the development of affordable housing. However, critics claim that the tax breaks are not commiserate with the affordable housing constructed. For example, One57 received over $60 million in tax cuts in exchange for a less than $6 million investment in affordable housing units. The developers also got special dispensation to build the affordable units off-site in the Bronx.
Money Laundering Schemes
Additionally, Billionaires' Row has come under fire for facilitating tax avoidance and money laundering schemes. Foreign investors, hidden behind shell companies and LLCs, have used the apartments on Billionaires’ Row as real estate safe deposit boxes. Claims have been made that the owners behind the purchases are often being investigated for corruption or other violations in their home countries and that the property acquisitons are a form of money laundering.
High Vacancy Rates
Many apartments on Billionaires’ Row are empty or used sporadically as piede-a-terres. In a city with vacancy rates at all time lows and thousands of people in need of housing, the Row’s high vacancy rates have drawn ire from critics.
Structural Problems
Additionally, the super tall, super thin status of of these buildings have lead to some structural issues and complaints. 432 Park Ave, the thinnest of the buildings on Billionaires’ Row has had flooding problems and residents have made noise complaints around the rushing of the wind and groaning of the building as it sways in strong gales.
The Appeal and Future of Billionaires’ Row
Billionaire’s Row is a testament to the wealth and opulence that often characterizes NYC. The high rise buildings give residents access to world class hotel like amenities and are themselves feats of engineering. Their proximity to Central Park and their super tall status afford residents arguably the best views in the world.
A select few call Billionaires’ Row home. Only time will tell what will happen with the mega luxury units still vacant on Billionaires’ Row.
YOUR DREAM HOME IS WAITING
If you’re on your journey to buying a home in New York, I’d love to help guide you through the process. Whether you’re just starting your search or ready to make a move, feel free to reach out with any questions. Let’s make your NYC real estate dreams a reality! And don’t forget to download my FREE Ultimate Buyer’s Guide — it’s packed with valuable insights and tips to help you make the best decision for your future.
