One57 at 157 w. 57th Street in New York has been dubbed the “Billionaire Building” and it’s not even built yet.
So why are the richest men in the world cherry-picking $90 million apartments? Why are aristocrats buying suites for $25 to $45 million, and requesting their names be withheld from the public? Rumors have it that a number of secretive A-listers have already reserved their spots. While there have been whispers, none of these A-listers have yet to talk about One 57.
Why? The red ribbon cutting is slated for 2013. Yet over 52 of the 92 spaces are already accounted for. Billionaires have so far laid claim to the top nine floors. Over two $90 million suites on the top floors have sold so far. According to the developer, the Extell Development Company, several of the new buyers are ‘significant Forbes billionaires.’
What do these billionaire business moguls know what mere millionaires don’t?
Certainly the 90-story, 1,004-foot, $1.5 billion investment will feature unrivaled views of Central Park, the Hudson River as well as the East Rivers. There is no surprise that it will showcase state-of-the-art interiors, high ceilings, lacquered floors, high def TVs in the bathrooms, and double-wide fridges.
But a staggering 90th floor view of the city below and all of the modern fixings is not quite enough justify price tags quadruple last year’s rich list, especially in a floundering economy. So what is really happening?
It is a global phenomenon. It is a signifier that the Manhattan brand is untarnished. Billionaires are flocking in from all over the world to capitalize on limited space in the glamorous epicenter of real estate. Extell has reported buyers from China, Russia, Brazil and even Canada – but no one is giving any names. The media is billing it as the “global billionaire’s club.”
Manhattan, once again, is king.
One57 holds prestige in its title. It’s ultra-exclusive. It’s unsurpassed. But with apartments available at $50 million, the merely rich seem to have been priced out of the market, and maybe that is just the point these billionaires are trying to make.
One57 is currency, plain and simple. Where other foreign monies are hinged on gold, or worse, imaginary figures, One57 will hold its value. We bet another newcomer will be a currency of similar value. 432 Park Avenue will soon dethrone One57 as the tallest residential tower by close to 400 feet. We have high hopes (pun intended) for this building and it will be interesting to see how many more billionaires will pony up similar prices for 432 Park Avenue.
While the billionaires of the world have taken notice of Manhattan, maybe it is time for the millionaires of the world to take notice, and capitalize on a secret that’s beyond speculation. After all, isn’t that how empires are built?
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