Trouble in Paradise: NYC's "Billionaires' Row" aren't selling
/Even billionaires can balk at abutted prices, it seems.
Swank apartments are begging for buyers on Manhattan’s “Billionaires’ Row” — with more than 40 percent sitting unsold in towers that top out at 100 stories, The Post has learned.
Five years after the iconic One57 building became the city’s first “supertall” residential skyscraper, only 84 of its 132 pricey condos have been bought — leaving more than a third of them still on the market and none under contract, according to data compiled by leading appraiser and researcher Jonathan Miller.
Six other nearby buildings have as much as 80 percent of their units available, the figures show, with the total value of all the unsold inventory estimated by one analyst at between $5 billion and $7 billion.
Another building that’s set for completion next year — Central Park Tower, at 217-225 W. 57th St. — will put an additional 179 apartments on the market.
Gary Barnett’s Extell Development, which also built One57, got state permission to start selling a Central Park Tower in 2017, but no deals have closed — which would push the overall unsold percentage to nearly 65 percent.
Online listings show asking prices for available units that range from $2.1 million for a 14th-floor studio at 100 E. 53rd St to nearly $64 million for a four-bedroom, duplex penthouse on the 76th floor of 53 W. 53rd St.
Top broker Dolly Lenz blamed the stalled sales on the sky-high prices, saying, “When people come here from other parts of the country and from around the world, the first thing they want to see is Billionaires’ Row,” she said.
“We toured them through the properties but many felt they were too pricey for the market — $7,000, $8,000 and $10,000 a square foot,” she added.