An inside look at Manhattan’s Billionaires’ Row

Along Manhattan’s 57th Street, stretching from Columbus Circle on the west side to Park Avenue on the east, you’ll soon find more than a half-dozen glittering and ultra-exclusive condominium towers that will offer unparalleled views of Central Park — and virtually the entire city. Welcome to Manhattan’s Billionaires’ Row, the current trophy real estate of the 1%.

The megaprojects, with some penthouse floor plans such as those at 432 Park Ave. expanding to more than 8,200 square feet, are expected to list on average for more than $14.5 million (or $4,375 a square foot). Some even have living rooms bigger than most condominium units in Manhattan (the average size of a condo unit in Manhattan being 1,100 square feet.)

The sky-high prices on Billionaires’ Row will also help push the average price for a unit at new developments in Manhattan to $7 million (or $2,787 a square foot) by 2017, according to Gabby Warshawer, head of research for CityRealty, a New York real-estate research firm. Manhattan condo units on average were just $1 million as recently as 2005, says Warshawer.

Read More…http://www.marketwatch.com/story/an-inside-look-at-manhattans-billionaires-row-2015-07-10-6103118?siteid=rss&rss=1

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