Homes of Billionaires Rise to New Heights

New York City's supertall skyscrapers court billionaires, selling prime real estate in the sky for tens of millions of dollars. The latest trophy building, One57, will soon become the city's tallest building with residences.

One57 will top out at just over 1,000 feet, as the tallest building in New York to contain residences. One of the top floors could be yours, for a price. According to The New York Times' Alexei Barrionuevo, "The buyers of the nine full-floor apartments near the top that have sold so far - among them two duplexes under contract for more than $90 million each - are all billionaires, Gary Barnett, the president of the Extell Development Company, the building's developer, said this week. The other seven apartments ranged in price from $45 million to $50 million."

Ever since the upper-end of New York's housing market began to regain some steam, record-breaking sales like the $90 million for these residences have become more common place, with billionaires shelling out tens of millions for real estate with panoramic views of the city. In fact, sales are so steady that the building's owners have been able to turn away potential buyers when negotiations have turned sour.

"The scale of wealth in this building is just unheard of," said Jonathan J. Miller, president of Miller Samuel, a property appraiser. "Despite all the problems economically, you are seeing these people invest in real estate unlike in any period that has ever happened."

Full Story: Rising Tower Emerges as a Billionaires’ Haven


Prepare for the AICP* Exam

Join the thousands of students who have utilized the Planetizen AICP* Exam Preparation Class to prepare for the American Planning Association's AICP* exam.
Starting at $245
Book cover of the Guide to Graduate Planning Programs 4th Edition

Thinking about Grad School?

The Planetizen Guide to Graduate Urban Planning Programs is the only comprehensive ranking and listing of graduate urban planning programs available.
Starting at $24.95

City Coasters

Hand-drawn engraved maps of your favorite neighborhoods are divided up across 4 coasters making each one unique.
Woman wearing city map tote bag

City Shoulder Totes - New Cities Added!

Durable CityFabric© shoulder tote bags available from 9 different cities.