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.

1 minute read

September 23, 2012, 9:00 AM PDT

By Andrew Gorden


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."

Tuesday, September 18, 2012 in The New York Times

portrait of professional woman

I love the variety of courses, many practical, and all richly illustrated. They have inspired many ideas that I've applied in practice, and in my own teaching. Mary G., Urban Planner

I love the variety of courses, many practical, and all richly illustrated. They have inspired many ideas that I've applied in practice, and in my own teaching.

Mary G., Urban Planner

Get top-rated, practical training

Close-up of "Apartment for rent" sign in red text on black background in front of blurred building

Trump Administration Could Effectively End Housing Voucher Program

Federal officials are eyeing major cuts to the Section 8 program that helps millions of low-income households pay rent.

April 21, 2025 - Housing Wire

Logo for Planetizen Federal Action Tracker with black and white image of U.S. Capitol with water ripple overlay.

Planetizen Federal Action Tracker

A weekly monitor of how Trump’s orders and actions are impacting planners and planning in America.

April 30, 2025 - Diana Ionescu

Close-up on Canadian flag with Canada Parliament building blurred in background.

Canada vs. Kamala: Whose Liberal Housing Platform Comes Out on Top?

As Canada votes for a new Prime Minister, what can America learn from the leading liberal candidate of its neighbor to the north?

April 28, 2025 - Benjamin Schneider

Washington

Washington State’s Parking Reform Law Could Unlock ‘Countless’ Acres for New Housing

A law that limits how much parking cities can require for residential amd commercial developments could lead to a construction boom.

3 hours ago - Streetsblog USA

Bluebird sitting on branch of green bush.

Wildlife Rebounds After the Eaton Fire

Following the devastation of the Eaton Fire, the return of wildlife and the regrowth of native plants are offering powerful signs of resilience and renewal.

5 hours ago - AP News

1984 Olympics

LA to Replace Inglewood Light Rail Project With Bus Shuttles

LA Metro says the change is in response to community engagement and that the new design will be ready before the 2028 Olympic Games.

5 hours ago - Newsweek

Urban Design for Planners 1: Software Tools

This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.

Planning for Universal Design

Learn the tools for implementing Universal Design in planning regulations.