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.
September 23, 2012, 9am PDT | Andrew Gorden
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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."

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Published on Tuesday, September 18, 2012 in The New York Times
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