How Much to Live Alongside the Super-Rich?

You might think that to enjoy the status boost of living next door to someone on the Forbes 500 list, you need to boast the bank account of an oil tycoon or a college drop-out tech genius. And, 9 cases out of 10, you would be right. Yet in the spirit of New York’s “something for everyone”, once in a blue moon you come across that great home in the outrageously perfect location with a price tag that is just too good to be true. Yahtzee!

In Manhattan, a cool, upscale neighborhood means that the rich must have already claimed a little part of it as their own. We therefore looked around some of the most desirable townhouses and buildings that New York billionaires call home to try and find how deep your pockets need to be for you to call yourself a “neighbor of the super-rich”. And while this title does not come cheap, a few of these properties’ asking prices won’t make that many Manhattanites wince.

See if you can find your financial role model below, and maybe now might be the right time to invest in a new place next door to them. As they say – fake it ’till you make it!

Co-ops Are for Everyone…

Julian Robertson Jr., the hedge fund wiz, got a co-op unit in the Hampshire House at 150 Central Park South for $3.9M, back in 1994. The market may have risen in the meantime, but you can currently buy a unit in that same building for far less – $589,000 for unit #1009, for example. Another one went for $385,000 earlier this year, half of what the average local pays for a co-op in Manhattan these days.

Built in 1930, the legendary co-op building at 740 Park Avenue houses more than one ultra-rich resident. If sharing a lobby with the likes of David Koch, Stephen Schwarzman (of Blackstone Group) and Israel Englander sparks your interest (and maybe a business proposition), there’s presently a unit on the market for just under $4M; pretty pricey, but no match for the $30M+ entrance fee to the building that two of these super-rich cohabitants paid in recent years.

This one was listed on the market just last month, and since no other units were sold in the past 24 months, it seems that this opportunity doesn’t come about too often.

Townhouses, Not So Much

Margaretta Taylor is one of three heirs to the Cox Enterprises media conglomerate. She owns a townhouse in Sutton Square, just a few steps away from 13 Sutton Place, which sold for $7.8M in 2014, significantly less than the $10M Margaretta Taylor paid for her home back in 2001.

Founder and CEO of the WeWork communal work space chain, Adam Neumann bought a townhouse at 41 West 11th Street in 2013 for more than $10M. Another townhouse close by, at 45 West 12th Street sold in 2014 for close to $5M, a bargain considering last quarter the average single family house in Manhattan went for over $7.6M.

For those with deeper pockets, but who still shy away from an 8-digit price tag, 245 Waverly Place is currently listed for $8.75M, just one block away from Neumann’s abode.

Prices High and Low in One Famous Condo

The 51-story tower at 23 East 22nd Street (One Madison Park) is just one of the buildings where Rupert Murdoch owns property. He bought a unit for no less than $57.3M in 2014 and promptly put it back on the market in 2015 for $72M; no definitive bid has been made yet on the triplex penthouse.

In the same building, the least expensive unit sold in the past 2 years was #7B, which closed at little over $1.6M in 2015. At the time of this article, the cheapest listing at One Madison Park is a $4.7M 2-bedroom, 2-baths high floor corner condo.

Find more famous billionaires and available properties around their residence of choice in the table below:

BillionaireAddressTransaction
Property TypeThe Least Expensive Sale in the Building or Area in the Last 2 Years
YearPriceAddressYearPrice
Michael Bloomberg17 East 79th Street1986$3.5MTownhouse
22 East 78 Street2015$12.6M
Rupert Murdoch278 West 11th Street2014$25MTownhouse54 Charles Street2014$10.75M
23 East 22 Street2014$57.3M
Condo
23 East 22 Street #7B2015$1.6M
Sean Parker40 West 10th Street
2011$20MTownhouse60 West 11 Street2014$11.5M
Leon Black19 East 70th Street2014$50.3M
Townhouse116 East 70 Street2014$31M
Margaretta Taylor2 Sutton Square
2001$10M
Townhouse13 Sutton Place2014$7.8M
Jerry Speyer176 East 72nd Street
1997$3.0M
Townhouse235 East 72 Street2016$10.1M
John Paulson9 East 86th Street
2004$14.7M
Townhouse7 East 84 Street2016$27M
Adam Neumann41 West 11th Street
2013$10.5M
Townhouse45 West 12 Street2014$4.98M
Glenn Dubin1040 Fifth Avenue
2006$32.0M
Co-op
1040-1044 5 Avenue #14A2015$30M
Henry Kravis625 Park Avenue
1994$15M
Co-op623-625 Park Avenue #6A2016$13M
Peter Peterson810 Fifth Avenue
2007$37.8M
Co-op810-811 5 Avenue #6FL2014$19M
Julian Robertson Jr.150 Central Park South
1994$3.9M
Co-op150 Central Park S #4112016$385K
David Koch740 Park Avenue
2004$18M
Co-op---
Stephen Schwarzman740 Park Avenue
2001$30M
Co-op---
Israel Englander740 Park Avenue
2014 $71.3M
Co-op---

Methodology:

The least expensive sales were determined considering transactions for similar properties over the last 24 months (excepting 810 5th Avenue, where the last sale was registered in February 2014): units from the same building for co-op and condo units, and sales within a range of 2 blocks for townhouses.

The least expensive for sale listings were determined from among listings in the same building for co-ops and condos, and within a range of 5 blocks for townhouses.

All townhouses considered for this list are single family homes (building class A).

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