- One57 and 432 Park Avenue have occupancy rates of 79% and 82% respectively.
- The addition of 220 Central Park South has taken the median sale prices in Billionaires’ Row to almost $20 million this year.
New York City’s Billionaires’ Row was dubbed five years ago, but its exact geographic boundaries remain unclear. In reality, it seems that it refers to six specific buildings: Time Warner Center, 15 Central Park West, 157 W 57th St, 432 Park Avenue, 520 Park Avenue, and 220 Central Park South.
We analyzed the unit sales for these six buildings from 2007 to April of this year, including units that were resold, to calculate median sale prices. We also calculated absorption rates based on publicly recorded Condominium Declarations and the total unique units that have sold from the property’s original developer. The evolution of median sale prices and absorption tells an interesting story, with interesting implications for the future.
Prior to 2014, Time Warner Center and 15 CPW were the only buildings of what’s now known as Billionaires’ Row. The addition of the supertall skyscraper One57 caused the median sale price to more than double, inspiring the name “The Billionaire Building”. This trend maintained through the addition of the similar supertall, 432 Park Avenue in 2016. While 520 Park Avenue is still considered part of Billionaires’ Row, it has just 35 units, accounting for a small percentage of sales volume. 220 Central Park South has taken the median sale prices to staggering new heights though, topping out at almost $20 million this year.
To date, 104 of One57’s 132 units and 115 of 432 Park Ave’s 140 units have been purchased, representing an occupancy rate of 79% and 82% respectively. One57 sold the most expensive units within the first year. Conversely, seven units, each around 1,000 square-feet, sold in 2017—a dip that was more accentuated than 432 Park Ave experienced.
One57’s resale rate has been 14% with only 15 units going back on the market. 432 Park Ave’s resale rate was slightly higher, just over 16% or 19 units. Overall, the recent success of these two supertalls bodes well for the future of both 520 Park and 220 CPS which only began sales a few months ago.
The Steinway Tower at 111 W. 57th St. is projected to be completed this year, promising some incredible views as NYC’s second tallest building. However, Extell’s Central Park Tower is slated to be even taller when completed next year. Given the current trend, and barring and dramatic regulation changes or economic declines, the future of supertall residential towers in NYC is bright.