Looking north towards Billionaires’ Row in early October © 6sqft
A new study of the top “ultra-prime” locations in the world dispels any doubt that Billionaire’s Row is living up to its name. London-based property consultancy Knight Frank, along with Douglas Elliman, looked at the number of homes sold for over $25 million since 2015 and found the greatest concentration along Midtown’s 57th Street, where 41 transactions have been closed in the last five years at an average price of $38.5 million. Manhattan cracked the top ten three more times, with Central Park South coming in third, followed by Park Avenue and Fifth Avenue in fourth and seventh place.
Rendering by studioMDA
British auction house Phillips will move its headquarters into the white cube base of the supertall at 432 Park Avenue next year. As first reported by the New York Post, architecture firm studioMDA has been tapped to design the 55,000-square-foot auction house and will replace the ground floor the existing space with a sunken mezzanine. The new Billionaires’ Row spot will open in the summer of 2020.
432 via DBOX; Alex Rodriguez via Wiki Commons; Jennifer Lopez via Wiki Commons
Newly engaged couple Jennifer Lopez and Alex Rodriguez have found a buyer for their sky-high Midtown apartment, the New York Post reported Tuesday. The duo listed their pad at 432 Park Avenue–the tallest residential building in the Western Hemisphere–for $17.5 million in January, less than a year after they bought the three-bedroom apartment. It remains unclear who the buyer is and how much they ultimately paid.
Current view of construction via 6sqft (L); Rendering of the completed tower via Extell (R)
Extell Development’s supertall on Billionaires’ Row is officially the tallest residential tower in the world. As YIMBY reported this week, Central Park Tower, at 225 West 57th Street, has reached its 92nd floor, surpassing the 1,396-foot-tall tower at 432 Park Avenue. Designed by Adrian Smith + Gordon Gill Architecture, Central Park Tower will top out at 95 stories, or 1,550 feet tall, making it stand out significantly among neighboring skyscrapers when construction wraps up next year.
432 Park Avenue via CIM Group/Macklowe Properties
The buyer of One57’s $100 million penthouse was unveiled as Michael Dell last week, finally solving the mystery of which billionaire set New York City’s record for the most expensive home ever sold. The reveal sparked CityRealty’s interest in finding out where other costly buildings fall in comparison. Unsurprisingly, Midtown’s One57 and 432 Park make up 12 out of the city’s 20 priciest homes ever sold with single units going for $100.47 million and $91.5 million, respectively. While those two buildings on Billionaires’ Row easily take the top three spots, 15 Central Park West ranks fourth, with its $88 million penthouse sold in 2012.
More this way
Photo via Douglas Elliman
CIM Group and Macklowe Properties announced on Wednesday that the world’s tallest residential building just broke another record: the single best-selling building in New York City. According to the developers, they have sold $2 billion in luxury condominiums at 432 Park Avenue, a 1,396-foot tower designed by renowned architect Rafael Viñoly. The building’s most significant closings include 48 residences selling for more than $20 million each.
More this way
The end of 2017 has seen a lot of record-setting headlines for 432 Park Avenue, namely the $91 million, three-penthouse sale that was the city’s most expensive all year. And a sale at the supertall that came through city property records today makes it clear that there’s no sign of slowing down. Unit 65A, a half-floor, three-bedroom spread, first sold in June of 2016 for $27 million to an anonymous LLC dubbed “432 Holdings LLC.” This past September, the building’s developers CIM Group and Macklowe Properties bought back the apartment for $27.9 million in a presumed attempt to let the seller buy a larger unit in the building. As The Real Deal reported, the seller did just that, upgrading to an 80th-floor unit that cost $39 million. But as of today, the developers have all but made their money back, as the 65th-floor residence sold yet again for $26.4 million to another LLC called “Mallow Enterprises.”