Billionaires’ Row

Central Park South, condos, Cool Listings, New Developments

Listing images courtesy of 111 West 57th Street

Two more listings inside Midtown’s historic Steinway Hall have just hit the market: a two-bedroom with a private terrace for $8,750,000 and a four-bedroom duplex seeking $17,995,000. The landmarked building at 111 West 57th Street was designed by renowned firm Warren & Wetmore and finished in 1925. The longtime home of the Steinway & Sons piano company was acquired by developers JDS Development, Property Markets Group, and Spruce Capital Partners in 2013 for $217.5 million and has since become incorporated into SHoP Architects’ super-slender supertall tower rising next to it. The Beaux-Arts structure serves as the project’s grand entryway and will hold the amenity spaces and a small handful of residences designed by Studio Sofield. We previously got a look inside the striking duplex penthouse that hit the market for $21 million last November—a price it still holds.

Get a look around

Policy

220 Central Park SOuth, Vornado, Robert A.M., Stern

Image courtesy of Vornado Realty Trust and Robert A.M. Stern Architects

Last month, the city’s Advisory Commission on Property Tax Reform revealed a report outlining sweeping changes to the property tax code that would essentially raise the same amount of money but substantially redistribute where it comes from. Under the current system, property owners pay taxes based on assessed value rather than market value, so working-class homeowners often pay a higher tax rate than those who can afford the city’s multimillion-dollar luxury condos. Mansion Global took a closer look at the numbers and found that property taxes along Billionaires’ Row could increase up to five times their current rate under the proposed system.

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Architecture, Central Park South, New Developments

Renderings courtesy of Extell Development Company

As Extell Development’s Central Park Tower nears the finish line, newly released renderings of the Billionaires’ Row supertall are giving us a peek into the private residential club that will occupy the 100th floor with a suite of high-end amenities. Reaching over 1,000 feet in the sky, the amenity space, called the Central Park Club, will be the highest lounge of its kind in the world, offering hard-to-beat views over Billionaires’ Row and Central Park.

And the views are exceptional

Central Park South, Manhattan, Midtown, real estate trends

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.

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Central Park South, real estate trends

220 Central Park SOuth, Vornado, Robert A.M., Stern

Image courtesy of Vornado Realty Trust and Robert A.M. Stern Architects

A penthouse at 220 Central Park South has sold for $100 million to an undisclosed buyer, the Wall Street Journal reports. The Billionaire’s Row transaction is only the third nine-figure deal to close in New York City, following hedge-fund executive Ken Griffin’s whopping $240 million purchase in the same building earlier this year (the most expensive home ever sold in the U.S.) and tech mogul Michael Dell’s $100.47 million penthouse at nearby One57, which closed in 2014.

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Central Park South, condos, Cool Listings, New Developments

Renderings by Hayes Davidson and images by Peter Murdock; courtesy of Douglas Elliman

Once home to the Steinway & Sons piano company, the landmarked building at 111 West 57th Street was acquired by developers JDS Development, Property Markets Group, and Spruce Capital Partners in 2013 for $217.5 million and has since become incorporated into SHoP Architects’ super-slender supertall tower rising next to it. Originally built in 1925, the Beaux-Arts building will house the lobby for the luxury tower and a small number of apartments, including this 5,200+ square-foot duplex penthouse that just listed for $21 million.

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Architecture, Midtown West

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.

More here

Central Park South, Construction Update, New Developments

The living room of the 43rd-floor unit; Photo by Peter Murdock

The skinny skyscraper perfectly positioned over Central Park has officially topped out at 1,428 feet, becoming the world’s second tallest residential building. Designed by SHoP Architects, 111 West 57th Street’s super-slender frame allows each of the 46 full-floor and duplex condos to feel like a penthouse. In addition to the Billionaires’ Row tower reaching its pinnacle height at 91 stories, new images released Tuesday provide a first look inside the residences, with 360-degree views of Manhattan and bold interiors conceived by Studio Sofield.

See inside the supertall

Midtown, New Developments

Photo via Wikimedia

Developers are planning to build a massive office project on top of a Billionaires’ Row church. The Real Deal reported on Monday that Alchemy and ABR Investment Partners have partnered to buy properties owned by Calvary Baptist Church at 123-141 West 57th Street. The proposed boutique office building would rise 26 stories atop church space and sit next to Extell Development’s supertall, One57.

More here

Central Park South, real estate trends

220 Central Park SOuth, Vornado, Robert A.M., Stern

Via Vornado Realty Trust and Robert A.M. Stern Architects

Since its first closing nearly a year ago, Robert A.M. Stern’s 220 Central Park South has now surpassed the $1 billion mark in sales according to data compiled by CityRealty. The milestone is definitely not surprising considering this is the same building where Billionaire Ken Griffin bought the country’s most expensive home ever sold for $239,958,219. And with an average sales price of $6,934 per square foot for its 39 total closings, 220 is also the city’s most expensive condo building.

More info ahead

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