Why This NYC Apartment Costs $28.5 Million

Narrator: A couple months
ago, I was scrolling through YouTube and saw
this video of an apartment on Billionaires’ Row in New York City. It’s on the 41st floor
of this ultra-luxurious tower called One57. Sitting right off West
57th Street with views of Central Park, it’s listed at a whopping $28.5 million. It’s hard to comprehend
why it’s so expensive and if there’s even a market for it. So I reached out to the
realtor, Ryan Serhant, hoping he could help me unpack the world of Billionaires’ Row. You may recognize Ryan from Bravo’s “Million Dollar Listing.” And he invited me uptown to
check out One57 for myself. Ready, we’re going there. One57 towers almost a thousand
feet above West 57th Street. But before the building opened
in 2014, this wasn’t really a residential street. It was known for Carnegie
Hall, tourists, and delis. But One57 put West 57th Street on the map, breaking records for listing prices and coining the street Billionaires’ Row. The first 27 floors of One57 are reserved for the five-star Park Hyatt hotel, but the next 48 are residential. Walking in, I was
actually pretty surprised by how homey it felt. Yeah, the lobby was classy,
but there was this familiar and casual buzz of people just
living their normal lives, and that was really nice. We took the elevator to the 41st floor and met Ryan at apartment 41D. Ryan Serhant: Hello. Welcome to One57. Narrator: Right away, it’s gorgeous. 12-foot ceilings, exquisite decor, and that new building smell. But it’s those views that
obviously add to the price tag. Serhant: This unit that
we’re in right now, 41D, is a duplex. It’s got five bedrooms,
five and a half bathrooms, and it has an outdoor covered garden. Narrator: Apparently, that outdoor garden, or the solarium, is a rare
architectural feature. Serhant: The building
kinda curves as it goes up. It keeps stepping back,
you create these rooms. So you can sit here, you can get a tan, for the 41st floor on Billionaires’ Row. It’s totally crazy. Narrator: Just off the
solarium, there’s a private terrace, and it’s one
of just two apartments in the building with an outdoor space. After the views and
solarium, the duplex layout of the apartment keeps
the price tag ticking up. The second floor has four bedrooms, including the master suite,
with arguably better views than the floor below. The en suite master bathroom
is made completely of marble, imported from Italy, of course. You’ve got a walk-in
shower, free-standing tub, and two toilets, you know, just in case. Back downstairs, the
massive eat-in kitchen had a couple hidden features. Serhant: Like this looks
like it might be cabinetry, but it blends in. These are actually your bar stools. Serhant: Right? Around every corner, there
was some new design element. A fluffy chair, a perfectly sized rug, that optimized the space. It made for this relaxed, luxurious vibe. And, of course, none of
that was by accident. Serhant: And even if the
buyer has $30 million to spend, you’d be amazed at how
unimaginative they can be. So, we have to show them. And everyone we’ve shown
this apartment to would take it fully furnished,
’cause they just love it. Narrator: Buyers can choose to keep all of the staged furnishings,
and thank goodness, the price tag includes the furniture. But what’s a billion-dollar building without amenities to match? On the 31st floor, residents
get a giant amenities space all to themselves. There’s a billiards room,
screening room, gym, and a pool, with music piped in from
Carnegie Hall across the street. But the never-ending
climbing wall was definitely my personal favorite. This isn’t what I anticipated doing today. Since its construction, One57
has pushed up real estate prices across the neighborhood. From 57th Street to 59th
Street between Park Avenue and Broadway, median
sale prices rose 64.3% from 2010 to 2018. Compare that to the median
sale price in Manhattan as a whole, which increased just 25.7% in the same amount of time. Historically, if you had money
and influence in New York, you bought property in Central
Park West, in one of those classic limestone buildings
with views of the park. But the problem for modern developers was those buildings couldn’t be
torn down or built higher. But on West 57th Street,
developers could go tall. Super tall. In 2010, developer Extell
started construction on a project that was pretty outlandish at the time. In the midst of a real estate
downturn, they broke ground on a nearly thousand foot
megatower on West 57th Street. Overlooking Central Park,
One57 would completely alter the skyline. Serhant: What no one really
knew when this building first came up was, are the views of Central Park gonna be so important that
someone would be willing to live on 57th Street,
which is a really, really, really busy street? The answer was “yes.” Narrator: The penthouse apartment of One57 sold in 2014 for a
staggering $100.5 million. Bought by Michael Dell,
it broke the record for the most expensive
home in New York City and solidified the street
as Billionaires’ Row. And if you look up and down
West 57th Street today, mega luxury tower
construction isn’t slowing. 220 Central Park South,
Central Park Tower, and Steinway Tower are all new
developments on 57th Street that tower over the skyline. These buildings are pushing
the boundaries of height, luxury, and price, but not
everyone is excited about it. In addition to the altered skyline, some real estate experts worry
the market’s been tapped out. Manhattan home sales
dipped by 14% in 2018, and 57th Street’s newest
construction, Central Park Tower, has dropped prices. Experts warn these could
be signs of an oversupply of luxury apartments
without a demand to match. But Ryan doesn’t seem to be worried. 41D at One57 has only been
on the market for a year Which isn’t a long time
for million dollar listings And for the world’s
billionaires Ryan says, it’s more affordable than
towers down the street. Serhant: I think to the rest
of the world, $28.5 million probably seems like a lot of money, and it definitely is, don’t get me wrong. It’s the world that we live in. I mean, New York City, 57th
Street, park-facing apartments, the realm of reality
that we find ourselves in every day, is that people
are willing to spend $100 million for less bedrooms than what we’re offering on this floor. It’s crazy. Narrator: Personally, that kinda price tag is unfathomable, but the
people buying an apartment here aren’t just looking
for a place to live. They’re purchasing a
stake in some of the most expensive real estate in the world and buying into the brand
of Billionaires’ Row.

You May Also Like

About the Author: Oren Garnes

Leave a Reply

Your email address will not be published. Required fields are marked *