In Manhattan, the Super-Rich Are Lining Up For New Luxury Residences

Manhattan is one of the places with some of the most expensive and sought-after apartments on the market. Over the last twenty years or so, a handful of gigantic towers have sprung up in New York, particularly along Billionaires' Row, the corridor on 57^th Street.

These exceptional housing units have become the residences of the new international and local super-rich. Beyond the housing experience, these very demanding tenants are looking for services worthy of the finest five-star hotels. Developers strive to come up with original offers to meet demand, although these oases of luxury all look similar - the same attention to detail, the same high-end amenities, and cutting-edge architecture and design.

So where do these ultra-luxury tenants congregate? “The Upper East Side, bounded by 96^th Street to the north, the East River to the east, and 59^th Street to the south, Central Park and Fifth Avenue to the west, continues to be the darling of Manhattan's luxury market,” explains Erin Sykes, founder of Sykes Properties, which serves the Golden Triangle of Palm Beach, Miami, New York, but also the Hamptons and the New Jersey coast. (otherwise you can't see the triangle)

“Park Avenue South, or Billionaire's Row, is the playground of buyers with a budget of over $20 million,” continues Erin Sykes. The residents of 53 West 53 – the iconic building by Jean Nouvel and Thierry Despont –, but also those of 111 West 57 – the world's narrowest skyscraper –, and of course those of 220 Central Park South – the architectural emblem of Billionaires' Row –, are international executives with extremely high standards in terms of comfort, views of Central Park and culinary experiences. Many of these apartments, although very large, serve as pied-à-terres for owners who divide their time between several homes around the world.”

Today, in Manhattan, 50,000 apartments are under construction and should be completed by 2028. Although many of them are rental properties, developers are turning to luxury condo developments, particularly in the upscale neighborhoods of the Upper East Side and Upper West Side. “The price range for apartments on the luxury market is from $2 million to $100 million,” she concludes.