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Billionaires Row Continues to be Challenged

It’s been no secret that super luxury Manhattan sales have been the hardest hit segment of the market since 2014. The slowdown is related to the oversupply of new development created from the vast amounts of capital looking for a home since the financial crisis. Perhaps the most famous representation of the super-luxury market has been “Billionaires Row” centered on 57th Street in the heart of Manhattan’s central business district in Midtown Manhattan. The introduction of supertalls [1] to the skyline has provided never before expansive views to the buyers.

I was asked by the New York Post to provide a snapshot [2] of this submarket. Since contract data is not public record and is easily manipulated, I estimated the state of the key buildings as best I could, using ACRIS for closed sales, Streeteasy contract tags, and feedback from market experts in and around the brokerage community. The result was really no surprise to anyone in the real estate business but because it was concentrated in one place, the story went viral. Curbed wrote a good follow-up [3] as well.

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