Why This NYC Apartment Costs $28.5 Million

Why This NYC Apartment Costs $28.5 Million

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 twenty-eight point five million dollars 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 a billionaires row you may recognize Ryan from Bravo's million dollar listing and he invited me uptown to check out 157 for myself ready were going there 157 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 157 put West 57th Street on the map breaking records for listing prices and coining the street billionaires row the first 27 floors of 157 are reserved for the five-star Park Hyatt Hotel but the next 48 our 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 I met Ryan at apartment 41 D hello welcome to 157 right away it's gorgeous 12-foot ceilings exquisite decor in that new building smell but it's those views that obviously add to the price tag this unit that were in right now 41 D is a duplex except five bedrooms five and a half bathrooms and it has an outdoor covered garden apparently that outdoor garden or the solarium is a rare architectural feature the building kind of curves as it goes up and keep stepping back you create these rooms so you can sit here you can get a tan from the 41st floor on billionaires row it's totally crazy 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 in 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 in the floor below the ensuite master bathroom is made completely a marble imported from Italy of course you've got a walk-in shower freestanding tub and two toilets you know just in case back downstairs the massive eat-in kitchen had a couple hidden features like this looks like it might be cabinetry but it blends in these are actually your barstools 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 and even if the buyer has 30 million dollars 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 you would take it fully furnished because they just love it buyers can choose to keep all 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 amenity space all to themselves there's a billiard 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 since its construction 1:57 has pushed up real-estate prices across the neighborhood from 57th Street to 59th Street between Park Avenue and Broadway median sale prices rose sixty four point three percent from 2010 to 2018 compare that to the median sale price of Manhattan as a whole which increased just twenty five point seven percent in the same amount of time historically if you had money in 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 mega tower on West seventh Street overlooking Central Park 157 would completely alter the skyline but no one really knew when this building first came up was are the views of Central Park gonna be so important that someone will be willing to live on 57th Street which is a really really really busy street the answer was yes the penthouse apartment of 157 sold in 2014 for a staggering 100 point five million dollars 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 to 20 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 markets been tapped out Manhattan home sales dipped by 14% in 2018 and 57th streets newest construction Central Park Tower has dropped prices experts warned these could be signs of an oversupply of luxury apartments without a demand to match but Ryan doesn't seem to be worried 41 D at 157 has only been on the market for less than 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 I think the rest of the world twenty eight and a half million dollars 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 everyday is that people are willing to spend a hundred million dollars for less bedrooms than what we're offering on this floor it's crazy personally that kind of 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

23 thoughts on “Why This NYC Apartment Costs $28.5 Million”

  1. A lot of people make $50+ millions a year (dozens of athletes, actors business men, musicians) . It's honestly not that much. There's probably 50 thousand people on the planet that could easily afford that.

  2. It's so "compelling" how Ryan helped "unpack" the world of Billionaire's Row, otherwise it would've taken an eternity to "process" the implications! Always "embrace" your "authentic self" and "walk in your truth!"

  3. I dont wanna see nothinf around me but Jesus Christ for 28.5 million. It better have angels as servants grocery better automatically restock my fridge. It better come with the water of life. It better have everything imaginable i want on beck and call.

  4. I watch to many high impact, action films to comfortably live in a high rise, Billionaires Row or not. I'd crap myself everytime I hear a bang.

  5. New York City is a giant leach. It thrives by sucking the blood out of hard working people across America.

  6. ryan serhant is everywhere on youtube. he's taking over . youtube sending me all of his recommended videos 😐

Leave a Reply

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