As New York has emerged from the downturn, high-end real estate has become a magnet for the world’s superrich, who are looking for better investment returns and a safe haven from thornier economic conditions in their home countries. [a NYC broker said the developer] “was there in January when there was no other product and people were looking for a place to stash their cash.” “A lot of what is happening at One57 is about wealth preservation,” she added.

NEW YORK CITY – One57, a 1,004-foot tower under construction in Midtown Manhattan, will soon hold the title of New York’s tallest building with residences. But without fanfare from its ultraprivate future residents, it is cementing a new title: the global billionaires’ club.The buyers of the nine full-floor apartments near the top that have sold so far — among them two duplexes under contract for more than $90 million each — are all billionaires, Gary Barnett, the president of the Extell Development Company, the building’s developer, said this week. The other seven apartments ranged in price from $45 million to $50 million.The billionaires’ club includes several Americans, at least two buyers from China, a Canadian, a Nigerian and a Briton, according to Mr. Barnett and brokers who have sold apartments in the building, at 157 West 57th Street. Mr. Barnett said that at least a few buyers were “significant Forbes billionaires.”
By Alexei Barrionuevo, Sept. 18, 2012 NYT

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157 W. 57st towers above neighboring buildings with views on top floors of Central Park to the north and lower Manhattan, the ocean and Statue of Liberty to the south.