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
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.