New York’s Billionaires’ Row is living up to its name.
More houses were bought for north of $25 million on Manhattan’s 57th Street in the last five years than on any other road in the world, according to a study published on Tuesday by broker Knight Frank. The corridor of skyscrapers south of Central Park edged Mount Nicholson Road in Hong Kong’s Peak district on the number of so-called ultra-prime home sales, though its average sale price of $38.5 million was far exceeded by the Hong Kong street’s $81.8 million.
New York has seen a glut of super-luxury developments in the past five years as developers take advantage of leaps in engineering that have allowed pencil-thin towers to be constructed on modest plots. Streets with high numbers of new luxury developments topped the rankings globally as the world’s wealthiest flocked to projects with the most modern facilities and designs, Knight Frank global head of research Liam Bailey said.
Still, the wave of new development is taking its toll on prices. New York developers are increasingly turning to an array of concessions to lure buyers for the backlog of high-priced inventory that’s built up in recent years. It’s a similar story in London, where tax hikes and political uncertainty have left the top-end market mired in the longest slump in decades.
This article was provided by Bloomberg News.
