Long-term “Billionaire’s Row” residents face a dilemma

Second quarter saw an 83.9 uptick in resales of apartments in the area

New York /
Oct.October 17, 2014 08:50 AM

Long term residents of the so-called “Billionaire’s Row” are increasingly leaving the stretch as rapid, high end development is transforming their neighborhood.

In recent months, resales of condo- and co-op units are up 83.9 percent in the second quarter, according to the New York Daily News.

“This is a case of a rising tide lifting all boats,” Alan Lightfeldt, a data scientist at StreetEasy told the newspaper. “There’s certainly more interest in properties on the 57th St. corridor, which used to melt into the rest of Midtown. Now, it’s quite a powerful address.”

Asking prices in the new towers on 57th Street, such as One57 at 157 West 57th Street, are soaring, reaching $6,000 per square foot. Other new developments include 111 West 57th Street, 227 West 57th Street and the Robert A.M. Stern-designed 220 Central Park South.

Apartments in older buildings on the same street are much cheaper, the paper reported. Units at the Osborne and Alwyn co-op buildings, according to the newspaper, are below $2 million. [NYDN] — Claire Moses 

 

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