The Real Deal New York

What room and board looks like on Billionaires’ Row

Four luxury towers offer free rent to their resident managers
July 23, 2015 03:10PM

There’s no such thing as a free lunch. But is there such a thing as a free $6 million apartment in Manhattan?

Apparently there is, for the resident managers of four luxury condominium towers on Billionaires’ Row.

The managers of Vornado’s 220 Central Park South, Extell Development’s One57, CIM Group’s 432 Park and the MoMA tower at 53 West 53rd Street will be able to live rent-free in units in those buildings, according to DNAinfo. JDS Development is not offering an apartment to its resident manager at 111 West 57th Street.

At 220 Central Park South, the manager will occupy a 1,340-square-foot, $5.3 million, two-bedroom apartment. The manager will make an annual $261,538.

At nearby 157 West 57th Street, the manager will live in the 34th-floor unit, which costs $6 million, and make $125,000 per year plus benefits.

CIM’s 432 Park offers its manager a nearly $4 million pad, a parking spot and an annual salary of $125,000.

Lastly, a vacancy: the Jean Nouvel-designed MoMA tower’s resident manager will have a $5.1 million three-bedroom condo to live in as well as a salary of $225,000 plus union benefits. [DNAinfo] — Claire Moses