Elliman super-broker Leonard Steinberg told TRD that he just returned from a trip to the French Riveria where he visited Tour Odeon, one of the most expensive new condo developments in the world.
Tour Odeon is the first high-rise to be built in Monaco — the tiny seaside principality bordered on three sides by France — since the 1980s. When completed in 2014, it is expected to surpass London’s One Hyde Park as the most expensive condo development in the world.
Steinberg said a 2,800-square-foot unit in the building that’s “far from the top floor” is asking $28 million, making “New York pricing look relatively cheap.”
The building’s 35,500-square-foot penthouse is reportedly on the market for £250 million, or roughly $391 million.
The building’s top floors have “outrageously good” views, Steinberg quipped, making them “the perfect perch to view [Russian businessman] Roman Abramovich’s mega-yacht dwarf all other mega-yachts in the harbor, making grown billionaires weep in shame.”
In fact, Steinberg said he noticed an abundance of Russian-speakers vacationing in the French Riviera this year, evidence that the Eastern European billionaires snapping up trophy New York City apartments are also spending their rubles elsewhere.
While relaxing by the pool at the posh Hotel du Cap-Eden-Roc at Cap d’Antibes, Steinberg said, he decided to dub the area “Moscow South.”
“There’s an incredible volume of Russian wealth on the Riviera this summer,” he said. “More so than ever before.”