Tour Odeon's $391M condo makes NYC look cheap

Oct.October 01, 2013 07:00 AM
Tour Odeon

Tour Odeon

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.”

Related Articles

(Image by Wolfgang & Hite via Dezeen)

Hudson Yards megadevelopment inspires a new line of sex toys

Cammeby's International Group founder Rubin Schron and, from top: 194-05 67th Avenue, 189-15 73rd Avenue and 64-05 186th Lane (Credit: Google Maps)

Ruby Schron lands $500M refi for sprawling Queens apartment portfolio

Wendy Silverstein (Credit: Getty Images)

Wendy Silverstein, co-head of WeWork’s real-estate fund, is out

Charlie Kushner and Harbor Point Estate in Maryland (Credit: Sasha Maslov; Harbor Point Estates)

Kushner Cos. pushes ahead with eviction lawsuits: report

48 Sidney Place and 289 Union Street in Brooklyn (Credit: Google Maps)

Brooklyn’s luxury resi market only saw 2 deals signed last week

Vornado Realty Trust’s Steven Roth and 220 Central Park South (Credit: Roth by Bruce Glikas/FilmMagic; Jim.henderson via Wikipedia Commons)

Vornado inks another $52M closing at 220 Central Park South

Silverstein Properties CEO Marty Burger (Photo by Ilya S. Savenok/Getty Images)

Silverstein’s Marty Burger recovers from coronavirus

A view of the empty parking lot as the Westfield Garden State Plaza in New Jersey (Photo by Elsa/Getty Images)

Real estate and retail shutdowns driving Tri-State slump