New York’s real estate market is pricey at all levels, but the rarefied air above 57th Street constitutes a new strata: Billionaire’s Row.
The buildings are ever sleeker and grander, leapfrogging one another in height, amenities – and price. Last year, a penthouse at luxury hotel and condo One57 sold for a record $100.5 million. At 220 Central Park South, now under construction, a $250 million penthouse is on sale.
Buyers from Russia, China and the Middle East are purchasing these apartments as safe assets, sometimes without moving in. But that’s not the only thing giving New Yorkers pause: The construction boom has forced out local residents and businesses.
The ones who remain are forced to contend with constant construction, growing shadows and a sense that New York is no longer theirs.
Reporter: Nico Grant. Video Journalist: Nicole Ashley