Manhattan’s famed luxury real estate corridor, known as ‘Billionaire’s Row’ will now be getting even bigger thanks to plans for several new project. According to reports, at least three new luxury condominium towers are in development along Manhattan’s 53rd Street. The new condos will be following a similar plan of the luxury skyscrapers that are currently found on 57th Street near Central Park. Some of these massive residential complexes have already set numerous price records, and now this new section of homes is looking to rival these infamous buildings.
One of the first buildings to be added to the ‘Billionaire’s Row’ section of Manhattan is the Baccarat Hotel and Residences. Just this week a new model home opened at the development, which is located along West 53rd Street and Fifth Avenue. With an unbeatable location, right across the street from the Museum of Modern Art, the property has plenty to offer in terms of convenience. Prices in this building range from $3.95 million for a one bedroom home to $60 million for a two-story penthouse. More than 60 percent of the homes in the building have sold since sales began in 2013.
On the same block as the 50-story Baccarat, is a new 72-story condominium. This project is being helmed by the Pontiac Land Group, Goldman Sachs Group and Hines and it plans on being a comparable addition to the area offering luxury apartment homes to the ultra elite. Finally, the third building to round out this new row of luxury homes is a new project from China Vanke Co., China’s biggest publicly traded developer. The company is working together with Aby Rosen’s RFR Holding LLC for a new project. The complex will feature 61 stories of luxury homes right on Lexington Avenue.
According to area experts, the luxurious ‘Midtown Manhattan’ area of town has now expanded to include more than just 57th Street. This highly sought-after region of the city now extends to Central Park South and 53rd Street. Not only is this region of the city filled with new high-end residences, but it is still the center of NYC’s business district. These luxury condominiums along 53rd Street are being offered in an attempt to bring even more wealthy residents to the area, that was once known simply for being home to offices and for being a popular tourist destination.
While the 53rd Street Corridor is looking to compete with the existing 57th Street ‘Billionaire’s Row,’ it doesn’t mean that new construction has stopped on 57th Street. Properties like the much talked about 90 story One57 tower are still under construction as is the new Steinway tower with luxury condos that will be located on top of a new Nordstrom department store. As construction projects such as this continue to take off, it seems as though the once confined ‘Billionaire’s Row’ of Manhattan will soon be making an even larger impact on New York City.
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