Why This NYC Apartment Costs $28.5 Million

Why This NYC Apartment Costs $28.5 Million


Narrator: A couple months
ago, I was scrolling through YouTube and saw
this video of an apartment on Billionaires’ Row in New York City. It’s on the 41st floor
of this ultra-luxurious tower called One57. Sitting right off West
57th Street with views of Central Park, it’s listed at a whopping $28.5 million. It’s hard to comprehend
why it’s so expensive and if there’s even a market for it. So I reached out to the
realtor, Ryan Serhant, hoping he could help me unpack the world of Billionaires’ Row. You may recognize Ryan from Bravo’s “Million Dollar Listing.” And he invited me uptown to
check out One57 for myself. Ready, we’re going there. One57 towers almost a thousand
feet above West 57th Street. But before the building opened
in 2014, this wasn’t really a residential street. It was known for Carnegie
Hall, tourists, and delis. But One57 put West 57th Street on the map, breaking records for listing prices and coining the street Billionaires’ Row. The first 27 floors of One57 are reserved for the five-star Park Hyatt hotel, but the next 48 are residential. Walking in, I was
actually pretty surprised by how homey it felt. Yeah, the lobby was classy,
but there was this familiar and casual buzz of people just
living their normal lives, and that was really nice. We took the elevator to the 41st floor and met Ryan at apartment 41D. Ryan Serhant: Hello. Welcome to One57. Narrator: Right away, it’s gorgeous. 12-foot ceilings, exquisite decor, and that new building smell. But it’s those views that
obviously add to the price tag. Serhant: This unit that
we’re in right now, 41D, is a duplex. It’s got five bedrooms,
five and a half bathrooms, and it has an outdoor covered garden. Narrator: Apparently, that outdoor garden, or the solarium, is a rare
architectural feature. Serhant: The building
kinda curves as it goes up. It keeps stepping back,
you create these rooms. So you can sit here, you can get a tan, for the 41st floor on Billionaires’ Row. It’s totally crazy. Narrator: Just off the
solarium, there’s a private terrace, and it’s one
of just two apartments in the building with an outdoor space. After the views and
solarium, the duplex layout of the apartment keeps
the price tag ticking up. The second floor has four bedrooms, including the master suite,
with arguably better views than the floor below. The en suite master bathroom
is made completely of marble, imported from Italy, of course. You’ve got a walk-in
shower, free-standing tub, and two toilets, you know, just in case. Back downstairs, the
massive eat-in kitchen had a couple hidden features. Serhant: Like this looks
like it might be cabinetry, but it blends in. These are actually your bar stools. Serhant: Right? Around every corner, there
was some new design element. A fluffy chair, a perfectly sized rug, that optimized the space. It made for this relaxed, luxurious vibe. And, of course, none of
that was by accident. Serhant: And even if the
buyer has $30 million to spend, you’d be amazed at how
unimaginative they can be. So, we have to show them. And everyone we’ve shown
this apartment to would take it fully furnished,
’cause they just love it. Narrator: Buyers can choose to keep all of the staged furnishings,
and thank goodness, the price tag includes the furniture. But what’s a billion-dollar building without amenities to match? On the 31st floor, residents
get a giant amenities space all to themselves. There’s a billiards room,
screening room, gym, and a pool, with music piped in from
Carnegie Hall across the street. But the never-ending
climbing wall was definitely my personal favorite. This isn’t what I anticipated doing today. Since its construction, One57
has pushed up real estate prices across the neighborhood. From 57th Street to 59th
Street between Park Avenue and Broadway, median
sale prices rose 64.3% from 2010 to 2018. Compare that to the median
sale price in Manhattan as a whole, which increased just 25.7% in the same amount of time. Historically, if you had money
and influence in New York, you bought property in Central
Park West, in one of those classic limestone buildings
with views of the park. But the problem for modern developers was those buildings couldn’t be
torn down or built higher. But on West 57th Street,
developers could go tall. Super tall. In 2010, developer Extell
started construction on a project that was pretty outlandish at the time. In the midst of a real estate
downturn, they broke ground on a nearly thousand foot
megatower on West 57th Street. Overlooking Central Park,
One57 would completely alter the skyline. Serhant: What no one really
knew when this building first came up was, are the views of Central Park gonna be so important that
someone would be willing to live on 57th Street,
which is a really, really, really busy street? The answer was “yes.” Narrator: The penthouse apartment of One57 sold in 2014 for a
staggering $100.5 million. Bought by Michael Dell,
it broke the record for the most expensive
home in New York City and solidified the street
as Billionaires’ Row. And if you look up and down
West 57th Street today, mega luxury tower
construction isn’t slowing. 220 Central Park South,
Central Park Tower, and Steinway Tower are all new
developments on 57th Street that tower over the skyline. These buildings are pushing
the boundaries of height, luxury, and price, but not
everyone is excited about it. In addition to the altered skyline, some real estate experts worry
the market’s been tapped out. Manhattan home sales
dipped by 14% in 2018, and 57th Street’s newest
construction, Central Park Tower, has dropped prices. Experts warn these could
be signs of an oversupply of luxury apartments
without a demand to match. But Ryan doesn’t seem to be worried. 41D at One57 has only been
on the market for a year Which isn’t a long time
for million dollar listings And for the world’s
billionaires Ryan says, it’s more affordable than
towers down the street. Serhant: I think to the rest
of the world, $28.5 million probably seems like a lot of money, and it definitely is, don’t get me wrong. It’s the world that we live in. I mean, New York City, 57th
Street, park-facing apartments, the realm of reality
that we find ourselves in every day, is that people
are willing to spend $100 million for less bedrooms than what we’re offering on this floor. It’s crazy. Narrator: Personally, that kinda price tag is unfathomable, but the
people buying an apartment here aren’t just looking
for a place to live. They’re purchasing a
stake in some of the most expensive real estate in the world and buying into the brand
of Billionaires’ Row.

100 thoughts on “Why This NYC Apartment Costs $28.5 Million

  1. The person who buys this place won't have any of the worries or complaints anyone In this comment section will. The place will be a quick way to get home from work when they stay In NY and then it will be empty when they travel to one of their other luxury accommodations throughout the world.

  2. 0:20…. why the HELL are there wrinkles in that rub. For $28.5M, you would think that you get a hold of some rugs without wrinkles.

  3. Just feel like listening to "Brotha Bron7e".. Trumpet Sound……I really like the part with Jericho when the wall fell…

  4. 28 million and live in concrete jungle? not worth it!
    I would love to live in nature..by a lake surrounded by trees birds chirping and all

  5. You can already build a tall/huge building in the center of the capital of the Philippines with $28.5M o_O (youre earning and at the same time, you can make the top floor all yours as your home)

  6. New York is overrated…over priced…over taxed…over populated and full of Democrats who do not like fixing the roads. Why spend 28 million on this place.

  7. Crappy views. You are basically staring at other buildings through your windows. I would be super depressed living there. That’s New York for you.

  8. Looking at that fat ass of the woman just spoilt my pleasure of watching. Gonne buy something else…

  9. imported from italy of course. this is so dumb. there is great white marble (and other beautiful colours) in georgia, alabama and so on. but hey, italy just sounds so much better. rich people are sometimes easily fooled. i mean yeah, carrara marble is exquisite, but show me a layperson that can distinguish it from sylacauga for example.

  10. i don't hate rich people and you should enjoy your money. but some of these features are just stupid gimmicks. those barstools? the electronic climbing wall? carnegie hall broadcasts? what if i want some free jazz? 30 mil and no free jazz option? thanks but no thanks.

  11. You can feed a whole country for that money., and it looks like fish aquarium., impersonal, cold, inhuman., and cold as ice. No sale for me at all!! Not even for free!

  12. 30 million is a bit much for an apartment that doesn’t have its own pool, gym, or even entertainment area but I still get why it’s a lot. Maybe the price could drop in the future. Between 20 and 24 seems fair.

  13. 28 million in a rat infested city that stinks, over looking an obstructed view of central park where the homeless sleep.

  14. Why cant a rich billionaire break ground on a new sky scraper for affordable housing aimed at addressing the housing crisis? Thats what new york needs, not another empty luxury tower.

  15. Do you know what kinds of monstrosities I could build or buy on a piece of property anywhere but NY for 28 million?

  16. Sucker's are born everyday…When the Next Big Depression comes Very Soon..All these Mega Million dollar residences will be packed with homeless people, drug dealers, dirty illegals, squatters, trash and ratts Galore….I feel sorry for all these 1%'s…their going to be walking Targets of the Have Nots !

  17. I stayed at a hotel in NY, and 40 floors up, I could still clearly hear the sound of cop cars and ambulances every 20 minutes.

  18. Would never ever want to live in New York and spend that amount of money to live in that energy where all you see rushing people, cars, buildings , police sirens, homeless people, rat race….life is too short for same superficial routine and fake reality….I would rather have a small cabin house by the lake with lots of land and forest with lots of nature and green fields of fresh grass, air, peaceful energy and positive vibe….

  19. I tried to convert the 28.5 million to my local currency (Dominican Pesos) and my cellphone calculator gave me an error LOL

  20. The future owner can put down let's say 20% which is $5,7 millions. NYC annual appreciation rate is about 10%, so let's say in 3 years the apt will be appraise at $37,050,000.. If the Rates are low (like this days) they can refi the apt and take probably $8,000,000 TAX FREE out of the equity. That's a Huge cash on cash return for just 3 years even taking into account the mortgages and expenses for that period. And in NYC this type of properties do have lots of tax advantage (not sure this days after Trump tax reform)

  21. These so called 20 million Condos in New York?. What a waste of money even if you have it and I'm a native new Yorker. And if you have 28 million dollars for a simple apartment, Save your money. And if you one spend $200, you can take a helicopter ride to see the view of New York City.

  22. Even if I become a millionaire, I will not put my money on this shit for that much. You never know where another plane coming.

  23. One wonders who is able to afford such places. America. Foreign dignitaries on foreign aid money, Some American ceos  whose pharmaceutical company makes millions getting Americans on drugs, people who can live in billionaire's row, got their money in some manner that the vast majority of us would not be so ruthless about.

  24. Just stupidity to pay that much for a crap apartment, with crappy views . If someone is dumb enough to pay that, they can never enjoy it, because they would be constantly working to pay the taxes and other amenities. Wow the stupidity of the rich and stupid ! Pay that kind of money better have a private beach or waterfall attached with a 50 acre radius.

  25. Was interested until they added the .5 onto the the 28 Billion… Pure price jacking, it's the principle of the thing you know.

  26. Ha moi les gratte-ciel ..depui le 11septembre2001 avec tout le luxe du monde no..et surtout pas a New-York .il a pas que des avions mes imaginer un tremblement de 🌎

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