Long-term residents of the so-called Billionaire's Row are increasingly leaving the stretch as rapid, high-end development is transforming their neighborhood.
In recent months, resales of condos and co-ops are up 83.9% in the second quarter, according to the New York Daily News.
"This is a case of a rising tide lifting all boats,” Alan Lightfeldt, a data scientist at StreetEasy, told the newspaper. “There’s certainly more interest in properties on the 57th St. corridor, which used to melt into the rest of Midtown. Now, it’s quite a powerful address."
Asking prices in the new towers on 57th Street, such as One57 at 157 West 57th Street, are soaring, reaching $6,000 per square foot. Other new developments include 111 West 57th Street, 227 West 57th Street and the Robert A.M. Stern-designed 220 Central Park South.
Apartments in older buildings on the same street are much cheaper, the paper reported. Units at the Osborne and Alwyn co-op buildings, according to the newspaper, are below $2 million.
[NYDN]