Hot properties in New York with a cool price tag

One57, a scheme which will soon be New York's tallest residential building, is attracting the world's rich and famous

The One57 tower in Manhattan, New York. Victor Blue / Bloomberg News
Powered by automated translation

Fancy rubbing shoulders with some of the richest and most famous men and women in the world?

Starting at a cool US$45 million (Dh165.2m) per apartment, the 92 flats at One57, a 306-metre tower in mid-Manhattan, are being touted as next year's hottest exclusive address for the global elite.

The $1.5 billion building at 157 West 57th Street, which will soon become the tallest apartment block in New York City, is being built by Extell Development Company, which is owned by the former diamond trader Gary Barnett.

Speculation is raging about the identities of the 40 buyers who have purchased homes in the building so far - including two posh maisonettes under offer for north of $90m apiece.

This week, The New York Times revealed the identities of two of the first residents, the Montreal clothing magnate Lawrence Stroll and his business partner Silas Chou. Celebrities linked to the building include the actor Denzel Washington, the singer Sting and the sports broadcaster Bob Costas.

New York brokers are now targeting the UAE and the wider Arabian Gulf region, confident the building's high profile and luxurious fit-out will attract rich Middle East buyers. (However, suggestions the Qatari prime minister Sheikh Hamad bin Jassim bin Jabr Al Thani had bought one of the penthouses were quickly denied by the developer.)

Horacio LeDon, a former executive at Starwood Capital with his own brokerage in New York, visited the UAE last week to drum up interest in the scheme in Abu Dhabi and Dubai. "Traditionally, Arabic buyers tend to purchase overseas properties in London rather than New York," he said. "However, we are starting to see an increase in the number of Arabic buyers purchasing in Manhattan over the past year.

"This is partly because developers in New York are starting to build the sort of stock which appeals more to high net-worth individuals from overseas, as buildings in the Midtown area are being developed as luxury housing schemes," he said.