Tower attracts the superrich

From the main living room of the apartment that occupies the 85th floor of One57, New York's Central Park seems to roll out like a giant green carpet. Photographs by Chang W. Lee / The New York Times

One57, a 306-meter tower under construction in Midtown Manhattan, will soon hold the title of New York's tallest building with residences. But without fanfare from its ultraprivate future residents, it is cementing a new title: the global billionaires' club.

The buyers of the nine full-floor apartments near the top that have sold so far are all billionaires, said Gary Barnett, the president of the Extell Development Company, the building's developer.

The top-floor penthouse, which spans over 1,000 square meters, sold for about $95 million, a city record. Another duplex is under contract for more than $90 million. The other seven apartments range in price from $45 million to $50 million.

The billionaires' club includes several Americans, at least two buyers from China, a Canadian, a Nigerian and a Briton, according to Mr. Barnett and brokers who have sold apartments in the building, at 157 West 57th Street.

"The scale of wealth in this building is just unheard-of," said Jonathan J. Miller, president of Miller Samuel, a property appraiser. "Despite all the problems economically, you are seeing these people invest in real estate unlike in any period that has ever happened."

The cost of entry into the club now exceeds $50 million for the remaining four full-floor apartments, Mr. Barnett said.

After Extell provided a reporter with an exclusive look at the 360-degree views that the owners of the full-floor apartments will experience late next year, it was not hard to understand the appeal of One57.

The 580-square-meter apartment the reporter visited was bought by an American who already owned "some of the best real estate in the world," said Nikki Field, the Sotheby's International Realty broker who represented the buyer.

The building seems almost centered along the south end of Central Park. From the 85th-floor apartment's main living room, the park seems to roll out like a giant green carpet. On a clear day, you can see all the way to the Bronx section of the city. The Atlantic Ocean pokes out over the horizon. To the northwest, the gentle bend in the Hudson River is visible. Closer in, you can see the grassy terrace of the penthouse at 15 Central Park West.

To the south, a resident standing in what will be a bathroom with his-and-hers showers and toilets will look out on the Empire State Building, the World Trade Center complex and the Statue of Liberty, not to mention the electronic billboards in Times Square.

As New York has emerged from the downturn, high-end real estate has become a magnet for the world's superrich, who are looking for investment returns and a safe haven from thornier economic conditions in their home countries.

Said Ms. Field, "A lot of what is happening at One57 is about wealth preservation."

The New York Times

The tower, at 157 West 57th Street, will be New York's tallest building with residences when completed.