For evidence that the luxury real estate market has reached the clouds (if not yet the stratosphere), one need look no further than New York City’s Billionaires’ Row. A spate of high-rises going up on or along 57th Street feature marble finishing, jaw-dropping views, and $90 million penthouses (hedge fund titan Bill Ackman and friends are using theirs to throw the occasional party and plan to flip it down the line). This fall one of those properties, a pencil-like tower with a sugar-cone façade at 432 Park Ave., became the tallest residential building in the Western Hemisphere—and also one of the priciest. With its 104 condos, the total asking price for the property in 432 Park is a mind-boggling $3.1 billion. A little context: With that cash, you could buy every residential property in Trenton—and still have money left over to buy a sixth of Toledo, according to data compiled by Zillow for Fortune. From the penthouse windows, the rest of the country has never looked farther away. (Click to enlarge)
Source: City real estate figures compiled by Zillow. They include residential properties both for sale and not for sale. Total 432 Park Ave. Figure reflects the asking price according to the latest filings with the new york attorney general. Rendering of 432 park ave. courtesy of DBOX for cim group and Macklowe properties.
