Shopping for a bargain on New York’s Billionaires’ Row

Covid-19 has hit New York’s luxury market hard, meaning pain for developers, but opportunity for buyers

06 December 2020 - 19:04 By Joshua Chaffin

Gary Barnett is losing money. Over the past decade, the chairperson of Extell Development, New York’s foremost developer of super-luxury properties, has bequeathed to the Manhattan skyline not one, but two of the super-tall towers that have rechristened 57th Street as “Billionaires’ Row”.

In one of those towers, One57, Extell sold the penthouse to computer mogul Michael Dell for a then-record $100,5m in 2014. But now the city’s luxury property market is in the grip of a once-in-a-century pandemic...

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