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
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...