Billionaire's Row represents a group of ultra-luxury residential skyscrapers directly South of Central Park. Some of the residences within that row of buildings have sold for as much as $238 million dollars. Today, we examine another area that is likely primed to become another Billionaire's Row here in Manhattan - Park Avenue in the 50's. This refers to a stretch of Park Avenue from 50th to 59th streets - just east of Billionaire's Row and South of Park Avenue on the Upper East Side, which has limited commercial and retail amenities such as stores, gyms and coffee shops. In this video, I examine many factors that make Park Avenue in the 50's stand out above the rest. 432 Park Avenue, an infamous 1400 foot tall skyscraper, is already a part of this exclusive neighborhood.
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00:00 Support for commercial to residential conversion
01:50 High vacancy rates
02:45 REBNY has started pitching residential conversions
03:12 Why are Class B and C buildings less desirable?
04:37 75% of apartments in NYC are co-ops
07:09 Billionaire's Row in Manhattan
08:22 The luxury and exclusivity of Park Avenue
08:52 740 Park Avenue, a residence for billionaires
09:26 The preferences of buyers have changed
10:39 Park Avenue in the 50's
12:52 Affordable housing will be limited
13:18 New Billionaire's row in Midtown East
14:42 Thanks for watching!
