New York’s Billionaires’ Row Named the World’s Most Exclusive Street

New York’s Billionaires’ Row, 57th Street in Manhattan, where most of the city’s super-tall luxury residential towers are located, was ranked the most exclusive residential location by two global leading brokerages.

The street, which is the address for luxury developments such as 432 Park, One57, Central Park Tower and the Steinway Tower, among others, has registered 41 residential transactions over $25 million in the last five years, at an average sales price of $38.5 million, according to a report published Tuesday by Knight Frank in association with Douglas Elliman.

To rank the world’s most exclusive streets and areas, the two brokerages analyzed sales data from their respective offices, government registries and other real estate sources in global gateway cities from 2015 to June 2019. All the currencies were converted to U.S. dollars at the exchange rate as of June 28, 2019.

Hong Kong’s Mount Nicholson Road on the Peak took second place with 35 sales valued above $25 million in that five-year period. However, it had the highest average sales price, at a whopping $81.8 million.

“Achieved prices on Mount Nicholson and the Peak are sustainable—our research has shown that luxury prices are a lot less sensitive to economic conditions than mass market prices,” David Ji, director and head of research and consultancy of Knight Frank Greater China, said in a statement.

New York’s Central Park South, Park Avenue and Fifth Avenue took third, fourth and seventh places, respectively, on the top 10 list. Another two ultra-prime residential locations in the U.S. were Pacific Coast Highway in Los Angeles and South Ocean Boulevard in Palm Beach, Florida, each with 10 transactions above $25 million.

Known as Palm Beach’s Billionaires’ Row, South Ocean Boulevard has attracted wealthy buyers due in part to the favorable tax laws and the ultra-luxe lifestyle this area offers, according to Jay Phillip Parker, chief executive of Douglas Elliman’s Florida Brokerage. The street, home to President Trump’s Mar-a-Lago, has seen record-breaking transactions this year, including the sale of a $110 million oceanfront home, La Follia.

Los Angeles’s Pacific Coast Highway had 10 residential sales over $25 million in the last five years, including two over $100 million transactions, according to the report.

 

Top 10 Ultra-Prime Streets
City          Street  # of $25M-plus sales    Average sales price
New York          57th Street          41        $38.5M
Hong Kong         Mount Nicholson Road         35         $81.8M
New York         Central Park South         32         $44.9M
New York         Park Avenue         20          $43.0M
London       Grosvenor Square        13          $45.5M
Hong Kong        Mount Kellett Road       10          $64.8M
New York         Fifth Avenue       10          $55.7M
Los Angeles      Pacific Coast Highway – Malibu       10          $49.2M
Hong Kong       Conduit Road        10          $43.4M
Palm Beach       S Ocean Boulevard       10          $34.5M

 

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