New York City’s reputation for luxury and extravagance is once again cemented as 57th Street in Manhattan officially earns the title of the world’s most expensive street. This prestigious designation comes from a recent study highlighting the concentration of ultra-high-end property sales along this iconic Midtown thoroughfare. Known as “Billionaires’ Row,” 57th Street is lined with stunning supertall luxury buildings, making it a magnet for the global elite and a symbol of unparalleled wealth.
A comprehensive report by Douglas Elliman and Knight Frank meticulously tracked sales of homes exceeding $25 million since 2015. The findings unequivocally place 57th Street at the top, boasting an impressive 41 such transactions – surpassing any other street globally. This Midtown Manhattan corridor has become synonymous with opulent living, attracting billionaires and discerning buyers seeking the pinnacle of luxury real estate. It’s noteworthy that New York City dominates the list of priciest streets, with three additional locations joining 57th Street in the top ten.
Alongside 57th Street, Central Park South, Park Avenue, and Fifth Avenue also demonstrated robust sales activity in the $25 million-plus property market over the past five years. These iconic New York avenues underscore the city’s enduring appeal to the world’s wealthiest individuals. The global ranking of most expensive streets further includes Hong Kong’s Mount Nicholson Road, Mount Kellett Road, and Conduit Road, as well as London’s Grosvenor Square, the Pacific Coast Highway in Malibu, California, and Palm Beach, Florida’s South Ocean Boulevard. However, none could match the sheer volume of high-value transactions seen on 57th Street Nyc.
The 41 remarkable deals closed on 57th Street, home to architectural marvels like One57, 432 Park Ave., 111 W. 57th St., and Central Park Tower, reached an astounding average price of $38.5 million. These gleaming new-construction condo towers have redefined the Manhattan skyline and become emblems of ultra-luxury living. One transaction that significantly contributed to 57th Street’s leading position is hedge-fund magnate Bill Ackman’s notable $91.5 million acquisition of a sprawling 13,500-square-foot duplex at One57, located at 157 W. 57th St. This deal, finalized in early 2015, exemplifies the caliber of properties and buyers that define the 57th Street real estate market.
Luxury condo towers on 57th Street NYC including Central Park Tower, One57 and 111 W. 57th St, locations of high-value real estate transactions.
Central Park South secured the third spot in the ranking, closely following 57th Street with 32 sales exceeding $25 million. A standout transaction on Central Park South is Citadel head Ken Griffin’s record-breaking $238 million purchase of a roughly 24,000-square-foot apartment within the exclusive 220 Central Park South. This deal, completed in early 2019, not only established a new benchmark for the most expensive home ever sold in New York City but also claimed the title of the priciest residence ever acquired in the United States.
Despite Central Park South recording fewer $25 million-plus sales than 57th Street during the 2015-2019 period, its average transaction price was notably higher at $44.9 million. This indicates the presence of exceptionally high-value properties along Central Park South, even if the volume of transactions was slightly less than 57th Street NYC.
Park Avenue and Fifth Avenue claimed the fourth and seventh positions on the prestigious list, respectively. Park Avenue witnessed 20 sales surpassing $25 million, with an average sale price of $43 million, while Fifth Avenue registered 10 such sales, achieving a remarkable average of $55.7 million. These figures further emphasize the concentration of luxury real estate wealth within Manhattan’s most distinguished avenues.
Similar to New York City, Hong Kong also featured prominently in the Top 10, securing three spots. Mount Nicholson Road in Hong Kong ranked second globally, with 35 sales exceeding the $25 million threshold and achieving the highest average sale price among all streets at $81.8 million. This demonstrates the intense demand and premium values associated with luxury properties in both New York and Hong Kong.
In conclusion, 57th Street in NYC stands as the undisputed champion of the world’s most expensive streets, driven by its collection of iconic luxury towers and a high volume of ultra-premium property sales. While other streets globally boast impressive average prices, 57th Street’s combination of sales volume and average value firmly establishes its dominance in the global luxury real estate market. “Billionaires’ Row” continues to live up to its name, representing the pinnacle of opulent urban living and attracting the world’s wealthiest to its exclusive addresses.
