Manhattan’s 57th Street has officially earned its prestigious moniker, “Billionaires’ Row,” solidifying its status as the world’s most expensive street for luxury properties. A recent study has revealed that this iconic Midtown thoroughfare, renowned for its collection of supertall luxury buildings erected over the past decade, leads the globe in high-end real estate transactions.
According to a comprehensive report by Douglas Elliman and Knight Frank, 57th Street boasts an impressive 41 homes sold for over $25 million since 2015. This figure surpasses every other street worldwide, firmly establishing 57th Street Manhattan as the epicenter of ultra-luxury real estate.
The study meticulously tallied sales data to identify the world’s most exclusive addresses. Notably, New York City’s prominence in the luxury market is underscored by the inclusion of four of its streets within the top 10. Joining 57th Street are Central Park South, Park Avenue, and Fifth Avenue, all registering double-digit sales of properties exceeding the $25 million benchmark in the past five years.
Globally, the ranks of the most expensive streets are populated by Hong Kong’s Mount Nicholson Road, Mount Kellett Road, and Conduit Road; London’s Grosvenor Square; the Pacific Coast Highway in Malibu, California; and South Ocean Boulevard in Palm Beach, Florida.
However, 57th Street Manhattan stands apart. The 41 qualifying transactions along this famed street – home to architectural marvels like One57, 432 Park Ave., 111 W. 57th St., and Central Park Tower – command an astounding average price of $38.5 million.
Luxury residential skyscrapers Central Park Tower, One57, and 111 West 57th Street on Billionaires' Row in Manhattan, confirming 57th Street as the world's priciest real estate.
One notable deal that significantly contributed to 57th Street Manhattan‘s leading position is the substantial $91.5 million acquisition by hedge fund magnate Bill Ackman. This purchase, finalized in early 2015, secured Ackman a sprawling 13,500-square-foot duplex within the prestigious One57 tower, located at 157 W. 57th St.
While 57th Street Manhattan leads in the sheer volume of ultra-luxury sales, nearby Central Park South closely trails in third place with 32 transactions exceeding $25 million. Interestingly, although Central Park South recorded fewer sales in this category between 2015 and 2019, its average transaction price was even higher than 57th Street, reaching $44.9 million. A standout sale on Central Park South is Citadel CEO Ken Griffin’s record-breaking $238 million purchase of a roughly 24,000-square-foot residence at 220 Central Park South in early 2019. This deal not only set a new benchmark for the most expensive home ever sold in New York City but also became the priciest dwelling ever acquired in the United States.
Park Avenue and Fifth Avenue further cement New York City’s dominance in the luxury real estate market, securing fourth and seventh positions respectively in the global ranking. Park Avenue witnessed 20 sales above $25 million, with an average sale price of $43 million, while Fifth Avenue recorded 10 such sales, boasting a higher average of $55.7 million.
Mirroring New York’s concentration of high-end properties, Hong Kong also features prominently in the Top 10 list with three streets. Mount Nicholson Road in Hong Kong secured the second spot globally, registering 35 sales exceeding $25 million and achieving the highest average sale price among all streets worldwide at an astonishing $81.8 million.
However, despite fierce global competition, 57th Street Manhattan definitively reigns as the world’s most expensive street, a testament to its unparalleled collection of luxury residences and its enduring appeal to the world’s wealthiest individuals.
