Shopping for a bargain on New York’s Billionaires’ Row

World

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

Joshua Chaffin

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.

With foreign buyers unable or unwilling to even visit the US to shop for real estate, Barnett expects to take a hit on three of his residential projects — he won’t say which. On others he may just break even after undertaking the Herculean task of erecting a new building in Manhattan...

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