Billionaire's Row

NYC’s New Price Champion: The $110 Million Quadplex in the World’s Skinniest Tower

By Columbus International,9 April 2025

A new listing in Manhattan’s iconic Steinway Tower becomes the city’s priciest home on the market

In a city known for architectural superlatives and eye-watering real estate prices, a new champion has emerged. A spectacular four-level penthouse in Manhattan’s needle-like Steinway Tower has just hit the market for $110 million, making it the most expensive home currently for sale in New York City.

The Ultimate Billionaires’ Row Address

Located at 111 W. 57th St. on the exclusive stretch known as Billionaires’ Row, this extraordinary “quadplex” spans the 80th through 83rd floors of what is officially the world’s skinniest skyscraper. The property, listed Thursday according to StreetEasy, offers 11,480 square feet of interior space along with 618 square feet of outdoor terraces.

What makes Steinway Tower particularly remarkable is its slenderness ratio of 1:24, meaning it’s 24 times taller than it is wide—a feat of engineering that earned it the title of world’s skinniest skyscraper. For comparison, the Empire State Building has a slenderness ratio of just 1:3. The tower’s distinctive pinnacle, resembling a feather, has become an instantly recognizable addition to the Manhattan skyline since the building opened in 2022.

A Blank Canvas for the Ultra-Wealthy

The vacant penthouse currently features five bedrooms and six full bathrooms, with soaring 14-foot ceilings and floor-to-ceiling windows that provide panoramic views of the city. Studio Sofield designed the suggested floor plan, but notably, the $110 million asking price includes a complete buildout and redesign according to the buyer’s specifications.

Each floor serves a distinct purpose in the current layout:

The first level (80th floor) contains a grand entry hall and south-facing kitchen with terrace access
The second level houses four ensuite bedrooms, a lounge area, and wet bar
The third level is dedicated to a massive 2,800-square-foot primary suite with dual bathrooms clad in gray and white onyx
The fourth level “crown suite” is designed for entertaining, featuring a bar, private screening room, service kitchen, and outdoor terrace

A Rarified Market Segment

True quadplexes are exceedingly rare in Manhattan. The most notable comparable property is hedge fund billionaire Ken Griffin’s approximately $238 million quadplex at 220 Central Park South, purchased in 2019—a deal that still holds the record for the most expensive home ever sold in the United States.

Lead listing broker Nikki Field of Sotheby’s International Realty explained to Bloomberg that the Steinway Tower penthouse was originally configured as two separate duplexes before the decision was made to combine them into this unprecedented offering.

Timing the Ultra-Luxury Market

The listing emerges as Manhattan’s ultra-luxury market experiences a significant uptick amid limited inventory. Previously, neighboring Central Park Tower held the title of most expensive listing with units priced at $250 million (later reduced to $195 million) and $150 million, but neither remains on the market today.

Steinway Tower itself has seen a remarkable sales resurgence. Since Nikki Field’s team at Sotheby’s took over marketing in summer 2024, the building has been “rebranded, repriced and restaffed,” resulting in $187 million in contracts currently in progress, including eight deals signed this year alone. Among those is Penthouse 72, which commanded $56 million.

“I’m looking for Jeff Bezos 2.0 at 111,” Field told The Post, referencing her previous sale to the Amazon founder at 212 Fifth Avenue.

The launch of Penthouse 80 represents a vote of confidence in the tower’s sales momentum after a challenging beginning. Despite initial sluggish sales following its 2022 opening, Field indicated to Bloomberg that the penthouse was strategically held back until market conditions improved.

“This very healthy luxury spring market,” Field said. “We had no excuses to delay the launch.”

The Developers Behind the Tower

Steinway Tower was developed through a collaboration between JDS Development Group, Property Markets Group, and Apollo Commercial Real Estate Finance. With 59 total units, each occupying at least one full floor, the building stands as the second-tallest residential tower in the United States.

As Manhattan’s luxury real estate market continues its strong performance in early 2025, all eyes will be on whether this architectural marvel’s crown jewel can secure its $110 million asking price—and perhaps on which billionaire might soon call it home.

Source: New York Post

Better Than Billionaires’ Row? Why NYC’s Top Developers Are All-In On A Tiny Patch Of Madison Avenue

By Columbus International,4 April 2025

INTERNATIONAL REAL ESTATE ADVISORY

With prestigious offices in New York, Miami, Milan, and Florence, Columbus International offers unparalleled expertise in international real estate investments. Contact our expert agents today to explore exceptional opportunities across both continents: info@columbusintl.com

The following analysis is provided as market intelligence for investors considering opportunities in Manhattan’s evolving luxury real estate landscape. Columbus International maintains connections with premier developers across global financial centers and offers bespoke investment advisory tailored to high-net-worth individuals seeking cross-continental portfolio diversification.

Manhattan’s ultra-luxury real estate chess match has entered a new phase. The city’s most influential developers are executing calculated moves on a concentrated five-block stretch of Madison Avenue, positioning this micro-district as New York’s next pinnacle of high-end real estate—a strategic play that could redefine the upper echelons of the market.

Elite developers Extell and Related are concentrating unprecedented capital on Madison Avenue’s five-block corridor, orchestrating the Plaza District’s transformation into Manhattan’s next dominant luxury and financial nucleus.
The development pipeline features a sophisticated blend of ultra-premium condominiums, flagship retail destinations, and Class A+ office space, with luxury conglomerates like Prada, Kering, Chanel, and financial titan JPMorgan securing strategic positions.
Price metrics reveal market confidence: new residential offerings commanding upwards of $8,000 per square foot position this corridor as the destination of choice for ultra-high-net-worth investors and residents.

The Billion-Dollar Micro-Market

The five-block radius spanning Madison Avenue from 57th to 61st Streets is experiencing a strategic development intensification unprecedented in recent Manhattan history, according to market analysis from Bisnow. Anchored by meticulously planned ultra-luxury developments from market leaders Extell Development and Related Companies, market indicators suggest this corridor could soon eclipse the established Billionaires’ Row in both prestige metrics and price-per-square-foot benchmarks.

This focused investment wave is catalyzing a $15-20 billion transformation of the broader Plaza District, historically a cornerstone of Manhattan’s corporate and luxury retail infrastructure. The district’s unique geographical advantages—Central Park adjacency combined with Fifth Avenue retail proximity—have created ideal conditions for this new influx of global capital and ultra-high-net-worth residents.

Strategic Assets Under Development

The transformation centers around three pivotal properties:

655 Madison Avenue: Extell Development has initiated demolition of a 200,000-square-foot tower and four adjacent structures to create a site for a proposed 37-story mixed-use development. While current plans incorporate hotel, retail, office, and residential components, market sources indicate potential for a more ambitious supertall structure, positioning the property as a cornerstone asset in the corridor.
625 Madison Avenue: Related Companies is replacing its former corporate headquarters with a 68-story supertall featuring 101 ultra-luxury residential units complemented by premium amenities and flagship retail space. The development timeline projects completion by 2032, establishing a long-term market presence.
660 Madison Avenue: The former Barneys New York flagship location remains strategically vacant under Ashkenazy Acquisition’s ownership. Market analysis suggests the firm is positioning for either a premier luxury retail tenant or potentially developing a competitive offering to challenge Extell and Related’s projects across Madison Avenue.

Luxury Ecosystem Consolidation

The development acceleration follows strategic moves by luxury retail conglomerates. Late 2023 saw Prada and Kering execute approximately $2 billion in property acquisitions on adjacent Fifth Avenue parcels, while Chanel and LVMH continue competitive positioning for nearby locations. Rolex is developing a 28-story corporate headquarters, and Dior is creating a seven-floor flagship complete with spa facilities within LVMH’s East 57th Street tower.

This luxury retail concentration coincides with exceptionally tight office market conditions along Park Avenue, where financial institutions including Citadel, JPMorgan, and leading private equity firms are securing premium space at rates exceeding $150 per square foot—creating a density of high-income professionals unmatched elsewhere in the city.

The corridor’s inherent advantages stem from its established luxury infrastructure, with existing high-end retail, culinary destinations, and cultural assets creating an environment that appeals to discerning ultra-wealthy residents and companies. Unlike emerging luxury districts requiring complete ecosystem development, Madison Avenue offers developers the opportunity to enhance an already prestigious neighborhood with vertical density and contemporary premium offerings.

Market Trajectory

As inventory constraints intensify and price benchmarks elevate, competitive dynamics are accelerating across developer, tenant, and buyer segments as stakeholders position to secure strategic assets within the corridor. The rapid pace of landmark property transfers and building repositioning indicates heightened market confidence in the district’s long-term premium valuation.

New residential developments are achieving record pricing metrics—with condominium offerings surpassing $8,000 per square foot—solidifying the corridor’s status as Manhattan’s premier destination for ultra-high-net-worth capital.

Investment Outlook

The transformation of this strategic Madison Avenue section represents a significant inflection point in New York’s evolving luxury real estate landscape. The concentration of development activity by established market leaders with proven luxury project execution indicates strong institutional confidence in the corridor’s potential as Manhattan’s next frontier for ultra-premium real estate.

While market analysis remains divided on whether this emerging district will complement or compete with established Billionaires’ Row properties, the scale of current investment commitments signals that leading developers are strategically reallocating capital to these five blocks of Madison Avenue—a calculated bet on Manhattan’s next luxury epicenter.

Source: Bisnow

De Niro’s Ex-Wife Sells Central Park West Co-Op at $2.9M Loss

By Columbus International,10 March 2025

In a notable shift within Manhattan’s luxury real estate market, Grace Hightower has finalized the sale of her Central Park West residence for $18 million, according to public records. The transaction represents a $2.9 million loss from the $20.9 million that Hightower and her former husband, actor Robert De Niro, originally invested in the property in 2006.

The five-bedroom duplex in the prestigious Brentford building was initially listed at $20 million in May, reflecting the current downward pressure on Manhattan’s co-op market. Leonard Steinberg of Compass, who represented the listing, acknowledged to the Wall Street Journal that “co-ops have gotten pretty beaten-up, pricewise” — a sentiment supported by recent market data.

The 5,700-square-foot residence underwent significant renovations following a 2012 fire that rendered it uninhabitable for approximately a year. During this period, Hightower and De Niro temporarily relocated to luxury rentals in the West Village and at 15 Central Park West.

This high-profile transaction occurs amid a broader market trend showing significant divergence between luxury and entry-level co-op segments. According to Miller Samuel data, co-ops with four or more bedrooms have seen median prices fall from $4.9 million last year to $3.5 million in 2024, while studio apartments have maintained relatively stable valuations around $420,000.

The property features premium Central Park views from its corner primary bedroom, complete with three walk-in closets. Four additional bedrooms occupy the northwest wing of the upper level, with entertaining spaces including a formal living room, dining room, and eat-in kitchen on the lower floor.

The Brentford’s prestigious address at 88 Central Park West has attracted numerous celebrities, including musician Sting and photographer Annie Leibovitz, who similarly sold her unit at a loss last February for $10.7 million. Interestingly, the unit purchased by Hightower and De Niro in 2006 was previously owned by disgraced film producer Harvey Weinstein.

While Hightower manages this real estate transition, De Niro has shifted his investment focus toward commercial development with his Wildflower Studios project in Queens. The $1 billion, 765,000-square-foot film production complex completed construction last year, positioning the actor as a significant player in New York’s entertainment infrastructure.

Source: The Real Deal

Royal Acquisition: King Charles III Expands Commonwealth Real Estate Portfolio with Manhattan Luxury Condo

By Columbus International,12 July 2024

In a move that blends royal prestige with prime New York real estate, King Charles III has reportedly acquired a luxurious condominium in one of Manhattan’s most coveted addresses. According to recent filings with city finance records, a unit in the landmark Steinway Hall portion of 111 W. 57th St. on Billionaires’ Row has been purchased for $6.63 million, with the buyer listed as “His Majesty the King in Right of Canada, Represented by the Minister of Foreign Affairs.”

The acquisition, first reported by The Real Deal and Crain’s, marks the final sale in the historic building and adds a touch of royal flair to the already star-studded Billionaires’ Row. The property, unit 11A, boasts three bedrooms, 4.5 bathrooms, and spans an impressive 3,601 square feet.

While the exact purpose of the property remains unclear, with the deed mentioning Canada in what appears to be a purchase for the Commonwealth nation, the acquisition underscores the continued appeal of New York’s luxury real estate market to high-net-worth individuals and sovereign entities alike.

The unit’s features align with the expectations of ultra-luxury real estate:

An elegant foyer with stone floors
Spacious living and dining areas
A gourmet kitchen outfitted with Cristallo Gold quartzite countertops and Gaggenau appliances
A primary bedroom with an expansive walk-in closet and a marble-clad bathroom featuring a copper soaking tub
Two additional en-suite bedrooms
A study with its own bathroom

Residents of 111 W. 57th St. enjoy world-class amenities, including:

An 82-foot swimming pool with private cabanas
Sauna and treatment rooms
A state-of-the-art fitness center
Private dining facilities with a chef’s kitchen
A residents’ lounge with a terrace

This royal investment comes as the ultra-luxury real estate market continues to demonstrate resilience, even in the face of economic uncertainties. The property’s location on Billionaires’ Row, known for its concentration of super-tall, super-luxurious residential towers, further cements its status as a blue-chip asset.

As of publication, Buckingham Palace has not responded to requests for comment on the acquisition or its intended use. The involvement of Robert McCubbing, senior trade commissioner and director of trade and investment at the Canadian consulate in New York, who signed the deed on behalf of King Charles, adds an intriguing diplomatic dimension to the transaction.

This high-profile purchase not only highlights the enduring allure of Manhattan’s luxury real estate but also raises interesting questions about the strategic expansion of royal and Commonwealth property holdings in key global financial centers.

Source: The New York Post
Photo via Optimist Consulting