Interesting story in today's Wall Street Journal looks at "One57" -- a new condo development that targets the world's ultra-affluent and will be the tallest residential tower in NYC.
Designed by French architect Christian de Portzamparc, One57's 95 condos for sale have a combined price tag of $2 billion, or an average per unit of more than $21 million, which would match Manhattan's 15 Central Park West as the most expensive building ever sold.
While a hallmark of the economic downturn has been the collapse of the housing market, the extreme top of residential markets in New York, London, Hong Kong and other select cities has been resilient.
Mr. Barnett says the number of billionaire and multimillionaire investors in the world has never been greater. In addition to Russians and Western Europeans, he says, "you're seeing Latin Americans in a big way. You're seeing Chinese in a big way. You're seeing the return of the Middle Eastern buyer."
Thanks to this demand, the ultraluxury market in select cities is looking healthier than practically any other corner of the housing market.
WSJ.com: Developer Courts the Global Elite
