Billionaires’ Row
And fortunes of the ultra-rich. Billionaires’ Row, where almost half the luxury apartments are empty, but they’re not.
A Billionaires’ Row, area of skyscrapers residential luxury near the south end of Central Park, in New York, became a symbol of extreme wealth — but also reduced occupancy.
According to estimates from real estate companies, almost half of the apartments in the city’s seven tallest residential buildings are currently empty, including units in the Central Park Tower, completed in 2020 and considered the tallest residential building in the Western Hemisphere at more than 470 meters.
Development of this strip began in the early 2010s, with projects such as One57, 432 Park Avenue and 220 Central Park South.
All were launched on the market throughout the same decade, in a race for the ultra-luxury segment that culminated in the early sale of the Central Park Tower, even before the works were completed.
Despite the prestige and location, the prices helped to slow down the pace of sales: the average asking price is around 30 million dollars (around 25.2 million euros).
The slow flow remains visible. As of 2023, Central Park Tower still has 87 unsold apartments.
At the beginning of 2025, the developer Extell Development will have refinanced 18 of these units with a loan of 270 million dollars (227.6 million euros), signaling that absorption continues to be below expectations.
Even so, the apartments sold ended up mostly in the hands of ultra-rich people from various geographies.
And for many of these buyers, the units do not function as a primary residence — or even a secondary one — but as instruments for preserving wealth.
Instead of being seen as houses, these properties are treated as real estate “safes”: assets denominated in US dollars, capable of protecting capital against inflation, exchange rate volatility and political instability in other countries.
Furthermore, these properties can serve as a guarantee to obtain liquidity, reinforcing their financial role, describes the .
In the world of great wealth, luxury real estate in Manhattan is often seen as a “safe haven” asset, comparable to gold or high-end artmore oriented towards conserve value than to generate income.
Another determining factor is the discretion. Many purchases are made through limited liability companies (LLC), which allows the identity of the owners to be hidden.
This opacity is especially attractive to public figures or great international fortunes, who seek to avoid media scrutiny and limit the visibility of their capital flows.
This results in the phenomenon of “ghost towers”: dark and uninhabited apartments for much of the year. For many owners, renting is not worth it.
The potential return is irrelevant given the hassle of managing tenants and the risk of wear and tear on properties kept in immaculate condition.
Keeping them empty guarantees total conservation and immediate availability for sale or mortgage.
Among the names associated with Billionaires’ Row are Ken Griffin, from Citadel, who purchased a quadruple penthouse in 2019 for $238 million at 220 Central Park South, and Michael Dell, from Dell Technologies, who purchased a penthouse at One57 in 2014 for $100.5 million.
There are also international buyers, such as Saudi Fawaz Alhokair, Hong Kong businessman Silas Chou and British singer Sting.
The result is an enclave of extreme luxury, but with intermittent human presence. With 24-hour concierge services and, in some cases, private chefs, the buildings remain on standby for residents who often barely show up.
“Ghost residents”. They own the view — but they don’t appear.
