Why This NYC Apartment Costs $28.5 Million

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  • Published on Feb 20, 2019
  • We set out to find out why this apartment is $28.5 million and learn about the history of New York's real estate market along the way. The reality TV star and top NYC broker Ryan Serhant delves into the details of the super-rich real-estate and who the buyer could be.
    Following is a transcript of the video:
    Narrator: A couple months ago, I was scrolling through TheXvid and saw this video of an apartment on Billionaires' Row in New York City. It's on the 41st floor of this ultra-luxurious tower called On e57. Sitting right off West 57th Street with views of Central Park, it's listed at a whopping $28.5 million. It's hard to comprehend why it's so expensive and if there's even a market for it. So I reached out to the realtor, Ryan Serhant, hoping he could help me unpack the world of Billionaires' Row. You may recognize Ryan from Bravo's "Million Dollar Listing." And he invited me uptown to check out On e57 for myself. Ready, we're going there. One57 towers almost a thousand feet above West 57th Street. But before the building opened in 2014, this wasn't really a residential street. It was known for Carnegie Hall, tourists, and delis. But One57 put West 57th Street on the map, breaking records for listing prices and coining the street Billionaires' Row. The first 27 floors of One57 are reserved for the five-star Park Hyatt hotel, but the next 48 are residential. Walking in, I was actually pretty surprised by how homey it felt. Yeah, the lobby was classy, but there was this familiar and casual buzz of people just living their normal lives, and that was really nice. We took the elevator to the 41st floor and met Ryan at apartment 41D.
    Ryan Serhant: Hello. Welcome to One57.
    Narrator: Right away, it's gorgeous. 12-foot ceilings, exquisite decor, and that new building smell. But it's those views that obviously add to the price tag.
    Serhant: This unit that we're in right now, 41D, is a duplex. It's got five bedrooms, five and a half bathrooms, and it has an outdoor covered garden.
    Narrator: Apparently, that outdoor garden, or the solarium, is a rare architectural feature.
    Serhant: The building kinda curves as it goes up. It keeps stepping back, you create these rooms. So you can sit here, you can get a tan, for the 41st floor on Billionaires' Row. It's totally crazy.
    Narrator: Just off the solarium, there's a private terrace, and it's one of just two apartments in the building with an outdoor space. After the views and solarium, the duplex layout of the apartment keeps the price tag ticking up. The second floor has four bedrooms, including the master suite, with arguably better views than the floor below. The en suite master bathroom is made completely of marble, imported from Italy, of course. You've got a walk-in shower, free-standing tub, and two toilets, you know, just in case. Back downstairs, the massive eat-in kitchen had a couple hidden features.
    Serhant: Like this looks like it might be cabinetry, but it blends in. These are actually your bar stools.
    Narrator: Around every corner, there was some new design element. A fluffy chair, a perfectly sized rug, that optimized the space. It made for this relaxed, luxurious vibe. And, of course, none of that was by accident.
    Serhant: And even if the buyer has $30 million to spend, you'd be amazed at how unimaginative they can be. So, we have to show them. And everyone we've shown this apartment to would take it fully furnished, 'cause they just love it.
    Narrator: Buyers can choose to keep all of the staged furnishings, and thank goodness, the price tag includes the furniture. But what's a billion-dollar building without amenities to match? On the 31st floor, residents get a giant amenities space all to themselves. There's a billiards room, screening room, gym, and a pool, with music piped in from Carnegie Hall across the street. But the never-ending climbing wall was definitely my personal favorite. This isn't what I anticipated doing today. Since its construction, One57 has pushed up real estate prices across the neighborhood. From 57th Street to 59th Street between Park Avenue and Broadway, median sale prices rose 64.3% from 2010 to 2018.
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    Why This NYC Apartment Costs $28.5 Million

Comments • 2 991

  • Ber P.
    Ber P. 7 hours ago

    I wish the inhabitants to be robbed, raped and their children rpped apart

  • Ber P.
    Ber P. 7 hours ago

    Only nouveaux riches riff raff and other subhuman entities would pay that amount for that dump in the middle of nowhere

  • William Maklaren

    Ha moi les gratte-ciel ..depui le 11septembre2001 avec tout le luxe du monde no..et surtout pas a New-York .il a pas que des avions mes imaginer un tremblement de 🌎

  • Jorge B
    Jorge B 2 days ago

    If you have this video in youtube it is because nobody bought the apartment yet. Good luck, hahahahaha!!

  • Raymond Parsley
    Raymond Parsley 2 days ago

    Was interested until they added the .5 onto the the 28 Billion... Pure price jacking, it's the principle of the thing you know.

  • Zaneta Horvatovavavarenzanetavndor

    Datsohivimuvar

  • Zaneta Horvatovavavarenzanetavndor

    Vilenkomchut

  • Zaneta Horvatovavavarenzanetavndor

    Vilenvarmarhelhaldarchelzinselghustbannunojcheldatnic

  • Meat Lady
    Meat Lady 3 days ago +1

    MAYBE
    10MIL
    THATS IT

  • p Sirisha
    p Sirisha 4 days ago

    Just a park..so what's special about it

  • Julie Scott
    Julie Scott 5 days ago

    Why do people say realator? Ugh 😑

  • Jett Rink
    Jett Rink 7 days ago

    I've seen all good people turn their heads away so satisfied I'm on my way.

  • Tomb Girl
    Tomb Girl 8 days ago

    Just stupidity to pay that much for a crap apartment, with crappy views . If someone is dumb enough to pay that, they can never enjoy it, because they would be constantly working to pay the taxes and other amenities. Wow the stupidity of the rich and stupid ! Pay that kind of money better have a private beach or waterfall attached with a 50 acre radius.

  • Laspi Group
    Laspi Group 10 days ago +1

    Why? Because Central Park) Ahahahah) Genious)

  • tom deininger
    tom deininger 11 days ago

    One wonders who is able to afford such places. America. Foreign dignitaries on foreign aid money, Some American ceos whose pharmaceutical company makes millions getting Americans on drugs, people who can live in billionaire's row, got their money in some manner that the vast majority of us would not be so ruthless about.

  • Demetrius Davis
    Demetrius Davis 12 days ago

    I guess you have to see it in person 🤷🏽‍♂️

  • Jefferson Douyon
    Jefferson Douyon 14 days ago

    Even if I become a millionaire, I will not put my money on this shit for that much. You never know where another plane coming.

  • Imran Zahir
    Imran Zahir 16 days ago

    Costly.But not Beautiful.

  • radman R
    radman R 17 days ago

    Five and a half bedrooms

  • it's ok it's ok
    it's ok it's ok 19 days ago +1

    These so called 20 million Condos in New York?. What a waste of money even if you have it and I'm a native new Yorker. And if you have 28 million dollars for a simple apartment, Save your money. And if you one spend $200, you can take a helicopter ride to see the view of New York City.

  • The FireBlaster L0L
    The FireBlaster L0L 19 days ago

    When u realize ur so broke that u been watching other people living there lives

  • Geoffrey Manneck
    Geoffrey Manneck 20 days ago

    The future owner can put down let's say 20% which is $5,7 millions. NYC annual appreciation rate is about 10%, so let's say in 3 years the apt will be appraise at $37,050,000.. If the Rates are low (like this days) they can refi the apt and take probably $8,000,000 TAX FREE out of the equity. That's a Huge cash on cash return for just 3 years even taking into account the mortgages and expenses for that period. And in NYC this type of properties do have lots of tax advantage (not sure this days after Trump tax reform)

  • I'AmNoWeeb
    I'AmNoWeeb 21 day ago

    that half of net worth of creatour of naruto

  • Ruth Solis
    Ruth Solis 22 days ago

    I tried to convert the 28.5 million to my local currency (Dominican Pesos) and my cellphone calculator gave me an error LOL

  • Abbas Ahmed
    Abbas Ahmed 22 days ago

    i dont even 20000 usd so how can i even stay for a night

  • David Kool
    David Kool 24 days ago

    Would never ever want to live in New York and spend that amount of money to live in that energy where all you see rushing people, cars, buildings , police sirens, homeless people, rat race....life is too short for same superficial routine and fake reality....I would rather have a small cabin house by the lake with lots of land and forest with lots of nature and green fields of fresh grass, air, peaceful energy and positive vibe....

  • Todd Strandberg
    Todd Strandberg 24 days ago +1

    I stayed at a hotel in NY, and 40 floors up, I could still clearly hear the sound of cop cars and ambulances every 20 minutes.

  • J walking
    J walking 24 days ago

    It’s videos like these that remind me why I desperately need a sugar daddy (I’m a straight guy)

  • Jean Edson
    Jean Edson 24 days ago

    Simple answer: because it’s NYC

  • Nick S
    Nick S 25 days ago

    Those are some crazy ass pants she’s wearing.

  • Dimonlight 101
    Dimonlight 101 27 days ago

    This is not worth 28 million

  • Google Account
    Google Account 29 days ago

    UPTOWN??? 57th street??? Bro for her above Central Park south is an unknown land of crime and poverty

  • Phatastic Meemo
    Phatastic Meemo Month ago

    Having a view of any city does nothing for me. Maybe I'm just too used to beautiful views of mountain ranges.

  • Userzxcvn
    Userzxcvn Month ago

    In Texas you could get it for $1 million

  • Douglas Fox
    Douglas Fox Month ago

    Sucker's are born everyday...When the Next Big Depression comes Very Soon..All these Mega Million dollar residences will be packed with homeless people, drug dealers, dirty illegals, squatters, trash and ratts Galore....I feel sorry for all these 1%'s...their going to be walking Targets of the Have Nots !

  • iris shalurhad
    iris shalurhad Month ago

    Do you know what kinds of monstrosities I could build or buy on a piece of property anywhere but NY for 28 million?

  • T
    T Month ago

    Now why woudnt I buy a mansion instead?

  • matt bardot
    matt bardot Month ago +4

    $28 million to share the elevator, lobby, gym and pool with other people 😂 sounds like a hotel room

  • TheSmartGuy
    TheSmartGuy Month ago

    With all that money is better to buy private island in my opinion

  • Frank V
    Frank V Month ago

    Decoration is so ugly

  • Lo Kiwi Na
    Lo Kiwi Na Month ago

    The answer is because it’s in NYC obviously

  • John Texas
    John Texas Month ago

    Having to live in filthy, rat-infested NYC makes a compensated price about $100K.

  • Kin W
    Kin W Month ago

    Is a ripped off prices. Not worth it.

  • Vegan Sloth
    Vegan Sloth Month ago +2

    20.5 mil to jack off to the sleeping penguins in the park zoo

  • D Radar
    D Radar Month ago

    $28,000,000.00 Most people don't make that much in their entire life!

  • Gene Simmons
    Gene Simmons Month ago

    Can I set up a sniper's nest to pick off africans and mexicans?!?!

  • mariyume
    mariyume Month ago +1

    It looks like a penis with one ball.

  • Failed Math Tests
    Failed Math Tests Month ago

    ryan is highkey attractive and that is what I came here for

  • Raul Duke
    Raul Duke Month ago

    28 million .....
    Some people never leave high school.

  • Anthony D
    Anthony D Month ago +1

    Why cant a rich billionaire break ground on a new sky scraper for affordable housing aimed at addressing the housing crisis? Thats what new york needs, not another empty luxury tower.

    • Smokey 420
      Smokey 420 Month ago

      I agree with you.
      Let the homeless live there for free for it would solve the homeless problem in the city of New York.

  • captproc
    captproc Month ago

    "It has two toilets"...bruh one's a bidet...

  • Sippin Wid Sharlele
    Sippin Wid Sharlele Month ago +3

    Even if I was rich I don’t think I would spend that much on an apartment it just seems crazy to me

  • Jul ly
    Jul ly Month ago +1

    Is it 28.5 a month or not?

  • Mr11ESSE111
    Mr11ESSE111 Month ago

    it costs because of location and otherwise if it is not location it would cost 2% of its price now

  • Pequitas
    Pequitas Month ago

    Where will I parked my car 🚗? Traffic in that area is crazy 😜

  • Whitney Novela
    Whitney Novela Month ago

    I'm just imagining the flight of Stairs one has to go down when the elevators aren't working

  • OrderedFiber43
    OrderedFiber43 Month ago

    Coulda bought the building for 100 million....

  • Jovany De La Flamé

    28 million in a rat infested city that stinks, over looking an obstructed view of central park where the homeless sleep.

  • NoVaKane
    NoVaKane Month ago

    Because people will pay high price for something identical to a lower priced variant

  • eli gonzalez
    eli gonzalez Month ago

    Ill walk around commando all day in this condo