For global jet set, One57 is 'practically a steal'

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The New York Times takes a look at the seemingly insatiable appetite for ultraluxury apartments in Manhattan and concludes that even as prices “stretch into the stratosphere,” global buyers are attracted by prices that look “relatively cheap compared to other cosmopolitan cities around the world” — at least when measured by the square foot.

“One57 is practically a steal at an average price of more than $6,000 a square foot,” the Times notes, citing recent sales in Monaco ($8,850 per square foot), Hong Kong ($8,779) and West London ($9,500 per square foot).

The Gothamist’s Christopher Robbins ridicules that baseline, relying as it does on “a goddamned principality” (Monaco), a “rarefied special administrative region in the world’s fastest-growing economy” (Hong Kong) and “a town whose center has been almost exclusively colonized by invisible billionaires” (London). Source: gothamist.com