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Why This NYC Apartment Costs $28.5 Million

Published on Feb 20, 2019 1,382,071 views

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 YouTube 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
  • C r gun Gun
    C r gun Gun 1 месяц назад 28.5 million in Alabama buys you a Alabama!!
  • NFL YoungBoy
    NFL YoungBoy 1 месяц назад C r gun Gun finna go to Mobile Alabama next week then to New Orleans
  • gangstalishis
    gangstalishis 1 месяц назад yeah whats in alabama, thats what i thought.
  • M G
    M G 1 месяц назад C r gun Gun Nobody wants to buy Alabama or anything in it.
  • Duan coviero
    Duan coviero 1 месяц назад 🤣🤣🤣🤣
  • Marush Denchev
    Marush Denchev 1 месяц назад That may be ... but do you really wanna buy Alabama? Thats a lot of incest to handle.
  • Akash
    Akash 1 месяц назад It can also get you a bunch of step sisters in Alabama...
  • Outro: Tear
    Outro: Tear 1 месяц назад oh please those hicks will settle for some chewing tobacco and a box of beers
  • Liu Tze Long
    Liu Tze Long 1 месяц назад Except then you’d be in Alabama
  • Buttonhorse
    Buttonhorse 1 месяц назад Damn! That’s real talk rite there😂😂😂
  • Rusty Shackleford
    Rusty Shackleford 1 месяц назад Apparently none of the jackasses talking bad about Alabama have never been here. I’ve been to that shithole NY and you can find a hell of a lot friendlier people here than there. No rats running around on the sidewalks and the incest bullshit is typical northern jackasses just running their mouth. Pretty sure West Virginia in the incest capital of the country. But by all means, keep on coming with your deluded bullshit 😂👍🏻
  • Brian The Explorer
    Brian The Explorer 1 месяц назад Who would want to buy that poor inbred state
  • Willy Choc_Ganja
    Willy Choc_Ganja 1 месяц назад (изменено) Rusty Shackleford Thanks!!Born and raised in Alabama, it is a great place to visit and live. So much misconceptions about this place!
  • Willy Choc_Ganja
    Willy Choc_Ganja 1 месяц назад Brian The Explorer there is insect everywhere. Why is incest made out to only happen in Alabama, lol!
  • Jeff Cooper
    Jeff Cooper 1 месяц назад M G then why does everyone keep moving south?
  • Jeff Cooper
    Jeff Cooper 1 месяц назад Marush Denchev uggh muh elitism idk why i thought any other crowd would be watching vids on million dollar apartment in nyc,btw studies show incest is highest in arab communities.
  • Degenerates Like You Belong On a Cross
    Degenerates Like You Belong On a Cross 1 месяц назад @Marush Denchev with a name like marush you shouln't be talking about incest
  • Alan Frayser
    Alan Frayser 1 месяц назад Include all the cousins and we got a deal
  • Alex Muncatchy
    Alex Muncatchy 1 месяц назад @Rusty Shackleford You can keep it, Rusty. I live in Detroit and EVERYONE loves to make fun of us. So, I know how you feel.
  • Mgoblagulkablong
    Mgoblagulkablong 1 месяц назад I'll take 5 Alabamas then
  • Michael
    Michael 1 месяц назад 28.5 million doesn't even buy Alabama's best football coach.
  • dinkyboss
    dinkyboss 3 недели назад Jeff Cooper they’re broke
  • Blake Hardy
    Blake Hardy 3 недели назад So much shade for Alabama here. lol Roll Tide anyway I guess
  • Galactic123
    Galactic123 3 недели назад Yeah, but then you're stuck with Alabama
  • Jeff Cooper
    Jeff Cooper 3 недели назад dinkyboss maybe we have dif definitions of broke but every yankee i know that moved south lives in at least a 2 mil mansion they actually wanted to get their moneys worth and live happy without minorities or a city thats why they move south they literally tell everyone
  • mauzzy
    mauzzy 3 недели назад i would rather live in Alabama than stinky rat NY
  • C r gun Gun
    C r gun Gun 3 недели назад @mauzzy good luck
  • taylor may
    taylor may 3 недели назад go bama! ROLL TIDE!
  • 8PMFORMULA
    8PMFORMULA 3 недели назад Then you would be stuck living with the people of Alabama. Who wants to do that?
  • Martin Mane
    Martin Mane 3 недели назад Lol!
  • bordiguy
    bordiguy 3 недели назад Lol 😂
  • Ryaken
    Ryaken 3 недели назад it buys you incest harem
  • grumpy old fart
    grumpy old fart 3 недели назад I'd be afeared of home invasion if I lived there. I hear New York is a high crime area. You can't buy my school bus in Possum Trot, Kentucky for any price. It's got too much sentimental value. Me and all 14 of my brothers and sisters were born here.
  • Symon Alex
    Symon Alex 3 недели назад well as legends say, sweet home alabama
  • Jacob Fuerst
    Jacob Fuerst 3 недели назад I live in Huntsville and I can guarantee that all the people dumping on Alabama have never been here and are just a bunch of anti-Southern bigots. I live in between where NASA is and wheee the Army repairs all its Blackhawks. Pretty much everyone I know is an aerospace engineer.
  • grumpy old fart
    grumpy old fart 3 недели назад @Jacob Fuerst I live in Possum Trot Kentucky, right between the moonshine 'still and the meth lab. Pretty much everyone I know is in jail.
  • Jeffrey Bozko
    Jeffrey Bozko 3 недели назад @NFL YoungBoy what is a finna?
  • BabyBang17datruth
    BabyBang17datruth 2 недели назад *an Alabama
  • Jeffrey Bozko
    Jeffrey Bozko 2 недели назад @BabyBang17datruth *oen Alabwama
  • Joshua Powell
    Joshua Powell 2 недели назад @M G this is correct
  • HERPY DERPEDY
    HERPY DERPEDY 2 недели назад (изменено) @Akash They just step sisters bro... BRRROOOOOOO
  • AK Jay
    AK Jay 2 недели назад That’s a waste of money
  • Drake Drones
    Drake Drones 2 недели назад C r gun Gun 🤣🤣🤣🤣🤣🤣🤣🤣
  • canopeaz
    canopeaz 2 недели назад lol
  • Hakeem Sd70M
    Hakeem Sd70M 2 недели назад @Rusty Shackleford Hell yeah! I lived in Birmingham for 3 years and I'd much rather move back to Alabama than capitalist and gang-infested New York City!
  • Tony Nguyen
    Tony Nguyen 2 недели назад Alabama is a fast growing area. Ya'll should invest in property here! Especially north Alabama. Living is affordable that's why everyone is moving here. and it's not as hick as you would think. Well, not in some places anyways. xD.
  • C r gun Gun
    C r gun Gun 2 недели назад @Tony Nguyen it's just a joke
  • Jpr0wl3y
    Jpr0wl3y 2 недели назад C r gun Gun have you banged your sister yet?
  • Lost in Tennessee
    Lost in Tennessee 2 недели назад The only time Alabama sees 28.5 million is when they go to buy their college football players
  • Alexi Flørěz
    Alexi Flørěz 2 недели назад 😂👌🏼
  • Trilmonté
    Trilmonté 2 недели назад The one thing about Alabama is that you can legally bang 16 year old girls.
  • Frantuzzi Berg
    Frantuzzi Berg 2 недели назад C r gun Gun 😂😂😂😂😂😂
  • MOB MOB
    MOB MOB 2 недели назад look at all these bama haters , I love Alabama .
  • Robert North
    Robert North 2 недели назад @Michael roll tide roll!!
  • Robert North
    Robert North 2 недели назад @Jeff Cooper then there's these people who say things like " get away from minorities" that explains why our beautiful state of Alabama had the name it does. Idiot
  • Pat Wilder
    Pat Wilder Неделю назад Ewwwww Alabama.. yuck
  • Divaliciousbeauty123
    Divaliciousbeauty123 Неделю назад No one wants anything to do with Alabama
  • The Art
    The Art Неделю назад @Rusty Shackleford I went to Alabama when I was child from France; I thought it was amazing :)
  • Bernard's Channel
    Bernard's Channel Неделю назад An*
  • C r gun Gun
    C r gun Gun Неделю назад @Bernard's Channel haha.
  • Javi Hillis
    Javi Hillis Неделю назад The only thing worth buying in bama is Yelawolf.. lol jkjk
  • Manhwa Fan
    Manhwa Fan 3 дня назад How does it feel to know that one rich dude can buy your whole state, and evict you if he ever just feels like it?
  • PizzaCougar
    PizzaCougar 3 дня назад So true. I live in Alabama and that is a lot of money. Mountain Brook being the most expensive city to live in within the state lines, the richest people may only pay about $2 million for a house.
  • Americus Patrioticus
    Americus Patrioticus 2 дня назад @Rusty Shackleford , Let the idiots keep talking. The less they know, the longer the real American states will remain affordable.
  • Mike Jones
    Mike Jones 3 недели назад 28.5 mil to look over a park and watch homeless people sleeping
  • Huy Vũ Quang
    Huy Vũ Quang 2 недели назад @Zapranoth damn :)))) that's just hilarious and sad at the same time.
  • rgaud8
    rgaud8 2 недели назад They live above the homeless viewing zone.
  • Jason Voorhees
    Jason Voorhees 2 недели назад Thank you for pointing that out. Those views are crap. The neighboring buildings are ugly AF. Putting yourself 1000 feet above a crappy view just means you can see more crap.
  • Corey Deluna
    Corey Deluna 2 недели назад its to look down on the peasants haha
  • Mike Jones
    Mike Jones 2 недели назад @Corey Deluna well they will be watching you then
  • UsirRaMaroon
    UsirRaMaroon 2 недели назад Don't be so obtuse, those apartments also come with the hunting license and amenities to shoot the homeless from the comfort of their apartment. In season of course.
  • Corey Deluna
    Corey Deluna 2 недели назад @Mike Jones of course i am nothing special lol
  • Mike Jones
    Mike Jones 2 недели назад @UsirRaMaroon relax Andy Dufresne
  • Mike Jones
    Mike Jones 2 недели назад @Corey Deluna you are very special Jesus loves you , he created you perfectly
  • Prishey Zeas
    Prishey Zeas 2 недели назад Smart perspective. 👍
  • Alvin Melancon
    Alvin Melancon 2 недели назад And new Yorkers laught at los angeles homes
  • Nick
    Nick 2 недели назад Most likely will be bought by a liberal democrat New Yorker, who only talks about helping the poor, while hoarding wealth for himself.
  • largol33t1
    largol33t1 2 недели назад AND pay higher prices on absolutely everything. LMAO. This apartment would be almost 25% cheaper if built in any of the other states except Florida or California.
  • Frantuzzi Berg
    Frantuzzi Berg 2 недели назад Mike Jones You nailed it sir! 😂😂😂
  • Avea Illium
    Avea Illium 2 недели назад No one can see what's happening down there.
  • Antoine Nichols
    Antoine Nichols 2 недели назад Touche
  • Mike Jones
    Mike Jones 2 недели назад @Nick exactly! AOC will probably move in
  • Mike Jones
    Mike Jones 2 недели назад @Frantuzzi Berg thank you brother
  • OtherSideOfTheVoid
    OtherSideOfTheVoid 2 недели назад *dying
  • Oliver 2000
    Oliver 2000 Неделю назад Its to make rich people feel even more superior, probs open a window and piss on them on a saturday night.
  • Yoink Yer salmon
    Yoink Yer salmon Неделю назад Ha ha ha so funny what a scumbag u are if u were homeless you wouldn’t be laughing u sick individual
  • C H
    C H Неделю назад Nick That's a republican, democrats are the homeless ones.
  • The debt collector
    The debt collector Неделю назад Mike Jones That’s the best part you get to pretend to imagine how cold they are but not really 😂
  • Roshes aii
    Roshes aii Неделю назад The best comment of 2019 so far