New York real estate is soaring, and there's no better proof than One57.

One of the penthouses in the 1,004-foot-tall residence has officially closed for $100.5 million, making it the most expensive apartment ever sold in NYC and the first to surpass $100 million.

Located on the 89th and 90th floors, the penthouse has 11,000 square feet, six bedrooms, a steam room, a library, and an indoor movie theater. 

Residents will also have access to the amenities in the Park Hyatt hotel, which takes up the first 39 floors of the building. But if they don't want to mix with the commoners, One57 owners can also use their own 20,000-square-foot amenities floor, complete with a pool, gym, library, and theater.

And though $100 million may seem like a lot, New York's priciest penthouse will most likely prove to be a savvy investment as more expensive homes continue to go on sale. Already, a tower on 520 Park Avenue has a penthouse on the market for $130 million, and prices are only expected to climb.

The buyer of the megaproperty remains a mystery, as do many of the owners in One57. Of the 26 units sold so far, over half of them are owned by limited-liability corporations and trusts to maintain the owners' privacy.

One57 was designed by starchitect Christian de Portzamparc to look like a cascading waterfall. It rises 1,004 feet and 90 stories above 57th Street.

Of the 26 units sold so far, only half of the buyers are known. They include head of BDO Unicon Group Andrey Dubinsky and president of Swanson Health Products Leland Swanson.

The Park Hyatt hotel will occupy the first 39 floors of the building, and the 95 condos of One57 will fill the rest of the space.

The wealthy have lots of good reasons to invest their money in New York's residential real-estate market, panoramic views and strong returns among them.

But another perk — incredibly low taxes for some penthouse buyers — have people furious.

The latest, most egregious example is the penthouse at ultra-luxury highrise One57, which just sold for a record $100.5 million.

That apartment will receive a 95% tax cut, saving the mystery buyer an estimated $360,000 in taxes annually, according to The New York Times.

The tax cut comes from a controversial housing program known as 421-a. It offers huge tax breaks that can last up to 25 years for luxury properties, as long as the developers also build affordable and moderate-income apartments.

But the 44-year-old program has been criticized for stimulating the luxury market only, costing the city billions in lost taxes and allowing developers to “double-dip” by receiving benefits for future luxury projects with previously built affordable housing units.

In fact, the tax cuts are so extreme that US attorney Preet Bharara launched an investigation into the 421-a program after a state investigation on whether developers were receiving tax breaks in exchange for political contributions was abruptly shut down by Governor Andrew Cuomo.

The investigation is said to be focused on Extell Development and One57, which has tax abatements worth at least $35 million.

Though it’s always been a source of contention, the debate is heating up surrounding 421-a since the housing program is up for renewal this June. New York City Mayor Bill de Blasio is expected to revise the program to offer tax benefits only to towers that set aside affordable units within the building, according to The Times.

The de Blasio administration pledged to build 80,000 units of affordable housing over the next 10 years.

SEE ALSO: Inside One57, where New York's most expensive penthouse just sold for a record-breaking $100 million

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The founder of China’s largest private airline company paid $47.4 million for a full-floor condo at Extell Development’s’s One57.

Guoqing Chen, co-founder of HNA Group, closed on the 86th floor unit on Jan. 21, paying $7,645 per square foot for the luxury condo, according to property records filed with the city today. 

Public documents list the buyer One57 86 LLC, but Chen’s name is listed on the $30.2 million mortgage. The mortgage, from China Citic Bank International Limited, also names Pacific American Corporation, of which he is CEO and vice president. Pacific American is a subsidiary of HNA Group.

Chen entered into contract in December 2011, putting down a 5 percent deposit. The condo was originally offered for $46.5 million according to an offering plan filed with the Attorney General’s office. The full-floor unit measures 6,200 square feet and has four bedrooms and four bathrooms. 

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Gary Barnett’s Extell Development was hit with a stop-work order at One57 after a 4-by-4 sheet of Plexiglas fell from the building over the weekend, hitting two parked cars.

No one was injured.

The Plexiglas fell at 5:15 p.m. on Sunday night, according to the Wall Street Journal. 

The incident marks the third time that glass or plexiglas has fallen from the luxury tower, which is expected to complete construction within a few months.

In late February, glass from One57 landed on a neighbor’s terrace, and last May, a windowpane also fell from the 22nd floor, landing in the street.

“We have been miraculously lucky that there hasn’t been any casualties or serious injuries,” Layla Law-Gisiko, who heads the local community board’s task force about concerns that Billionaires’ Row towers are casting shadows over the park, told the Journal. 

“Glass is not falling from the building nor are windows falling from the building,” a spokesperson for Extell and its construction manager Lend Lease said.

“This was a straight piece of Plexiglas, not glass related to the curved facade, which became dislodged.”

In January, the Department of Buildings issued a stop-work order at Macklowe Properties’  432 Park Avenue after an eight-foot-long pipe fell from the 81st story. 

SEE ALSO: Inside One57, where New York's most expensive penthouse just sold for a record-breaking $100 Million

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Billionaire hedge-fund manager Bill Ackman dropped $91.5 million on a luxury One57 apartment last month, together with a group of investors.

It's the second-most expensive apartment sale in New York City — ever. But Ackman says he bought it "at a very attractive price."

Before speaking at the 2015 Sohn Investment Conference on Monday, he told Bloomberg's Stephanie Ruhle that the apartment is an "investment."

"I think it’s the best apartment in the world," said Ackman, who does not intend to ever live there.

The six-bedroom, 13,554-square-foot unit is located on the 75th and 76th floors of the swanky One57 condo, reports The Real Deal.

Ackman told Ruhle he thinks he got the place cheap because apartments overlooking New York's Central Park usually go for $10,000 per square foot. At $91.5 million, he only paid $6,750 per square foot.

Initially, Ackman said he bought the apartment "for fun."  Now it sounds like he's changing his tone. He said he lives in a normal "family" apartment.

Want to know what Ackman's place looks like? Step inside One57, where New York's most expensive penthouse just sold for a record-breaking $100 Million

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Move over 15 Central Park West — there's a new most expensive building in town.

One57, the 90-floor supertall skyscraper in midtown Manhattan, has been crowned the new most expensive building in Manhattan as of 2015, according to a report by CityRealty.

The building's average price per square foot for the year was $6,010, while last year's most expensive, 15 Central Park West, came in at only $5,726.

It's no surprise the skinny skyscraper is breaking records. It's located on a stretch of 57th Street known as "Billionaire's Row," and for most of its existence, it's been a magnet for foreign millionaires and billionaires trying to get in on the New York real estate boom.

Though the identities of most of the buyers of units in the buildings are shielded by limited-liability corporations, the New York Times was able to sniff out two billionaire buyers: Canadian Lawrence S. Stroll and Silas K. F. Chou of Hong Kong.

A buyer named Doijang Li, who is likely a Chinese national, picked up a $30 million condo this year, according to the Real Deal, and a Chinese airline exec Guoqing Chen paid $47.4 million for another space in the supertall. Another Chinese national, Tao Liu, paid $3.56 million for an apartment in 2012, but tried to flip it in 2014 for a profit.

Hedge fund star Bill Ackman was also identified as the buyer of a $90 million slice by The Wall Street Journal — one of the most expensive apartment sales in New York ever. New York's most expensive sale in history was also in One57, where a mystery buyer dropped $100.47 million on a top-floor duplex earlier this year.

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Who would want to pay tens of millions to live in a full-floor apartment hundreds of feet above the city within a super-tall, ultra-svelte building?

The answer, it seems, is fewer people than developers had hoped.

With a cooling market, units left unsold, and developers being forced to slash prices, it seems the golden age of New York City real estate is over, a recent report in The New York Times warns.

Nowhere is this more obvious than on what was only recently christened "Billionaire's Row." This area around 57th Street in Midtown Manhattan was so named for its cluster of extremely tall apartment buildings ostensibly catering to the elite with 360-degree Manhattan views and top-notch finishes.

Construction was booming just two years ago, but there now seem to be more high-end apartments available than there are interested buyers.

On Billionaire's Row, "it's not just slow — it's come to a complete halt," Dolly Lenz, a real-estate broker catering to super-rich individuals, told The Times.

Of course, these condos had price tags to match, some even stretching into nine figures. These apartments were often used as a safe, steady place to stash capital rather than as an actual space to live. In years prior, buildings like One57 and 432 Park Avenue attracted foreign investors who hid behind shell corporations to conceal their identity.

Now, with an increase of scrutiny on shadowy, identity-hiding corporations by the US Treasury Department, and with new regulations on capital outflow abroad (especially in China), it's becoming harder for foreign investors to use these apartments as investment properties. Pair that with an uncertain global market, and it's clear why the developers of these unique buildings are feeling the pinch.

To sell these units, many of which are now considerably overpriced for the market, many developers are breaking full-floor units in half or adding out-of-the-ordinary bonuses like free yachts and luxury cars. Slashing prices is usually seen as a last resort, but that is happening too.

One of the newest iterations of these buildings, 111 West 57th Street, is even delaying marketing and selling its condos in light of the cooling market, according to Curbed.

Even as the market above $10 million cools, it's unlikely that the average apartment buyer in Manhattan or New York will feel any relief, as the market at $3 million and below remains as heated as ever.

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New York City is famous for its sky-high buildings and similarly steep real-estate prices. One57 — the sleek 73-floor skyscraper in Midtown Manhattan — is no exception.

Nestled on the stretch of 57th Street known as "Billionaires' Row," One57 is officially New York City's most expensive apartment building, with an average price of $6,010 per square foot. In early 2015, One57 broke city real-estate records when one of its penthouses sold for a whopping $100.5 million. It was the most expensive apartment ever sold in New York City, and the first apartment sale to surpass $100 million.

Outside of the billionaire-targeted penthouses, the building also has a lineup of turnkey apartments available at slightly more affordable prices. The turnkey apartments span from floors 32 to 38 and come fully furnished with appliances and linens from the One Collection produced by Extell Designs. Buyers of the turnkey apartments don't have to worry about bringing furniture — all they need to move in is a few suitcases.

We got a peek inside some of One57's turnkey apartments, so see what happened on our tour:

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One57 is in the midst of entertainment venues, tourist attractions, high-end restaurants, and the legendary shopping of Fifth Avenue.

The turnkey collection includes 38 different residences across seven different floors, and they're delivered to the buyer fully furnished. They range from one bedroom for a single occupant or couple to four bedrooms fit for a family.

Once we arrived on the 38th floor, it was easy to see that the view was meant to take center stage. All of the units have floor-to-ceiling windows and incredible, unobstructed views of the city.

A full-floor penthouse in the landmark One57 condo building is headed to the auction block after it was seized under foreclosure, Bloomberg reported.

This is most likely the largest foreclosure in the history of high-end real estate in New York City, experts say.

"I don't know of a foreclosure that's larger than that," Donna Olshan, president of Olshan Realty, told Bloomberg.

The apartment, which was the eighth-priciest sold in the building, will go to auction on July 19.

It was purchased for $50.9 million in 2014, with a $35.3 million mortgage loan from Banque Havilland. It was due to be paid in full a year after purchase, but no such payment was made by the shell company the unit was registered under. Havilland is now forcing the auction to recoup the funds it's missing, plus interest, according to court filings.

One57 is emblematic of New York City's Billionaire's Row, a stretch of 57th Street near Central Park, which in recent years has become a magnet for new condos courting high-priced investment. One57 is considered the most expensive of the new buildings, with record-breaking sales that included a $100.5 million top-floor penthouse.

This is the second apartment in the building to face foreclosure in the last two months. A unit on the 56th floor, which sold for $21.4 million in July 2015, hit the auction block on June 14. It's unclear if the property has changed hands yet.

The foreclosures come as another sign that Billionaire's Row is dead as the Manhattan real estate market above $10 million continues to cool.

A glut of units available with no buyers, combined with an increase of scrutiny on shadowy, identity-hiding corporations by the US Treasury Department, cooled the market considerably last year. With new regulations on capital outflow abroad (especially in China), it's becoming harder for foreign investors to use these apartments as investment properties. Pair that with an uncertain global market, and it's clear why the developers of these unique buildings are feeling the pinch.

On Billionaire's Row, "it's not just slow — it's come to a complete halt," Dolly Lenz, a real-estate broker catering to super-rich individuals, told the New York Times last year.

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The man behind what could be the largest foreclosure in New York City real estate history may have just been revealed.

A full-floor penthouse in the landmark One57 condo building is headed to the auction block after it was seized under foreclosure, and according to the New York Post, Nigerian energy tycoon Kolawole "Kola" Aluko was the buyer of the unit in question. 

The 79th-floor apartment, which was the eighth-priciest sold in the building, will go to auction on July 19. It was purchased for $50.9 million with a $35.3 million mortgage loan from Banque Havilland in 2014. 

Aluko reportedly hasn't made his payments, and Banque Havilland has repossessed the home.

Aluko's yacht, the Galactica Star, was listed as collateral on the loan, but neither he nor the yacht has been seen in some time. This has fueled speculation that he is hiding out on the yacht, according to the Post. Aluko is reportedly on the run from Nigerian authorities seeking to question him on allegations of money laundering. Authorities have attempted to freeze Aluko's assets, but the tycoon claims residency in Switzerland and owns properties all over the world.

Aluko and the Galactica Star were last seen in the Bahamas during Ja Rule's failed Fyre Festival in April. 

Editor's Note: After this story was published, we heard from several readers who claim to have seen the Galactica Star docked at a marina in Playa Mujeres, Mexico.

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In the building known for the city's most expensive residential sale ever (a dizzying duplex on the 89th and 90th floors of the iconic skyscraper at 157 West 57th Street whose $100 million sale closed in 2014), big-ticket buys hardly turn heads. But that same year, the headline-grabbing supertall saw its third-most-expensive unit change hands when the Canadian investor and Ferrari collector Lawrence Stroll dropped $55.6 million on a 6,240-square-foot 85th-floor home in the building's tower.

Now he's put the full-floor pad back on the market for an even more noteworthy $70 million. According to the listing, the apartment had a complete renovation even in its short lifetime — and clearly, Stroll, worth an estimated $2.4 billion spared no expense, including woven suede walls, a sculptural wall by the artist Peter Lane, and a double-sided marble fireplace.

A 29-foot private elevator landing lined with textured stone leads to an entrance hall upholstered in woven suede, all with that "double plunging view" down over Central Park.

A dramatic great room is framed by walls of windows.

A bar and an open dining room are divided by a double-sided fireplace. One wall includes a three-toned ceramic sculpture by the artist Peter Lane.

The kitchen has all the trimmings, of course (including a hidden ceiling TV), but it's the views that take the cake.

Down a long corridor in the south wing you'll find a four-room master suite that spans 1,500 square feet floating above Central Park with the universe stretching out in every direction. You'll also find a fireplace, two dressings rooms, and a double bath with a spa shower and a steam room.

Two more bedrooms are here as well, all en-suite. A corner media room/library has another fireplace and built-in bookshelves — and we haven't even gotten to the office yet (that's next door, with downtown views). Also tucked into the bedroom wing is a laundry room.

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• Michael Dell was reportedly the buyer behind the most expensive home ever purchased in New York City — a penthouse that sold for over $100 million.
• The technology billionaire bought the Manhattan apartment in 2014, but the buyer's identity was unknown at the time.
• The glamorous penthouse represents New York's luxury real estate market as well as Dell's great fortune.

Michael Dell — founder and CEO of Dell Technologies — owns the most expensive apartment ever sold in New York City, and it was a well-kept secret until now.

The Wall Street Journal reports that the tech billionaire was the buyer of the $100.5 million penthouse in One57, according to two people with knowledge of the 2014 sale. Dell's purchase in the 1,004-foot-tall tower is the first — and so far, only — New York apartment to surpass $100 million.

The 73-floor super-tall skyscraper in midtown Manhattan was crowned the most expensive building in New York City in 2015, according to a report by CityRealty. Dell's penthouse near Central Park has 10,923 square feet and includes six bedrooms and six bathrooms.

The glitzy One57 is proof of New York's soaring luxury real-estate market. The building's average price per square foot for 2015 was $6,010, while 2014's most expensive, 15 Central Park West, came in at only $5,726. Dell paid close to $9,000 per square foot for the penthouse.

One57's average price increased 18.5% in the year after Dell made his purchase, while 15 CPW's average decreased 10%.

Forbes puts Michael Dell's current net worth at $23.2 billion. Rumors have been swirling recently that Dell may take his massive company, Dell Technologies, public.

Dell grew up in Texas, where he raised his four children in a 33,000 square foot home known as The Castle. Last year, Dell purchased another penthouse in a Boston luxury building where apartments were selling for $40 million.

At One57, Dell and the other residents have access to the amenities in the Park Hyatt hotel, which takes up the first 39 floors of the building. But if they don't want to mix with hotel guests, One57 owners can also use their own 20,000-square-foot amenities floor, complete with a pool, gym, library, and theater.

Megan Willett wrote an earlier version of this post.

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One57 was designed by architect Christian de Portzamparc to look like a cascading waterfall. It rises 1,004 feet and 90 stories above 57th Street.

Of the units sold, only some of the buyers are known. They include billionaires Michael Dell, Lawrence S. Stroll, and Silas K. F. Chou, as well as the head of BDO Unicon Group, Andrey Dubinsky.

The Park Hyatt hotel occupies the first 39 floors of the building, and the 95 condos of One57 fill the rest of the space.

• Billionaires' Row in New York City has become known for some of the most expensive real-estate in the world, including the tallest residential building in the world.
• We looked inside a $28.5 million luxury apartment, in the One57 tower that stands about 1,000 feet above West 57th Street. 
• Before the building opened in 2014, this wasn't much of a residential street. West 57th Street was known for Carnegie Hall, tourists, and delis.
• Star real-estate broker of "Million Dollar Listing" fame, Ryan Serhant explained what's behind the scenes of outrageously priced real-estate. 

The 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 41 st floor of this ultra-luxurious tower called One57. Sitting right off West 57 th 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 57 th 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 41 st 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 31 st 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. Compare that to the median sale price in Manhattan as a whole, which increased just 25.7% in the same amount of time.

Historically, if you had money and influence in New York, you bought property in Central Park West, in one of those classic limestone buildings with views of the park. But the problem for modern developers was those buildings couldn't be torn down or built higher. But on West 57th Street, developers could go tall. Super tall. In 2010, developer Extell started construction on a project that was pretty outlandish at the time. In the midst of a real estate downturn, they broke ground on a nearly thousand foot mega tower on West 57th Street. Overlooking Central Park, One57 would completely alter the skyline.

Serhant: What no one really knew when this building first came up was, are the views of Central Park gonna be so important that someone would be willing to live on 57th Street, which is a really, really, really busy street? The answer was "yes."

Narrator: The penthouse apartment of One57 sold in 2014 for a staggering $100.5 million. Bought by Michael Dell, it broke the record for the most expensive home in New York City and solidified the street as Billionaires' Row. And if you look up and down West 57th Street today, mega luxury tower construction isn't slowing.

220 Central Park South, Central Park Tower, and Steinway Tower are all new developments on 57th Street that tower over the skyline. These buildings are pushing the boundaries of height, luxury, and price, but not everyone is excited about it. In addition to the altered skyline, some real estate experts worry the market's been tapped out. Manhattan home sales dipped by 14% in 2018, and 57th Street's newest construction, Central Park Tower, has dropped prices.

Experts warn these could be signs of an oversupply of luxury apartments without a demand to match. But Ryan doesn't seem to be worried. 41D at One57 has only been on the market for a year, which isn't a long time for million dollar listings And for the world's billionaires Ryan says, it's more affordable than towers down the street.

Serhant: I think to the rest of the world, $28.5 million probably seems like a lot of money, and it definitely is, don't get me wrong. It's the world that we live in. I mean, New York City, 57th Street, park-facing apartments, the realm of reality that we find ourselves in every day, is that people are willing to spend $100 million for less bedrooms than what we're offering on this floor. It's crazy.

Narrator: Personally, that kinda price tag is unfathomable, but the people buying an apartment here aren't just looking for a place to live. They're purchasing a stake in some of the most expensive real estate in the world and buying into the brand of Billionaires' Row.

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