The new Gilded Age is roaring down on us – an uncaged tiger on a rampage. Walk out to the street in front of our office here in Manhattan, look to the right and you can see the symbol of it: a fancy new skyscraper going up two blocks away. When finished, this high rise among high rises will tower a thousand feet, the tallest residential building in the city.
The New York Times has dubbed it “the global billionaires’ club” — and for good reason. At least of two of the apartments are under contract for more than 90 million dollars each. Others, more modest, range in price from 45 million dollars to more than 50 million dollars. The mega-rich have been buying these places “looking for a place to stash their cash,” a realtor from Sotheby’s explained to the Times. “A lot of what is happening,” she said, “… is about wealth preservation.”
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