One57 And The Billionaire Invasion

Forbes.com has a fascinating story on the billionires who are buying up Manhattan (plus select other communities in Florida and California). The story is pegged on the One57 highrise scheduled to open this fall and which is breaking records as the ultimate luxury address.

Writes reporter Morgan Brennan:

A decade in pre-development, One57 is looking to cater to the burgeoning population of billionaires buying in the Big Apple. Perhaps the least known collector of real estate is Alexander Rovt. Since the downturn, the fertilizer magnate, worth $1.2 billion, has added more than 30 properties (mainly in New York) to his property portfolio. Most were bought with the intention of renting out, but two are Upper East Side townhouses he snapped up for himself personally. One, on East 63rd Street, was recently listed for $27 million, despite a four-year $18 million renovation and a slew of amenities including a garage, an award-winning pool and bathrooms toting solid gold fixtures. Henry T. Sloane mansion, the other, was purchased last summer for $33 million and hour before it auctioned off as a foreclosure. Rovt plans to pour $30 million into Sloane Mansion with the intention of ultimately moving himself and his wife there.

For the whole scoop, click here.