Three years after the global financial crisis, developers began selling the first “ultra-luxury” apartments in One57, a smooth 90-storey glass tower along the south side of Central Park designed by the French architect Christian de Portzamparc.
It was a sensation. Within six months, half of its multimillion-dollar residences had sold. In 2013 a consortium led by the hedge fund manager Bill Ackman agreed to pay $91.5m for a 13,500 sq ft condominium in the building.
Mr Ackman told an interviewer that he had no plans to live in it. Instead, he and his friends planned to “flip” it for a higher price after having a few parties there. Another condo sold for more than $100m.
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