57 STREET BIlLIONAIRE’S ROW

After the emergence of One57, which was completed in 2014, everything
changed for 57th Street. By the first quarter of 2016 there was a 625%
increase in its sales average. The sudden emergence of One57 and the set
of tall and slender residential skyscrapers which were built later operated as
a call to wealthy investors from around the world that were planning to buy
a New York apartment. Aside from it’s exceptional location, the success of
57th Street corridor has mainly to do with floor area ratio (FAR), the
formula that equates to maximum developable floor space allowed at a
property. FAR can be stretched really tall with a few tricks.. According to a
report conducted by students from the Columbia University in 2010, the
streets in the surrounding area had different combinations of 8,10,12, and
15 FAR, but 57th Street was the only street with all 15 FAR and in stark
contrast to 58th and 59th Streets that have mostly only 10 FAR.