Few streets around the world have developed quite the same reputation as New York’s Fifth Avenue.
Perhaps Manhattan’s most famous major thoroughfare, Fifth Avenue has long been associated with high society – old money and new money come together within this iconic urban neighbourhood, the playground and base of the New York elite.
Whilst much of the city has been modernised and rebuilt over the years to move with the times, Fifth Avenue has held onto plenty of the classic architecture that adorned the city back in the 1920s, a famous decade of hedonism and extravagance ahead of The Great Depression. Maintained beautifully for over 100 years, the buildings have remained some of Manhattan’s most opulent – making them hot property amongst those planning to move to the area.
“A Fifth Avenue address means that you’ve pretty much arrived in terms of Manhattan’s elite circles,” New York real estate agent Daniel Douglas told Financial Times back in 2016. Five years on, the case remains very much the same.
There is no shortage of extravagant apartment buildings on Fifth Avenue, making them the place to be for those looking to rub shoulders with New York’s most famous movers-and-shakers, home to socialites, celebrities and the city’s most successful entrepreneurs. Given the multi-billions of dollars combined revenue of Fifth Avenue residents, the exact identities of its residents are often kept under wraps, though the Hilton family, Francis Ford Coppola, Mohamed Al-Fayed and former president Donald Trump are amongst those who have previously called Fifth Avenue home.
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The latter, of course, is unsurprising – Fifth Avenue is the location of Trump Tower. Despite its once-stellar reputation having faded in recent years, Trump Tower was a true marker of Fifth Avenue’s appeal to the rich and famous at the time of its opening in 1983, an appeal which remains strong within other buildings in the neighbourhood. The Pierre, 998 Fifth Avenue, 960 Fifth Avenue and The Sherry Netherland are just a few of the Fifth Avenue apartment buildings that hold within them many of New York’s most highly sought-after properties.
The luxury of the real estate in the area is reflected perfectly in the stores, bars and restaurants which are found on the streets below, with Gucci, Dolce & Gabbana, Valentino, Louis Vuitton, Tiffany & Co. and even Apple’s flagship 24-hour store serving Fifth Avenue’s residents. Bars and restaurants include Ai Fiori, Sushi Ginza Onodera and 230 Fifth, with a number of Michelin-starred eateries along this iconic thoroughfare.
Unsurprisingly, opportunities to move into Fifth Avenue’s most sought-after apartments are few and far between, but how much would a home in the area be likely to set you back should you ever find one?
According to CityRealty, smaller one/two bed apartments on Fifth Avenue tend to sell for between $2 million to $6 million (median price), though there are currently listings on the site with asking prices exceeding as much as $60 million. If you’re looking to rent, median rental price is around $7,500 for a more modestly-sized apartment, whilst those who are looking to splash out on Fifth Avenue’s finest rentals could be looking at a monthly cost of over $30,000.
However, for those willing to pay the price, a world of fine dining, designers on your doorstep and an ‘in’ to the social circles of the New York elite awaits.
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