The Dark Truth of New York’s Billionaires Row

The NYC Billionaires Row might not be the extravagant living spaces that you have seen on social media.. With a 250 million dollar lawsuit coming from the residents of 432 park avenue, who knows what the future of these luxury apartment complexes look like.

Huge shoutout to:
@RyanSerhant
@erikvanconover
@theDronalist
Much of the footage that wasn't created by me came from these channels. They post about billionaires row frequently, so check their channels out!

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[Totalsau]

this is exactly why I didn't buy a penthouse on billionaires row too many defects smh

[BradThePitts]

What the owners of 432 Park Avenue should REALLY sue for is it's not really on Park Avenue!

[Michael]

I'm left wondering how the developers thought they could get away with cutting corners in these developments. Given the prices they're paying, the owners are quite reasonably going to expect everything to be perfect. If it's not, the owners are exactly the sort of people who can afford to launch huge lawsuits against the developers and can't be intimidated out of doing so by the potential costs. If you're going to piss people off in pursuit of increased profits, a group of some of the richest people in the country are definitely not the people you should pick to annoy.

[mhyl]

I feel so bad for these unfortunate billionaires. As a society we need to come together and help them. They would do the same for us.

[doofoglio]

found this channel from tiktok and thought there would be hundreds of thousands of subscribers based on the quality. amazing content! can't wait to see this channel grow.

[Susanhartman.]

This happened with the 2004 housing boom - home prices were greatly inflated, meaning people couldn't sell later because they owed more on the house than they could sell for. I know quite a few people who bought then, thinking they were making a good investment to sell later, but it's taken until the COVID housing boom for the prices to come back to those original amounts.

[dubaiboy]

It's because the people buying them aren't actually living in the apartments and also they are bought for money laundering purposes or rather, they are priced high enough to be unaffordable for even most wealthy people so that they can be left on the market in order to be used for money laundering purposes

[ColonelSmiles]

So the trend of developers building luxury housing not for people to live in but for people buy as investments is backfiring. They cheap out on the quality as they assume no one lives there or be brought buy an investor to lease out the property, not caring if the tenet has a bad experience

[scpatlnow]

I always knew that there was a tax advantage that kept these units empty, but the amount and extent...just wow. They need to fix that.

[KnockOutCutie]

The whole property tax scam is disgusting… imagine the middle class paying their fair share but billionaires spending their grocery bill on property tax … ha gotta love America

[dianecelento]

Common sense told me this building was too hight and thin. One of the first thoughts that came to my head is how would a firefighter get that high up? Maybe they should have a parachute.

[agoodlife]

There aren’t enough Billionaires in the world to populate Billionaires Row

[nickyzhu]

It makes me feel good that these developers are getting there asses kicked by these rich people like our world don’t need another billion dollar penthouses or mega mansions we need high quality affordable housing.

[nafisahg.]

Beware of the word “Luxury” in house, condo, apartment, etc. listings. Higher rents don’t equal better living! I personally experienced the “Luxury Apartment” scam in Orange County, New York. The rent was sky high! From day one of moving in, I was constantly submitting maintenance requests, right up to my last week living there! I had to work two full time jobs to afford the rent and utilities, my second job required a long commute to the city from Orange County, resulting in no days off for more than a year. I was hospitalized multiple times. The neighbors were horrible and the view was too. I’m happier now that I live in a far less expensive, non luxury apartment with a superior view, low maintenance needs and even better neighbors. I was able to quit the more stressful job (which was also causing my health issues).

[makanmata]

Everything asserted about property taxes in NYC in this video is entirely wrong. The reason that the taxes in these buildings is - temporarily - low, is because they have a so called 421A Tax Abatement which provides a graduated discount for the first 10 years after the building is completed, starting from 10% of normal tax in year 1, 20% in year 2, and increasing every year until year 10 when 100% of normal tax is paid. Once the abatement begins to expire, the taxes on these apartments will be very -- but very! -- high. I wouldn't rely upon this video for anything more than entertainment, as the information in it should be treated as highly suspect.

[corneliastelzer]

Thank you for this very interesting information. I cannot imagine living on those very high floors, sounds dangerous! The elevators shutting down is so frightening! It seems like such a waste of money, affordable apts should have been built there for regular folks!

[itsjustaride]

This is amazing. Keep up the quality because once one video gets picked up in the algorithm, it’ll raise your overall watermark for viewership! Great work!

[monsieurlespaique]

The owners have my thoughts and prayers.

[charleshamilton]

The very notion of living in an apartment without being able to open a single window is a deal breaker. Believe it or not, there are plenty of temperate days in NYC when you just want to throw open the windows and air out the house. Sure the views are Olympian but you know some idiot is gonna burn a bag of microwave popcorn and you will never get that smell out of the house…

[alicetheegreet]

Loved this video and the comparison graphs.

I want to add that the ultra rich don't even pay taxes because the US allows no taxes if people upgrade their homes. So, what ended up happening is something called $1 swap, where a group of property owners-99.99% of whom are landlords, swap properties for $1 so that they can avoid paying taxes and raise rent prices as the same time.