Business Insider India has updated its Privacy and Cookie policy. We use cookies to ensure that we give you the better experience on our website. If you continue without changing your settings, we\'ll assume that you are happy to receive all cookies on the Business Insider India website. However, you can change your cookie setting at any time by clicking on our Cookie Policy at any time. You can also see our Privacy Policy.
The firm looked at the most exclusive global neighborhoods and ranked the top streets by the number of ultra-prime sales, or sales over $25 million, since 2015.
The ranking is based on the number of ultra-prime sales - defined as sales greater than $25 million - between 2015 and June 2019.
New York City's 57th Street took the top spot, with 41 sales above $25 million in the past five years. 57th Street is part of the Manhattan mini-neighborhood called Billionaires' Row, which is home to some of the city's priciest real estate and has seen record-breaking sales in recent years.
The average value of the ultra-prime sales on 57th Street since 2015 is $38.5 million.
57th Street is followed by Hong Kong's Mount Nicholson Road, which had 35 ultra-prime sales, but a higher average price of $81.8 million.
Advertisement
Three other New York City streets, as well as streets in London, Los Angeles, and Palm Beach, Florida, made the list.
Here are the 10 most expensive streets in the world, ranked by ultra-prime sales and average sale price.
Number of ultra-prime sales ($25 million or above): 10
Average ultra-prime sale: $34.5 million
9. Conduit Road, Hong Kong
Number of ultra-prime sales ($25 million or above): 10
Average ultra-prime sale: $43.4 million
8. Pacific Coast Highway, Los Angeles
Number of ultra-prime sales ($25 million or above): 10
Average ultra-prime sale: $49.2 million
7. Fifth Avenue, New York
Number of ultra-prime sales ($25 million or above): 10
Average ultra-prime sale: $55.7 million
6. Mount Kellett Road, Hong Kong
Number of ultra-prime sales ($25 million or above): 10
Average ultra-prime sale: $64.8 million
5. Grosvenor Square, London
Number of ultra-prime sales ($25 million or above): 13
Average ultra-prime sale: $45.5 million
4. Park Avenue, New York
Number of ultra-prime sales ($25 million or above): 20
Average ultra-prime sale: $43 million
3. Central Park South, New York
Number of ultra-prime sales ($25 million or above): 32
Average ultra-prime sale: $44.9 million
Central Park South, which is the portion of 59th Street that stretches from Columbus Circle to Fifth Avenue along Central Park, is the most expensive street in New York by median sale price, as Business Insider's Libertina Brandt recently reported.
It had a median sale price of $9.8 million from January through July 2019.
Number of ultra-prime sales ($25 million or above): 35
Average ultra-prime sale: $81.8 million
Mount Nicholson Road is in the Peak, Hong Kong's most exclusive neighborhood that overlooks the city and is home to bankers, expatriates, business magnates, celebrities, and millionaires and billionaires.
David Ji, the head of research and consultancy, Great China, at Knight Frank, said in the report that luxury real-estate prices on Mount Nicholson are much more stable than mass market prices, which can fluctuate with economic conditions.
"It seems clear that there is healthy appetite from super luxury buyers if their desired price level is reached," Ji said.
1. 57th Street, New York
Number of ultra-prime sales ($25 million or above): 41
Average ultra-prime sale: $38.5 million
"As the leading ultra-prime location in the world, 57th Street is home to the most extraordinary residential offerings," Susan de França, president and CEO at Douglas Elliman Development Marketing, said in the report.
One of the glossy new skyscrapers on 57th Street is 111 West 57th Street, also known as Steinway Tower. The 1,428-foot building is the world's skinniest skyscraper by height-to-width ratio. The tower is 24 times taller than it is wide and has only one residence per floor.
