{"id":8163,"date":"2015-02-09T19:30:00","date_gmt":"2015-02-09T19:30:00","guid":{"rendered":"http:\/\/architizer.wpengine.com\/nyt-billionaires-row\/"},"modified":"2017-09-19T12:01:33","modified_gmt":"2017-09-19T12:01:33","slug":"nyt-billionaires-row","status":"publish","type":"post","link":"https:\/\/architizer.com\/blog\/practice\/details\/nyt-billionaires-row\/","title":{"rendered":"The Tenants of SOM&#8217;s Time Warner Center, The Birthplace of Billionaire&#8217;s Row"},"content":{"rendered":"<p>Billionaire\u2019s row, a stretch of midtown Manhattan now dotted with exorbitantly priced, starchitect-designed residential highrises, has officially arrived with a sky-high record: a condo in <a href=\"http:\/\/ny.curbed.com\/archives\/2015\/01\/17\/100_million_one57_ph_officially_closes_breaks_nyc_record.php\" target=\"_blank\">Christian de Portzamparc\u2019s One57 recently sold<\/a> for $100 million, the highest sum in the city\u2019s history.<\/p>\n<p>Indeed, international billionaires are currently <a href=\"http:\/\/therealdeal.com\/blog\/2014\/10\/17\/long-term-billionaire-row-residents-increasingly-leaving-the-area\/\" target=\"_blank\">pricing out the mere millionaires<\/a> who formerly called the area below Central Park their home. It\u2019s fairly well-known that these newcomers will use these new luxury properties as pied-\u00e0-terres \u2014 more asset than residence \u2014 but where did this practice originate? In the <i>New York Times<\/i>\u2019s new \u201c<a href=\"http:\/\/www.nytimes.com\/2015\/02\/08\/nyregion\/stream-of-foreign-wealth-flows-to-time-warner-condos.html\" target=\"_blank\">Towers of Secrecy<\/a>,\u201d an 8,000-word investigative masterpiece (\u00e0 la &#8220;<a href=\"http:\/\/www.nytimes.com\/projects\/2012\/snow-fall\/\" target=\"_blank\">Snow Fall<\/a>&#8220;), the answer comes down to the shady dealings and real estate blinders that started in Columbus Circle.<\/p>\n<p><div class=\"wp-caption\">\n\t\n\t<img class=\"lazy\"\n\t\tsrc=\"https:\/\/blog.architizer.com\/wp-content\/themes\/architizer\/assets\/images\/blank.png\"\n\t\tdata-src=\"https:\/\/architizer-prod.imgix.net\/media\/1423507815222Time_Warner_Center_and_CC.jpg?fit=max&#038;w=1680&#038;q=60&#038;auto=format&#038;auto=compress&#038;cs=strip\"\n\t\t\t\t\tdata-srcset=\"https:\/\/architizer-prod.imgix.net\/media\/1423507815222Time_Warner_Center_and_CC.jpg?fit=max&amp;w=1680&amp;q=60&amp;auto=format&amp;auto=compress&amp;cs=strip 1680w,https:\/\/architizer-prod.imgix.net\/media\/1423507815222Time_Warner_Center_and_CC.jpg?fit=max&amp;w=1080&amp;q=60&amp;auto=format&amp;auto=compress&amp;cs=strip 1080w,https:\/\/architizer-prod.imgix.net\/media\/1423507815222Time_Warner_Center_and_CC.jpg?fit=max&amp;w=760&amp;q=60&amp;auto=format&amp;auto=compress&amp;cs=strip 760w,https:\/\/architizer-prod.imgix.net\/media\/1423507815222Time_Warner_Center_and_CC.jpg?fit=max&amp;w=625&amp;q=60&amp;auto=format&amp;auto=compress&amp;cs=strip 625w,https:\/\/architizer-prod.imgix.net\/media\/1423507815222Time_Warner_Center_and_CC.jpg?fit=max&amp;w=368&amp;q=60&amp;auto=format&amp;auto=compress&amp;cs=strip 368w\"\n\t\t\tsizes=\"(min-width: 1680px) 1680px,(min-width: 1080px) 1080px,(min-width: 760px) 760px,(min-width: 625px) 625px,368px\"\n\t\t\t\talt=\"\"\n\t\titemprop=\"contentUrl\"\n\t>\n<\/div>\n<br \/><i>The Time Warner Center. Photo by <a href=\"https:\/\/www.flickr.com\/photos\/kapten\/\" target=\"_blank\">Bj\u00f6rn S\u00f6derqvist<\/a><\/i><\/p>\n<p>The tenants of Skidmore, Owings, and Merrill\u2019s Time Warner Center towers include run-of-the-mill New York City elite, according to the <i>Times<\/i>: finance guys, top art collectors, celebrities, lawyers, and Tom Brady. Tenants also include:<\/p>\n<ul>\n<li>25CC ST74B L.L.C., a \u201csecretive entity\u201d linked to Vitaly Malkin, a former Russian senator and banker barred from entering Canada due to his \u201cextended association with persons suspected to be involved in organized crime and money laundering,\u201d including corrupt members of the Angolan government.<\/li>\n<li>Columbus Skyline L.L.C., owned by Chinese contractor Wang Wenliang, fined on multiple occasions for housing illegal Chinese workers in slum conditions in New Jersey<\/li>\n<li>Amantea Corporation, mining magnate named Anil Agarwal, who has in the past poisoned Zambian residents by pouring pollutants into a local river<\/li>\n<\/ul>\n<p>The <i>Times<\/i> reports that in 2014, 80 percent of Time Warner condos had been bought by shell companies like these \u2014 inactive entities that serve as a windowless front for unsavory dealings. And with the help of both the public and private sector, these shady individuals slip in and out of their pied-\u00e0-terres with relative ease. Realtors turn a blind eye to the illegible signatures on the dotted line, and anonymity is even embedded into the design of the building itself. The dark glass fa\u00e7ade is ominously opaque to the inside (&#8220;the complex\u2019s dark glass exterior offers a sheen of both exclusivity and secrecy&#8221;); there are no markers on the mail slots or buzzers on the doors; multiple entrances that lead to secured elevators abound.<\/p>\n<p>If this southwest corner of Central Park is the epicenter of the phenomeon, the new Vi\u00f1oly or de Portzamparc are outward ripples of it \u2014 easy metaphors for ever-higher pinnacles of wealth. We don\u2019t yet know what percentage of these new tenants will be slumlords, Captain Planet villains, or Russian gangsters, but we can be fairly sure of the consequences. They will raise the prices of real estate in the entire area with the added complexity that these non-residents pay no city income taxes and don\u2019t exactly shop or eat local. Rather than make financial contributions to the city, they take them in the form of hefty property tax cuts: the new owner of the de Portzamparc condo is only paying $17,268 in property taxes this year, the <i>Times<\/i> reports, a savings of more than $359,000.<\/p>\n<p><div class=\"wp-caption\">\n\t\n\t<img class=\"lazy\"\n\t\tsrc=\"https:\/\/blog.architizer.com\/wp-content\/themes\/architizer\/assets\/images\/blank.png\"\n\t\tdata-src=\"https:\/\/architizer-prod.imgix.net\/media\/1423510198845xxOVERVIEW02-superJumbo.jpg?fit=max&#038;w=1680&#038;q=60&#038;auto=format&#038;auto=compress&#038;cs=strip\"\n\t\t\t\t\tdata-srcset=\"https:\/\/architizer-prod.imgix.net\/media\/1423510198845xxOVERVIEW02-superJumbo.jpg?fit=max&amp;w=1680&amp;q=60&amp;auto=format&amp;auto=compress&amp;cs=strip 1680w,https:\/\/architizer-prod.imgix.net\/media\/1423510198845xxOVERVIEW02-superJumbo.jpg?fit=max&amp;w=1080&amp;q=60&amp;auto=format&amp;auto=compress&amp;cs=strip 1080w,https:\/\/architizer-prod.imgix.net\/media\/1423510198845xxOVERVIEW02-superJumbo.jpg?fit=max&amp;w=760&amp;q=60&amp;auto=format&amp;auto=compress&amp;cs=strip 760w,https:\/\/architizer-prod.imgix.net\/media\/1423510198845xxOVERVIEW02-superJumbo.jpg?fit=max&amp;w=625&amp;q=60&amp;auto=format&amp;auto=compress&amp;cs=strip 625w,https:\/\/architizer-prod.imgix.net\/media\/1423510198845xxOVERVIEW02-superJumbo.jpg?fit=max&amp;w=368&amp;q=60&amp;auto=format&amp;auto=compress&amp;cs=strip 368w\"\n\t\t\tsizes=\"(min-width: 1680px) 1680px,(min-width: 1080px) 1080px,(min-width: 760px) 760px,(min-width: 625px) 625px,368px\"\n\t\t\t\talt=\"\"\n\t\titemprop=\"contentUrl\"\n\t>\n<\/div>\n<br \/><i>Photo by Todd Heisler for the <\/i>New York Times<\/p>\n<p>The Time Warner Towers, erected in 2003, have precipitated a real estate trend that will dramatically alter the landscape, both literally and figuratively, of New York City. But in New York, where illegal real estate exists on the highest and lowest extremes, it\u2019s business as usual. \u201cThe building doesn\u2019t know where the money is coming from,\u201d Rudy Tauscher, a former manager of the condos at Time Warner, tells the <i>Times<\/i>. \u201cWe\u2019re not interested.\u201d<\/p>\n<p><i>Read the full story <a href=\"http:\/\/www.nytimes.com\/2015\/02\/08\/nyregion\/stream-of-foreign-wealth-flows-to-time-warner-condos.html\" target=\"_blank\">here<\/a>.<\/i><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Billionaire\u2019s row, a stretch of midtown Manhattan now dotted with exorbitantly priced, starchitect-designed residential highrises, has officially arrived with a sky-high record: a condo in Christian de Portzamparc\u2019s One57 recently sold for $100 million, the highest sum in the city\u2019s history. Indeed, international billionaires are currently pricing out the mere millionaires who formerly called the&hellip;<\/p>\n","protected":false},"author":37,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"architizer_featured_type":"","architizer_featured_image":"","_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[4,2],"tags":[31],"architizer_project":[],"architizer_brand":[],"architizer_firm":[],"architizer_product":[],"class_list":["post-8163","post","type-post","status-publish","format-standard","hentry","category-details","category-practice","tag-opinion"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v23.6 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>The Tenants of SOM&#039;s Time Warner Center, The Birthplace of Billionaire&#039;s Row - Architizer Journal<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/architizer.com\/blog\/practice\/details\/nyt-billionaires-row\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"The Tenants of SOM&#039;s Time Warner Center, The Birthplace of Billionaire&#039;s Row - Architizer Journal\" \/>\n<meta property=\"og:description\" content=\"Billionaire\u2019s row, a stretch of midtown Manhattan now dotted with exorbitantly priced, starchitect-designed residential highrises, has officially arrived with a sky-high record: a condo in Christian de Portzamparc\u2019s One57 recently sold for $100 million, the highest sum in the city\u2019s history. Indeed, international billionaires are currently pricing out the mere millionaires who formerly called the&hellip;\" \/>\n<meta property=\"og:url\" content=\"https:\/\/architizer.com\/blog\/practice\/details\/nyt-billionaires-row\/\" \/>\n<meta property=\"og:site_name\" content=\"Journal\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/Architizer\/\" \/>\n<meta property=\"article:published_time\" content=\"2015-02-09T19:30:00+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2017-09-19T12:01:33+00:00\" \/>\n<meta name=\"author\" content=\"Janelle Zara\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@Architizer\" \/>\n<meta name=\"twitter:site\" content=\"@Architizer\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"Janelle Zara\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"3 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"Article\",\"@id\":\"https:\/\/architizer.com\/blog\/practice\/details\/nyt-billionaires-row\/#article\",\"isPartOf\":{\"@id\":\"https:\/\/architizer.com\/blog\/practice\/details\/nyt-billionaires-row\/\"},\"author\":{\"name\":\"Janelle Zara\",\"@id\":\"https:\/\/architizer.com\/blog\/#\/schema\/person\/94224b90dc229ff604f1332ef34bc689\"},\"headline\":\"The Tenants of SOM&#8217;s Time Warner Center, The Birthplace of Billionaire&#8217;s Row\",\"datePublished\":\"2015-02-09T19:30:00+00:00\",\"dateModified\":\"2017-09-19T12:01:33+00:00\",\"mainEntityOfPage\":{\"@id\":\"https:\/\/architizer.com\/blog\/practice\/details\/nyt-billionaires-row\/\"},\"wordCount\":633,\"commentCount\":2,\"publisher\":{\"@id\":\"https:\/\/architizer.com\/blog\/#organization\"},\"keywords\":[\"Opinion\"],\"articleSection\":[\"Details\",\"Practice\"],\"inLanguage\":\"en-US\",\"potentialAction\":[{\"@type\":\"CommentAction\",\"name\":\"Comment\",\"target\":[\"https:\/\/architizer.com\/blog\/practice\/details\/nyt-billionaires-row\/#respond\"]}]},{\"@type\":\"WebPage\",\"@id\":\"https:\/\/architizer.com\/blog\/practice\/details\/nyt-billionaires-row\/\",\"url\":\"https:\/\/architizer.com\/blog\/practice\/details\/nyt-billionaires-row\/\",\"name\":\"The Tenants of SOM's Time Warner Center, The Birthplace of Billionaire's Row - 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