NYC’s 'ghost' skyscrapers where the ultra-rich park their wealth

February 23, 2026 - 22:17

A cluster of ultra-luxury residential skyscrapers near Central Park in New York City presents a paradoxical sight: soaring architectural marvels that remain largely dark at night. These buildings, known collectively as Billionaires’ Row, are estimated to have significant vacancy rates, with many units seemingly unoccupied.

Real estate analysts describe these towers not as homes, but as secure assets where the global ultra-wealthy park capital. The apartments, often costing tens of millions of dollars, are purchased as long-term investments and stores of value, frequently through anonymous shell companies. This trend transforms these high-profile addresses into what some call "ghost" skyscrapers—physically present but socially absent from the city's fabric.

The phenomenon highlights a growing global pattern where prime urban real estate is treated as a financial instrument rather than a place for community living. While these transactions generate substantial property tax revenue, the darkened windows raise ongoing questions about urban vitality and housing economics in a city perpetually grappling with a shortage of homes for its everyday residents.