A significant number of apartments in Billionaires' Row, an area of luxury skyscrapers near Central Park in New York, are left vacant despite being owned by billionaires. The Central Park Tower, which is the tallest residential building in the western hemisphere, was completed in 2020, but it is one of several buildings in the area that appears abandoned. Many apartments, with an average selling price of $30 million, remain unsold amid concerns that these properties are being used primarily as 'money parking' rather than as residences for their affluent owners.

The development in this area began in the early 2010s, marking a shift in the real estate market as several luxury properties such as One57, 432 Park Avenue, and 220 Central Park South emerged. These buildings entered the market within the same decade, alongside significant marketing efforts for the Central Park Tower even before its completion. Reports indicate that as of 2023, Central Park Tower had 87 unsold residences, raising questions about the sustainability of this luxury real estate trend in the face of economic fluctuations.

The Extell Development Company, which is behind the Central Park Tower, is reportedly planning to refinance unsold units by early 2025. This situation highlights a broader concern within the real estate sector, as it showcases the challenges faced by high-end properties in attracting actual residents while also emphasizing the role of investment strategies among the ultra-wealthy. The implications for local economies and housing markets could be significant, especially in areas where the cost of living continues to rise alongside the prevalence of empty luxury homes.