Four blocks north, Extell Development Co.’s One57 tower, reaching 1,004 feet (306 meters) and 90 stories, is opening in an area that’s come to be known as Billionaires’ Row, with four skyscrapers rising with homes in the tens of millions of dollars. It will be the city’s tallest residential building until 432 Park Ave., under development by Macklowe Properties and CIM Group, is completed at 1,397 feet.

At One57, Bill Ackman, founder of New York hedge-fund firm Pershing Square Capital Management LP, is part of an investor group that agreed to purchase one of the apartments, a duplex on the 75th and 76th floors. Recently completed deals include a $30.6 million unit on the 58th floor bought by a limited- liability company and a $17.8 million apartment that sold to Richard Kringstein, the chief executive officer of outerwear company Herman Kay Co., city property records show.

A penthouse at nearby 432 Park Ave. found a purchaser who agreed to pay $95 million. Buyers have come from South America, the Middle East, China and Russia, according to the developers.

Steinway Building

At 111 W. 57th Street, JDS Development Group and Property Markets Group are developing a luxury-condo building and conversion of the landmark Steinway building. The skyscraper will stretch to 1,350 feet. Extell also is constructing a condo tower at Broadway and 57th Street that will have New York’s first Nordstrom department store at the bottom.

The 57th and 53rd Street corridors in New York City are drawing a collection of international investors seeking to put cash in Manhattan residential real estate, according to Dylan Pichulik, CEO of XL Real Property Management, a property- management company that works with overseas buyers.

“Foreigners see Midtown as accessible to offices, theater, to Times Square,” Pichulik said. “While it’s not on a typical New Yorker’s top list of neighborhoods, there is a fair amount of interest from foreigners.”

At the Baccarat, named for the crystal established by King Louis XV, about 40 percent of the units purchased so far have been by non-U.S. residents, said Gordon, the developer. Of the domestic buyers, about half are New Yorkers, with others coming from states such as Texas and California.

Rising Supply

The new construction is adding to the inventory of luxury homes as more New York apartment owners are putting their properties on the market, seeking to profit from the surging demand. The supply of luxury apartments for sale increased 35 percent to 1,380 in the first quarter from a year earlier, with new-development listings almost doubling, according to Miller Samuel and brokerage Douglas Elliman Real Estate.