The 10 most expensive streets in the world, ranked

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Global real-estate consultancy firm Knight Frank has ranked the most expensive streets in the world.

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.

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.

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10. South Ocean Boulevard, Palm Beach

10. South Ocean Boulevard, Palm Beach

Number of ultra-prime sales ($25 million or above): 10

Average ultra-prime sale: $34.5 million

9. Conduit Road, Hong Kong

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

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

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

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

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

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

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.

The street is home to 220 Central Park South, the Robert A.M. Stern-designed luxury tower where Ken Griffin bought a $238 penthouse in January 2019, shattering the record for the most expensive home sale in the US.

Many of the major sales of the past five years have been in 220 Central Park South.

In December 2019, billionaire hedge-fund executive Daniel Och closed on a $95 million penthouse in the building. Singer Sting and wife Trudie Styler paid $67.5 million for a penthouse in July 2019, Curbed New York reported. And in January 2019, Brazilian construction heiress Renata de Camargo Nascimento bought a unit for about $30 million.

2. Mount Nicholson Road, Hong Kong

2. Mount Nicholson Road, Hong Kong

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

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.

Michael Dell, the founder and CEO of Dell Technologies, paid about $100 million for a penthouse in Steinway Tower in 2014. It was the most expensive sale in the US at the time.

Also on 57th Street is Central Park Tower, which recently became the tallest residential building in the world at 1,550 feet.


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