The Tallest Residential Building in the Western Hemisphere
July 1, 2013
What is said to be the tallest residential building in the western hemisphere is an ambitious project that is on full swing with ten floors having reached the completion stage. This lean tower would be lined with 84 floors and would be located on 432 Park Avenue at 56th Street in Manhattan. This top penthouse of this luxurious building has already been negotiated and sold for $95 million.
The developer of this impressive project is Harry B. Macklowe and his grand residential tower has been so much in demand that the apartments located on the lower floors have been instantly bought at extravagant rates. In fact, the lowest priced apartment in the tower is priced at $1.59 million and is a 351 square-foot studio.
Half of the buyers are foreign buyers and although the identities of the buyers are not known, however, they are assumed to belong to Asian billionaires, Arab sheikhs, Latin American tycoons and Russian metal barons.
Manhattan has seen a surge in the construction industry particularly in the category of uber-luxury homes, which has now placed Manhattan in a neck-to-neck competition with London in terms of the concentration of the wealthy. There have been mushrooming in of condominium projects in the borough that have apartments that are prices at more than a whopping $15 million. These projects have increased to 49 from 33 four years ago (2009), as per CityRealty. In fact there are 20 such projects, or perhaps even more, that are still at the planning or the construction phase.
New York is fast becoming a coveted destination as it is comparatively less expensive than other top cities of the world. The spurt in high-end residential projects in Manhattan is mainly targeted for the rich and due to this there is a short supply of housing for the middle class and the working class in the city. Despite this imbalance, these grand residential projects have proved themselves as profitable ventures to the extent that it is distorting the local real estate market, wherein affordable housing is becoming less accessible.
Although the developers in New York have been cribbing about the escalating costs in construction materials, land prices and labor rates as compared to Hong Kong or London. However, these ultra-grand apartments are garnering in on a lot of revenue and profits as they are receiving spectacular prices on their residential projects.
The architect of the 432 Park project, Rafael Viñoly has himself stated explicitly that “There are only two markets, ultraluxury and subsidized housing.”
Macklowe has declared his project as the “building of the 21st
century” and this would definitely enhance the New York skyline and standing at an amazing 1,396-feet, 432 Park Avenue will undoubtedly be the tallest residential building in the western hemisphere upon completion.