Quote:
Originally Posted by De Minimis NY
I'd be surprised to see anything ultra-luxury go up here. This area is still pretty Times Squarey, with hoards of tourists and all of the bullshit that comes with them.
To be fair, I once doubted that residential buyers would want to live where Torre Verre and 432 Park are located due to the dearth of residential amenities in the neighborhood and the abundance of congestion that comes with being in a predominantly commercial area (even as compared to the relative quiet of West 57th), but that mistake came from my under-appreciation for the size of the ultra-luxury residential market for trophy properties that aren't primary residences.
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It's a changing area, for sure, but let's be realistic. Even 59th and 57th streets are clogged by tourists (check out the GM building). And you will find more outside the Tower Verre location than here. It's only a couple of blocks removed from Time Warner Center, but still questionable enough that you can't be sure what the developer will do here.
While billionaires make all the news when they purchase the top penthouses, these towers aren't
really just for billionaires. So you have to ask, is this location as desirable a location as 30 Park Place? I would say it probably is, so sure you could get a tower in that range or higher.
I also think that the extra air rights are being added for just that purpose, to put more units in the air, because I don't thin 60,000 sf will make or break this tower at the ground level. But that's just my speculation. It could be just the 50-something stated.
