Posted May 19, 2012, 12:43 AM
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DENNAB
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Join Date: Aug 2009
Location: NA - Europe
Posts: 6,042
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Gira Sole could top 1400, be NYC's next tallest
http://therealdeal.com/blog/2012/05/...dential-tower/
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The 84-story tower at 440 Park Avenue will be NYC’s loftiest
The New York City Department of Buildings has issued a permit for the construction of a new, 84-story residential building, slated to be the city’s tallest, at the 440 Park Avenue site where CIM Group and Macklowe Properties plan to build condominiums, the DOB confirmed today. The permit, for a 1,300-foot-tall residential tower at the site of the former Drake Hotel, was issued earlier this month.
The application for the site, at 56th Street, was filed last May, the DOB said. If construction proceeds as planned, the tower, which will offer retail as well as the ultra-luxury apartments and will be designed by SLCE Architects, will reach 1,398 feet in 2016. That heights tops One57, which will become the city’s tallest residential tower when it is completed later this year.
CIM and Harry Macklowe — who has no equity in the project but is involved — plan to erect a mixed-use complex designed by Rafael Vinoly. With 128 residential units and 12-foot high ceilings, the project is expected to cost $1 billion, according to previous reports. The permit means that the ambitious project — which is slated to include golf training facilities and private dining and screening rooms — can move forward.
But the 440 Park Avenue site may not be the city’s tallest for long. The GiraSole tower proposed for 11th Avenue could rise to a similar height when it is completed. The project has been stalled for years, after initial reports said the tower, which architects hope to design as essentially a huge solar panel, would be completed by 2011.
CIM, a Los Angeles-based private equity firm which acquired the Drake Hotel site for $305 million in 2010, has said it is confident that it will get the $700 million construction loan it needs to complete the project, according to previous reports. Calls to CIM’s representatives were not returned.
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http://therealdeal.com/blog/2012/05/...ential-towers/
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New York City has entered the age of a residential arms race, where developers continue to try top each other, literally, in the height of their developments, according to the New York Times. By 2016 the city could have six of the country’s 10 tallest towers and three of its highest residential buildings.
Last year, 8 Spruce Street became the country’s tallest rental tower. (The Times noted that architect Frank Gehry urged developer Forest City Ratner to build a few feet short of Trump World Tower so as not to draw The Donald’s ire.)
Meanwhile, Extell Development’s One57 just broke a Manhattan sales record on its way to 1,004 feet in height, which will make it the tallest residential tower in Manhattan. But it won’t hold that title for long. The residential structure CIM Group and Harry Macklowe plan for 432 Park Avenue is slated to reach 1,398 feet in 2016, and even later, the GiraSole tower proposed for 11th Avenue could rise to a similar height.
In the short-term, a Related Companies rental tower scheduled to open June 15 is staking claim to the “tallest residential building on the Upper East Side” title, as it rises 53 stories on 1214 Fifth Avenue, which is actually in Harlem. At 513 feet, it will be the 183rd tallest building in the city.
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Last edited by Zapatan; May 19, 2012 at 1:46 PM.
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