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Old Posted Jun 1, 2012, 8:48 PM
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Sky's The Limit
New York playing catch-up on super tall residential skyscrapers.

Matt Shaw

Residential towers streaking up over 1,000 feet represent the latest phenomenon in New York’s storied skyscraper history. Of the world’s 49 completed buildings over 1,000 feet, only 12 are residential, mostly in Dubai or Asia. Two, the Hancock Center and Trump International, are in Chicago. Not to be outdone, New York has broken ground on two of four planned supertall residential towers. Russia’s ultra-wealthy investing class are providing some of the fuel for take-off, as it is estimated that as much as five percent of their foreign investment is directed into American real estate, much of it super-luxe apartments. In fact, when a trust fund in the name of Dmitry Rybolovlev’s daughter Ekaterina purchased the penthouse at 15 Central Park West, it drove the price of the penthouse at Extell Development’s 90-story One57 up from $98.5 million to a cool $110 million.
NEW YORK heals.

“Office buildings are our factories – whether for tech, creative or traditional industries we must continue to grow our modern factories to create new jobs,” said United States Senator Chuck Schumer.
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