Posted Dec 3, 2013, 6:32 PM
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Registered User
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Join Date: Mar 2013
Location: Hell's Kitchen, NY
Posts: 68
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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 🞵🞵🞵🞵🞵🞵🞵🞵 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.
The difference is, while Midtown East isn't the best place to live, it's at least architectually beautiful and has a prestigious vibe (albiet primarily for corporate tenants). This location on 52nd has neither of those things. It's one thing for billionaire tenants to withstand having fortune 500 companies (and their workers) for neighbors, it's another for them to withstand having trashy electronics stores, souvenir stands and tourists for neighbors (not to mention the noise/light pollution).
That said, I hope I'm wrong and am once again misunderstanding the demand for ultra-luxury in NYC.
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