NEW YORK | Central Park Tower (Nordstrom)| 1,550 FT | 131 FLOORS

[antinimby]

Does that guy mean roof height or the spire?

[hunser]

Future NYC Skyline 2018 by cityrealty_nyc, on Flickr

[ansky31940]

^^^ this

[Rbsanford]

Absolutely stunning! I'm at a loss of words! After all of these projects are complete the entire island is sure to become the eighth wonder of the man-made world!

[NYguy]

Originally Posted by CIA

Don't worry. With developers showing reverence to the 1776 foot limit in Manhattan, it looks like the next best hope to exceed it will be for the 95-storey Liberty Rising development in Jersey City!

Another pipe dream that will never happen.

Empire State, where are you?

[newyorker]

Originally Posted by NYguy

Another pipe dream that will never happen.






Empire State, where are you?

I thought we decided no more soothsaying.

[aquablue]

need more urbanity

[Perklol]

You forgot to add the Worldwide tower on 60th/3rd ave

also, wheres the wrecking ball smile at ssp?

[Crawford]

Originally Posted by Perklol

You forgot to add the Worldwide tower on 60th/3rd ave

The thing is, we have no idea how tall the 60th street tower will rise. I think it will be supertall, as there are no height limits, tons of air rights, amazing potential park views, and very high neighborhood condo values.

It's actually situated closer to Lexington than 3rd, though. I think Worldwide Group is trying to buy the retail building on the corner of Lex/60th.

[Perklol]

^^ true they want that lot on the corner. The article said a similar type of building as the 57th street one, so my guess? 800'

[Crawford]

Originally Posted by Perklol

^^ true they want that lot on the corner. The article said a similar type of building as the 57th street one, so my guess? 800'

Yeah, but "similar type of building" has nothing to do with "similar heights".

Their 57th Street tower was subject to height limits. This site has no height limits. There would be no reason to think that they would arbitrarily apply the same height to this tower as to another, unrelated tower with different zoning rules.

[NYguy]

Originally Posted by newyorker

I thought we decided no more soothsaying.

That's not soothsaying my friend, that's sound fact. It won't happen (for obvious reasons). Let's keep our heads out of our asses, and grounded in reality.



http://www.crainsnewyork.com/article/201...ry-barnett-predicts-dip-in-luxury-market

Developer Gary Barnett predicts dip in luxury market
Extell Development's Gary Barnett expects a growing number of super-costly residential properties to weigh heavily on the market.
'If this keeps up, we will get an oversupply,' he said.

BY JOE ANUTA
OCTOBER 30, 2014

Add Extell Development’s Gary Barnett to the list of high-profile real estate developers who think the top end of the market may be nearing a dip.
“We’re not there yet, [but] I think we’re seeing the beginnings of a slowdown,” Mr. Barnett said Thursday at a new model apartment on the 58th floor of One57, the firm’s 1,000-foot-tall luxury residential and hotel spire overlooking Central Park.

The super-luxury market has been on a hot streak for about two years, fed in large part by a stream of buyers from abroad. But with more properties teed up to hit the market—including Extell's own Nordstrom Tower down the street—competition is mounting.

As a result, it will take longer to sell units that in many cases need to fetch eight-figure price tags to justify the cost of land and construction of the building.

“If this keeps up for another year, if we start seeing more and more buildings come into the market that we don’t know about … we will get an oversupply,” he said.

That oversupply could mean that investors and developers will be less willing to shell out top-dollar prices to buy land for new buildings, since there will be no guarantee they will be able to make up that cost when the apartments eventually hit the market.

But rather than seeing land prices falling, Mr. Barnett believes that many development parcels will simply be held off the market.

“What happens in new York is [when] the land market softens, you don’t see the land—it’s just not made available for sale,” he said. “Most of this stuff is only being pulled into the market because of super-high prices.”

But One57 is already more than 80% sold, according to Extell representatives. Earlier this year, hedge-fund manager Bill Ackman reportedly went into contract to buy a penthouse at the building for $90 million.

Here's a quick read on the

Stampede of the Super-Talls
https://www.bisnow.com/archives/newsletter/new-york/3282-stampede-of-the-super-talls/






http://www.usglassmag.com/2014/11/multif...ntinues-cast-shadow-single-family-homes/


Big Apple, Bigger Buildings

November 7, 2014
by Nick St. Denis

With the strong push in multifamily construction has come some major projects—particularly in New York City. Actually, almost exclusively in New York City.

In terms of dollar value, eight of the 10 largest projects in 2014 are located in NYC, led by the $718 million residential portion of the Nordstrom Tower in Manhattan. That project is followed by jobs of $425 million, $420 million and $395 million. The two non-NYC projects in the top 10 are located in Astoria, N.Y., and Jersey City.

“New York City is certainly the center for multifamily housing,” says Murray.

Just assume by "NYC" they mean Manhattan.

[NYguy]

cityrealty_nyc

[Onn]

Originally Posted by NYguy

http://www.crainsnewyork.com/article/201...ry-barnett-predicts-dip-in-luxury-market

Developer Gary Barnett predicts dip in luxury market
Extell Development's Gary Barnett expects a growing number of super-costly residential properties to weigh heavily on the market.
'If this keeps up, we will get an oversupply,' he said.

BY JOE ANUTA
OCTOBER 30, 2014

Upp, told people this was going to happen. However it appears many of the projects going up right now or preparing to go up are safe for the moment.
It seems like some of the momentum in the luxury residential market has moved to the luxury office market in the last few months. Kind of a strange twist.

Great renders by the way, One Vanderbilt is going to be a beast!

[hunser]

^ Of course Barnett is going to say that. Wouldn't want some competition he? Other developers want a slice of the cake too.

[Onn]

Originally Posted by hunser

^ Of course Barnett is going to say that. Wouldn't want some competition he? Other developers want a slice of the cake too.

Other than the fact that's its true? People are going to get tired of buying $50 million penthouses very fast.

[photoLith]

Where are all these super wealthy people? Ive always wondered how there are that many millionaires or billionaires that could afford these condos all over the city, let alone world. Surely theres not that many of them unless its the same people buying these condos and such in a lot of these supertalls.

[Welcome2Boise]

Originally Posted by hunser

^ Of course Barnett is going to say that. Wouldn't want some competition he? Other developers want a slice of the cake too.

Also, even with a dip in the market these guys will profit. Right now they are making a killing. I believe Barnett is really saying, simple supply vs demand is at work. Someone saw a market for these and the race was on. The first in line win (One57 and 432 Park), the others will probably have a bit more modest returns as the supply begins to match the demand.

[JR Ewing]

Originally Posted by photoLith

Where are all these super wealthy people? Ive always wondered how there are that many millionaires or billionaires that could afford these condos all over the city, let alone world. Surely theres not that many of them unless its the same people buying these condos and such in a lot of these supertalls.

There are loads of them.

Also, the next wave, which consists of Nordstrom, 220 CPS, Verre, 520 Park, and Steinway will total no more than 1,000 units. That's not a lot.

[Onn]

Originally Posted by photoLith

Where are all these super wealthy people? Ive always wondered how there are that many millionaires or billionaires that could afford these condos all over the city, let alone world. Surely theres not that many of them unless its the same people buying these condos and such in a lot of these supertalls.

Many of the buyers are from around the world, some are from New York City. But countries like China, Russia, Brazil, Europe, ect.

The problem is people aren't going to buy super high end properties forever, investments change. As in what is worth investing in, especially if there is a real estate market downturn.