Posted Sep 17, 2012, 11:20 AM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 52,613
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http://online.wsj.com/article/SB1000...googlenews_wsj
A View Far Above the Rest
Park Avenue Tower Puts City's Tallest Occupied Space on Market for $85 Million
September 16, 2012
By JOSH BARBANEL
Quote:
It may be the apartment with the ultimate bragging rights in New York—the highest occupied space in this city of skyscrapers, even taller than the observation deck of One World Trade Center. It can be yours for $85 million. The six-bedroom penthouse condominium on the 95th floor is one of the more unusual apartments that have just gone on the market at a new 1,397 foot aluminum and glass tower under construction at 432 Park Ave. on the site of the old Drake Hotel. When completed in 2015, it would be the city's second-tallest building, and the penthouse would likely be the tallest space with people residing or working regularly within.
Documents show the total asking price for 432 Park Ave.'s 122 condominiums—along with staff rooms, office suites and wine cellars—is now $2.43 billion, a record for a Manhattan condominium. The tower represents another luxurious, ultraexpensive residential skyscraper hitting the Manhattan market, setting up more competition with other buildings such as One57 for wealthy buyers looking for trophy properties.
The building's foundation work has just been completed at an L-shaped construction site on Park Avenue between East 56th Street and East 57th Street. Steel beams will soon start rising skyward in a slender design by Rafael Vinoly Architects, although the building's look and height could change.
Nevertheless, a small group of real-estate brokers have already been given briefings on the development. A show room is due to open before the end of the year, brokers said. According to condo records filed with the state, 432 Park Ave. will have unusually high ceilings allowing for large picture windows to look out at the city—15 feet between floor slabs and ceiling heights of 12-and-half feet. The penthouse floor would be called the 95th but is actually on the 78th floor because the building will skip some floor numbers.
The 8,255-square-foot penthouse would be 1,302 feet above the street entrance, according to figures compiled by the Council on Tall Buildings and Urban Habitats from building plans. The highest occupied floor at One World Trade Center—which would be 1,776 feet tall but with a 408-foot antenna—would be the visitor's center at 1,251 feet, according to the Port Authority of New York and New Jersey. The Empire State Building is 1,250 feet high, not including its antenna.
While living "at the top of New York" could be desirable for some buyers, it isn't for everyone, said Pamela Liebman, president of the Corcoran Group, a consultant for Extell Development, which is building One57. "There are many buyers who do not want to be so high up in a building that they feel they are out of touch with the city and cityscape," she said. "It is more like being in a helicopter." Still she said having major condo towers on the market at the same time could actually bring in more buyers to both. "New York is lucky to have two such important towers being built at a time when we are severely lacking in this type of inventory," she said.
Gary Barnett, the president of Extell Development, said he didn't see 432 Park Ave. as competition. One57 is expected to sell out sooner, in six to 12 months, and begin closings next year, Mr. Barnett said. "Our delivery schedules are totally different," he said. "We want [432 Park Ave.] to do well," he said.
Howard Lorber, the chairman of Prudential Douglas Elliman, a marketing consultant on 432 Park Ave., said he was so impressed with the building's interior details and designs that he planned to buy a 4,000-square-foot half-floor apartment. Prices on similar units are listed for $22 million and up. "I liked it so much I am buying one myself," he said.
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“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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For those of us who live in NYC (me its been 17 years now) its always about what people "DO" versus what they "say" (especially in the press and media). Again....if in 30 days there's no crane = trouble getting this thing done!!
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