New York City is known for its skyscrapers and high-rise buildings towering over the bustling city below. Well, there will soon be a new kid on the block that will be the tallest apartment building in the city. Located at Park Avenue and East 56th Street and standing about 1,397 feet and rising 95-stories, 432 Park Avenue will beat out One57 by 400 feet, shoving its closest competitor to the side upon completion in the next few years. It is expected that once construction gets underway on this condominium tower, Manhattan’s real estate will soon be battling it up for superlatives.
This high-rise tower may be a blessing and curse to Manhattan’s real estate market, which has been calming down lately. This new addition to New York City’s towers may liven up Manhattan real estate and lead to an huge increase in the market. If possible, who wouldn’t want to live in the city’s tallest building? In a few years, that will no longer be One57, making 432 Park Avenue the new main attraction for residential buildings. On the flip side, there may be a lot of mayhem occurring in the Manhattan market due to heavy competition. Nonetheless, there will be a lot of activity surrounding this Park Avenue high-rise once the development begins.
The tower will offer 147 large residential units, and the building’s penthouses already have an asking price of $82.55 million. Emerging on the site of the former Drake Hotel, legendary developer Harry B Macklowe and investment company CIM Group are both listed in the tower’s plan, but it is still unclear who will claim credit for the structure. Real estate consultants who are involved in the project claim that due Mr. Macklowe’s prior misfortunes with the property, he will receive recognition but may not see any financial gain if 432 Park Avenue were to become as successful as 15 Central Park West, for example.
New York developers such as Mr. Macklowe seem to find lenders who are willing to bet on them each and every time. When it comes to Manhattan developments, this seems to be more of a pro than a con; these projects are expected to be successful. According to Charles Bagli, despite the billions of investment money that was lost on overpriced real estate, New York developers have suffered surprisingly few failures. This Park Avenue tower might be a risk worth taking: compared to successful buildings such as One57, the building will not be shared with a hotel. Instead, it will feature a private restaurant with a terrace. The apartments at 432 Park Avenue will offer views of Central Park for slightly lower prices, at least for now. As this sky-high tower rises, many related aspects surrounding it will follow suite.