Articles on 432 Park Avenue

Better than Gold? NYC Luxury Real Estate Is a Solid Investment

Nordstrom Tower 225 West 57th Street Billionaire's Row New Construction Manhattan

According to Blackrock chairman Laurence D. Fink, there are but two asset classes that should be on anybody’s mind: contemporary art, and real estate – particularly in Manhattan, Vancouver, and London.  He continues that the investment value of these commodities have even surpassed gold, which has been considered throughout history to be a solid asset and investment.  Of course, gold peaked in 2011, but has since dropped by over 35 percent since then; by contrast, Manhattan real estate, especially the luxury sector, has been performing exceptionally well, which in turn is shifting demand to Brooklyn, subsequently moving more demand towards the oft-overlooked Queens market.

Manhattan's Growing Skyline

In wake of One57, West 57th Street is becoming the hotspot for residential development. With its ideal location to Central Park, it’s no surprise that developers are choosing this area for construction. There seems to be other factors as well, drawing people to this previously desolate site. The location of West 57th street is part of a special Midtown zoning district with no height restrictions. With that freedom, developers are taking their projects to new heights which means fantastic views of Central Park and the river, and wealthier buyers.

Looking Back on 2013: Top 10 Real Estate Stories in NYC

New York City

This year was huge for real estate in New York City, as new construction soared to pre-crash levels. Before we look forward to 2014, let's count down (in no particular order) 10 of the biggest real estate stories in 2013.

Ultra-Luxe Row: the Supertall Condos of 57th Street

57th Street Luxury Condos
Image Courtesy of JDS Development

From Hudson Yards, to the World Trade Center, the skyline of New York City is undergoing some serious changes. While the previously mentioned sites primarily focus on commercial development, there’s a popular stretch of land along the southern end of Central Park that is undergoing unprecedented residential development. Here’s a look at the luxury skyscrapers of 57th Street.

Volume of Sales Slows Down at 15 Central Park West

15 Central Park West is seeing a drop in sales volume

Although 15 Central Park West has had some very impressive sales in the recent past, a recent news report has said that the volume of sales in the luxury condominium building has slowed down over the past few months. While there were 17 apartments sold at this very exclusive address in 2011, this year has seen only five apartments in the building finding buyers so far. This has been attributed to the sky-high figures being asked for the remaining condos in the building, with some real estate brokers calling some of these homes not worthy of such striking prices.

Another Tower Goes For NYC’s Tallest Record

Another challenger for the tallest luxury condo building in ManhattanNew York City is known for being home to some of the tallest skyscrapers in the country. If you thought Manhattan towers couldn’t get any taller, you were mistaken! There are residential towers currently under construction such as the 1,397-foot tower at 432 Park Avenue South which will eventually surpass the infamous 1,004-foot One57 tower once both are completed. Well, for those who marked 432 Park Avenue as the New York City’s tallest residential building, you might have spoken too soon. Beating out its skyscraper-like competitors by rising to 1,550 feet, an 88-story Extell mixed-use development plans to emerge at 217-225 West 57th Street, less than a block away from its sibling One57.

Pricing for 432 Park Avenue’s Views, Volume and Value

© dbox for CIM Group & Macklowe Properties

432 Park Avenue aims for $2.47 billion appraisal When complete in April 2015, 432 Park Avenue will exceed One57’s height by almost 400 feet, but it is also in the running to compete for another sky-high title: the epic price tags on 147 units which appraisers have valued at a total of $2.47 billion. Developers Harry Macklowe and Los Angeles based CIM Group and architect Rafael Viñoly are certainly faced with a project of brave proportions. Harry Macklowe is hardly known for being risk averse, but after a series of well-timed deals amidst current condo-buying frenzy, 432 Park Avenue will soon be at the top of the NYC real estate world.