It’s an encouraging sign that, even in a weak economy, developers are still willing to take risks in new construction. None of those risks are bigger (literally) than the Drake Tower at 432 Park Ave, which will be the largest residential tower in all of Manhattan when completed. The current designs have this massive luxury condominium standing at over 1,300 feet, a good couple hundred feet higher than any luxury residential tower currently standing in Manhattan. A partnership between developer Harry Macklowe and CIM Group, a Los Angeles real-estate company, has kept the project moving forward despite a general slowdown in large luxury condo construction. When 432 Park Ave construction begins, it will set a new standard for luxury condominiums in Manhattan and stand as a powerful symbol that better things are yet to come.
Part of this willingness to take risks has a lot to do with the fact that Drake Tower will be built on the corner of 56th Street and Park Avenue, one of the most desirable locations in the world, let alone the city. In fact, the site - where the regal Drake Hotel stood for years - was rated the most valuable in Manhattan by the New York Observer. The 128 ultra-luxe condos planned at 432 Park should have no problems selling; the prestigious address and incredible amenities will attract elites from around the world. Each condo will have ceilings upwards of 12 feet, and at the base of the building the developers plan to build a 5,000 square foot, partially covered driveway, which will make 432 Park exceptionally private. The amenities package revealed so far boasts private dining and screening rooms, plus a golf training facility. The remaining details have yet to be ironed out, but there’s little doubt that the quality of the future Drake Tower hopes to both match and surpass what is currently available in Manhattan’s luxury condo listings.
As of right now there is no scheduled completion date, and development has yet to begin, but 432 Park has already generated large amounts of interest and talk in the Manhattan real estate market -- an impressive feat in a market long accustomed to buildings claiming to the The Next Big Thing. Once built, the Manhattan skyline will gain a new bedfellow, and the effects of this new mega-condo will finally be felt. What can we at NCM anticipate in a post-Drake Tower future? At the very least, new condo construction will have to keep innovating to keep up with a luxury high-rise like this one, and with luck the completion of Drake Tower will mark a return to the glory days of stunning and architecturally-challenging new construction in Manhattan.