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.
The residential building, One57, located at 157 West 57th Street reaches a height of 1,004 feet tall at 75 stories. Currently, it is the first completed project on West 57th street and the tallest residential building in Manhattan. With it’s height and appeal, the title of tallest building will not last very long. In the works is another residential tower, 432 Park. Located at the corner of 56th Street and Park Avenue will be this 96-story concrete tower, which will rise 150 higher than the Empire State Building once completed.
Not quite in construction yet are two more towers to be built on West 57th Street. 225 West 57th Street is scheduled to begin next year, with the intentions of reaching new heights of 1,423 feet tall. Extell will be developing this building to be completed by 2018 and to include 233 condos. Once completed, this will be the tallest residential building in all of the U.S. Not as tall, but still reaching skyscraping levels will be 111 West 57th Street, reaching the height of 1,397 feet tall. These upcoming towers all follow the same model of tall, thin and expensive.
The exasperating new heights of these towers are major appealing aspects to buyers, but the central business location of West 57th and Park is attracting the interest of foreign buyers to these projects. Being in Midtown, the location of these towers provide easy access to office buildings, and are at a convenient location to Times Square and the theater. So far, foreigners make up 40% of One57’s buyers and 10% of 432 Park Avenue’s buyers. Surprisingly enough, Manhattan real estate happens to be slightly cheaper than other major cities such as London and Hong Kong. Though expensive for New Yorkers, the birds eye views of Central Park and the city are attracting the super-rich from the Middle East, China, and Europe. Manhattan remains ever changing as the skyline grows bigger and brighter.