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.
Consequently, there are many properties – new constructions especially – purchased sight unseen. This trend was revived only a few years ago, after consumer confidence was restored in the wake of the financial crisis. This has spurred developers and their marketing teams to take advantage of different technologies to give prospective clients the best visualizations possible, whether that’s working with models, or the more experiential imagery provided by the Oculus Rift.
This goes doubly true for the skyline-defining skyscrapers along Billionaire’s Row. By example, 432 Park Avenue’s website shows potential residential views that appear to be captured via drone. Notably, 225 West 57th Street, also known as the Nordstrom Tower and 217 West 57th Street, is on track to break 432 Park’s record as the tallest residential building in the Western Hemisphere; but with potential drone bans in NYC, it’s uncertain whether the method will be used again. That said, recently released renderings are doing an excellent job of portraying those jaw-dropping perspectives; and while it might not be the tallest residential building in the world upon its completion, residential or otherwise, NYC’s current zoning laws ensure those views will be preserved for quite some time.