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Latest posts by Gea Elika (see all)
- Buying Property in NYC as a Foreigner - July 14, 2018
- Fiduciary Duties by Your Condo or Co-op Board - July 9, 2018
- Top Questions for Buyers to Ask When Viewing an Apartment - July 7, 2018
New York and Chicago are usually at odds over which is the best American city. Chicago natives refuse to accept that NYC has better pizza and baseball. Last November, New York took home the gold as the One World Trade Center beat the Willis Tower as the tallest building in America. To this day, there’s still debate over the legitimacy of a spire over an antenna.
One World Trade Center will soon have company on the New York skyline as three residential skyscrapers are shaking up the city’s real estate. Here are three new high-rises to consider moving into.
432 Park Avenue
The building at 432 Park Avenue will be the tallest residential tower in the United States. At the end of construction, the roof will top off at 1,397 feet, 62 feet taller than the roof of One World Trade Center. While the project cost $1.2 billion to build, more than $2.5 billion will be made from selling residential and retail space.
If you want to call the future tallest building in America home, you can choose from 128 units (with pre-sales and closings starting in October 2014) that range from 1,390 to 8,055 square feet. The cost averages $4,500 per square foot. Already, the penthouse is under contract for $95 million, and we expect buyers to pay more than $17 million for a 2 bedroom/3.5 bath residence.
The central location in Manhattan and luxury shopping nearby will make these apartments the hottest on the market this fall.
157 West 57th Street
One57 is the main competition to 432 Park Avenue, with two billionaire buyers dropping $50 million apiece for full-floor units above the 80th story. The $1.5 billion project will only reach 1,004 feet and include 94 residences. The top 15 floors have been referred to as the billionaire’s club, with big names clamoring to live in prime residences and boast about their addresses.
Thirty percent of the 94 condos were sold in just three months, with the cheapest apartment worth $7.35 million. The 10,923-foot penthouse is going for $115 million, and New Yorkers are paying everything in between for their luxury residence and view overlooking Central Park.
107 West 57th Street
About a block from One57, 107 West 57th Street is also turning heads. The initial plans were only for a 700-foot tall building, but they’ve grown to reach 1,350 feet. This building will be the supermodel of the skyline at only 43 feet wide. This means that most of the floors will only be 4,000 to 5,000 square feet.
Most of the apartments will be full-floor, making many of the 45 units in the 51 stories penthouses. Vishaan Chakrabarti, partner at SHoP Architects, which designed the tower, says that residents will have views of both Central Park to the North and Midtown to the South. Many expect the condos in 107 West 57th Street to cost more than $100 million. What they lack in size, they make up for in view.
With all of this construction, and buyers lining up with impressive banks accounts, 57th Street has earned its nickname as the Billionaire Belt.
Now is the time to look into securing your apartment in these towering giants. As we’ve seen, their condos aren’t available for long.