Heavenly Homes at 432 Park Avenue
New York City - How does one describe a luxury housing market where a tower can sell more than a third of its units before it officially hits the market?
Well, the tower that towers above them all at 1398 feet is 432 Park Avenue. It has officially hit the market, with more than one-third of its 126 units already in contract.
Art collectors of ArtKabinett social media network would be ecstatic to invite you up to view their etchings.
Apparently, the 1,398-foot Rafael Vinoly-designed structure has been quietly marketing units since last summer.
Harry Macklowe and the CIM group, the building's developers, have also been quietly hiking the prices for apartments—not once, or twice, but three times.
The building’s total asking price is $2.7 billion, according to a filing with the New York attorney general. Which means that 432 Park won’t only be Manhattan’s tallest condo tower (and the tallest residential building in the Western hemisphere), it will also be the condo tower with the highest total asking price.
The units themselves, however, while very pricey, will not be the city’s most expensive.
Current availability exists for units between $20 million to $85 million — significantly less than the more than $90 plus million that a few of the units at Extell’s One57 are said to be in contract for. A six-bedroom penthouse condominium on the 95th floor commands the top asking price.
As expected, the building features some mighty chic amenities: every window will measure an “expansive” 10 feet by 10 feet, and there will be private elevator landings, separate staff entrances, master bedrooms with his-and-her bathrooms and dressing rooms, 12.5-foot ceilings, solid oak flooring, Italian statuario marble in the bathrooms and in the kitchens.
Downstairs there will be a private restaurant, a garden, a 75-foot swimming pool, a library, a billiards room, a boardroom, a performance venue and “handpicked staff.”
With its height of 1,398 feet, it will be one of the tallest buildings in the United States, as well as the tallest building in New York City to the roof, surpassing both the new and old World Trade Center buildings, and second tallest in total height behind One World Trade Center.
Located at 432 Park Avenue -- at the northwest corner of East 56th street -- the building required the demolition of the 495 room Drake Hotel built in 1926.
In 2006 the hotel was sold for $440 million to developer Harry Macklowe. It was demolished in 2007. The site became one of New York's most valuable development sites due to its location in the heart of the city. The new tower will cost an estimated $1 billion to construct.
The work on the foundation began in September 2011 and by May 2012 the first re-bars were installed at the base of the foundation. The building reached grade level by early 2013.
Given the simplicity of the design, the building is expected to rise at a rate of one floor per week with the mechanical floors taking around 2 weeks. It is expected to be topped out by early 2015, completed by mid 2015, and ready for occupancy by early 2016.