New York City’s Towering Real Estate Trend

New York City’s Towering Real Estate Trend


Standing 1,004 feet in the sky with an effortless chicness that dwarfs not only patrons but the city’s iconic skyline, One57 has been making quite the ripple in New York City’s real estate market–but so has its rival 432 Park.

Scheduled to be completed next month, One57 has already managed to sell “70%” of its units as its rather boastful development group, Extell, has been mentioning in the news. In its incomplete state, the glass and steel edifice has already been able to lure some of the wealthiest individuals from around the world. And they are mesmerized over its potential luxury, its views, and yes, perhaps, the opportunity to succeed in the ceaseless race to possess the most coveted piece of Manhattan property.

However, this soon-to-be towering masterpiece at 157th West 57th Street is bound to be competing in sales, even if only at a meager level, as revelers of the 432 Park Avenue building are quickly being offered an additional luxury option if they can wait a little longer to call New York City home.

one57-livingdining area in a unit

One57 rendering of model living room
New York Observer

According to the Wall Street Journal, 432 Park has already sold half of its units as it nears an astonishing $1 billion in sales. When complete in 2015, the tower will scrape the sky at an astounding 1,396 feet and become the tallest residential building in the Western Hemisphere–it even recently sold a $95-million 8,255-square-foot penthouse to a buyer who still remains a mystery.

432_park_avenue_great_room_views Manhattan Scout

432 Park rendering of great room
Manhattan Scout

Avi Shemesh, founder of real estate investment group CIM, which is developing 432 Park in conjunction with legendary New York developer Harry Macklowe, did at least inform the public in the Wall Street Journal article that, surprisingly, the majority of the tower’s buyers are from the U.S. This is something that has changed in recent years as the ultra-luxury New York City properties have more and more become the ideal living quarters for foreign buyers.

It may astonish some at just how well both buildings are doing so far in regards sales because, after all, we are referring to condos that run in the high millions. Although the identities of these mysterious billionaires have not been revealed, they are not as short a commodity as some might assume. New York City came in at #1 for the city with the most billionaires with a stunning 70 of them calling the Big Apple home. So creating new properties with the ultra-rich in mind isn’t far off when one considers the reality of where New York City real estate is heading.

432 Park rendering TheRealDeal

432 Park rendering

As a matter of fact, billionaire denizens are something that the exiting mayor, Michael Bloomberg, actually wants to see increase, as he considers them a boon to the city’s recovering economy. As reported by the Wall Street Journal, Mayor Bloomberg stated on his weekly radio show, “They [the billionaires] are the ones that pay a lot of the taxes. They’re the ones that spend a lot of money in the stores and restaurants and create a big chunk of our economy … And we take tax revenues from those people to help people throughout the entire rest of the spectrum.”

As for 432 Park and One57, developers see them doing so well that they are following their lead and creating even more ultra-luxury skyscrapers, such as 56 Leonard and 217 West 57th Street, which are slated to hit the city in the coming years and continue to sustain the billionaire trend. Only time will tell if they not only house more of the city’s elite, but also aid its economic ambitions.