New York superscraper officially goes on market
Office and residential space at 432 Park Avenue, set to be one of the tallest buildings in the United States upon completion, has officially gone onto the market, according to a press release by the buildings developers, CIM Group and Macklowe Properties.
Upon completion, the building will become the tallest residential building in the western hemisphere, when construction of its 147 residential apartments and office suites are completed in 2015.
The building stands in one of New York’s most valuable development sites, estimated to be worth US$1bn, on the old site of the historic Drake Hotel in the heart of city, built in 1926 and demolished in 2007 to make way for the build.
Published reports say the asking price for condominiums at the 1,396ft skyscraper range from a staggering $20m to $85m for a full floor penthouse with 360 degree views across the city, and represent a cumulative yield of $2.7bn at $6,742sq ft; the highest total asking price for a residential building in Manhattan.
According to Journal, the development company have been quietly marketing units for sale for some time, with one to two thirds of the building’s residential apartments and office suites already under contract.
[caption id="attachment_13652" align="aligncenter" width="567"] A room with a view: 142 Avenue at 1162ft[/caption]
Over 30,00sq ft of private amenities including a restaurant, outdoor garden for dining, fitness centre, spa with sauna and steam and massage rooms, a 75ft pool, library, cinema, performance venue and pool hall are included as standard in a unit sale, with the buildings handpicked staff providing in-suite catering and concierge services.
Residential apartments in the building are decked in book-matched slabs of Italian statuario marble, and feature 10x10ft windows, 12ft high ceilings, private elevator landings, separate service entries, windowed his and her bathrooms, with additional climate controlled wine cellars, office suites and staff apartments available.
Construction of the building began in September 2011, with work beginning on laying the buildings foundations. The building’s simple design will allow for a build rate of one floor per week and is expected to be ready for occupancy by late 2015, to early 2016.
Photo coutersy of Skycraper City.