Construction Begins On New York's Tallest Residential Tower
Source: http://www.newyorkyimby.com
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Construction officially begins on tower 432 Park, which after completion will become the tallest residential tower in New York, reported The New York YIMBY. While excavation on the site of 432 Park has been ongoing for several months, no foundation work had yet been completed. On May 14 marks the first laying of rebar for the base of the building. With foundation work now formally underway, 432 Park should be at street level within several months. The only similar tower in the city One57 rose to grade fairly quickly, although financing issues paused actual building's rise several times through construction. The simplicity of 432 Park's design could mean that the tower will rise even faster than One57.
The new tower is constructing at the site of the former Drake Hotel on New York's Park Avenue has long been a subject of fascination in the development world. According to The Wall Street Journal, the CIM Group, owner of the building, a Los Angeles real-estate company founded by two former Israeli paratroopers and a Drexel Burnham Lambert executive has emerged as one of the country's most active property buyers, emerged new details for New York tallest residential tower. The 425 meters tall tower, designed by Rafael Vinoly and developed by Harry Macklowe, is expected to cost US$ 1.2 billion. There will be 128 units would vary in size from 130 square meters to more than 740 square meters, 25 studios to house residential support staff and the retail would run along 57th Street with 30 meters of frontage. The building is planned to hit substantial completion in April 2015.
The expected average sales price is US$ 48.500 per square meters, which would be below recent resale at the Time Warner Center and asking prices at One57. As we reported earlier , a new mark for the priciest home in New York City was setting. An unknown buyer has paid US$ 90 million for the 1015 square meters penthouse on the 89th and 90th floors of One57.
The new tower is constructing at the site of the former Drake Hotel on New York's Park Avenue has long been a subject of fascination in the development world. According to The Wall Street Journal, the CIM Group, owner of the building, a Los Angeles real-estate company founded by two former Israeli paratroopers and a Drexel Burnham Lambert executive has emerged as one of the country's most active property buyers, emerged new details for New York tallest residential tower. The 425 meters tall tower, designed by Rafael Vinoly and developed by Harry Macklowe, is expected to cost US$ 1.2 billion. There will be 128 units would vary in size from 130 square meters to more than 740 square meters, 25 studios to house residential support staff and the retail would run along 57th Street with 30 meters of frontage. The building is planned to hit substantial completion in April 2015.
The expected average sales price is US$ 48.500 per square meters, which would be below recent resale at the Time Warner Center and asking prices at One57. As we reported earlier , a new mark for the priciest home in New York City was setting. An unknown buyer has paid US$ 90 million for the 1015 square meters penthouse on the 89th and 90th floors of One57.
