United States Back to Real Estate News Homepage to RSS for this country

US Property News

US NYC's tallest building hits $1 billion in sales

Property Here - Wednesday, May 29, 2013

Share to:

By Romesh Navaratnarajah:

Set to become the tallest building in New York City, 432 Park Avenue, a 1,396 ft apartment tower, has achieved almost US$1 billion (S$1.27 billion) in sales since its launch in March.

Developed by CIM Group and Macklowe Properties, the property will be 96-storeys high and located between 56th and 57th Street, Park Avenue. Its wide windows (10 ft by 10 ft each) will provide spectacular views of the city. Designed by the architect Rafael Viñoly, the landmark is expected to be completed in 2015.

Facilities will be spread over 30,000 sq ft and include a private restaurant, spa and fitness centre, 75 ft swimming pool, screening room and outdoor garden. In-suite catering, concierge, 24-hour doorman and valet parking services will also be available.

Most of the buyers are Americans, with the rest coming from China, Russia, South America, the Middle East and the UK.

Avi Shemesh, Co-Founder and Principal at CIM, said: “432 Park Avenue is quickly becoming one of New York City’s most prestigious addresses and a worthy addition to its unparalleled skyline.

“Our experience in developing large transformative urban projects made 432 Park Avenue a natural fit with our investment philosophy and management style. We are confident that we are creating tremendous value for residents, our investors, and New York City.”

The residences at 432 Park Avenue are priced from US$7 million (S$8.89 million) to US$95 million (S$120.67 million). 

Romesh Navaratnarajah, Senior Editor of PropertyGuru, wrote this story. To contact him about this or other stories email romesh@allproperty.com.sg