Thursday, October 11, 2012

America's Tallest Residential Tower, 432 Park, Builds Foundation

A look at foundation work at 432 Park Ave from the north, on left side (se corner of property) foundation at grade.
432 Park from the southeast, E 56th and Park (A Fine)
432 Park from the north on East 57th Street (A Fine)
Render of the final product (CIM)
It's been long in the making, and has a heck of a long story reflective of the financial meltdown and resilience of the New York City, but it is finally happening, 432 Park Avenue is going full steam! What will eventually be America's tallest residential tower at 1390 feet, and the tallest in New York City (if you don't count the antenna on the new WTC), has built a foundation that has reached ground level on the southeast corner of the site, and is quickly building up from around 40 feet below grade on the rest of the site.
As I mentioned, it's a long story, but part of the site on Park and 56th Street was the former Drake Hotel. Harry Macklowe bought the Drake in 2006 for $440 Million and demo'd the hotel in 2007. At the same time, various battles ensued as Macklowe struggled to cobble together more adjoining properties on East 57th Street between Park and Madison. The goal was not only to gather air rights for a residential tower, but also to gain enough frontage on East 57th Street for a large and viable retail space. Some owners were easier to persuade than others, but 101' of frontage on 57th Street was eventually secured. Then, the financial crisis happened and Macklowe nearly went bust (losing several buildings including the GM building blocks away). For a few years there, the site sat dormant and rumors circulated that Macklowe would have to give up the prized property. But alas, both Harry Macklowe (with the help of CIM Partners) and the New York City real estate market have shown incredible resilience, and the dream of America's tallest residential tower is alive, well, and happening!
The stats:
- 1390 feet
- Rafael Vinoly, Architect
- 122 residential units
- Expected asking prices average $5800 per square foot
- 12 foot+ ceilings and, of course, amenities galore
- 101 Feet of retail frontage on East 57th, exact square footage unknown

A Fine Blog Files, Harry Macklowe (A Fine Blog)
Curbed files, 432 Park Avenue (Curbed)
Higher Tower, Higher Prices? Is 432 Park Increasing Asking Prices (Observer 9/2012)Share B

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