Wednesday, October 5, 2011

1,000+ Feet Now The Magic Number, As 1,420-Foot Tower Breaks Ground

Three new construction projects in Midtown will each successively eclipse 8 Spruce Street as the tallest residential building in the Americas.

Not content to let New York by Gehry at 8 Spruce Street hang onto the tall building spotlight for too long, One57, the 57th Street Extell-developed mega-tower will be starting sales this fall. Nearly thirty of 90 floors have been built for the 1,004-foot building - and since New York by Gehry is only 870 feet tall, One57 will soon take away the hemisphere's "tallest residential building" crown.

The attorney general's office has already approved sales, and there are contracts out at prices of around $5,000/square foot. And for whatever doesn't get sold, Extell has an insurance plan: the Abu Dhabi government fund has a contract to buy any unsold units.

If they do all sell, there will soon be two other 1,000-foot-plus options nearby.

There's the recently-resurrected, 1,050-foot Tower Verre, (formerly MOMA Tower) at 53 West 53rd Street, which has been scaled back from its original 1,250 feet to conform with newly-enacted City Council restrictions for the site.

And then there's the CIM tower being built on the former Drake Hotel site, where ground breaking continues for the 70-story Rafael Vinoly designed tower. The new building will wrap around 450 Park Avenue, from 440 Park Avenue to East 57th Street, topping out at 1,420-feet

When completed, 440 Park Avenue will be the second tallest building in New York City, and have the highest occupancy level. It would actually be taller than One World Trade Center - if not for the inclusion of the downtown building's antenna in its overall height.