In a year marked by continued economic malaise, several developers made headway on towers that, when completed, are set to surpass the highest points in the current skyline. The most notable, of course, is One World Trade Center, which will be New York’s tallest building when it reaches its full height of 1,776 feet.
Builders, buyers and sellers, landlords, lenders - even tourists - all broke New York City records last year. Here is a list of some of the all-time highs reached in 2011:
The Tallest:
The lofty One57 condo tower, which broke last year, is slated to become the city’s tallest residential building at 1,004 feet, eclipsing the current residential giant: the 870-foot New York by Gehry at 8 Spruce Street. In short order, the mega-tower starting up at 432 Park Ave will surpass One57 by more than 400 feet - solidly positioning itself as the tallest residential building in the western hemisphere.
(See ElectricWeb Blogger- Oct 5, 2011)
The Big Boys:
Marriott International’s under-construction hotel at 1717 Broadway, which was announced in August, is set to become the tallest standalone hotel structure at nearly 753 feet. Meanwhile, Bruce Ratner’s Forest City Ratner recently unveiled plans to build the largest-ever prefabricated tower, which would rise 32 stories at Brooklyn’s Atlantic Yards.
(See ElectricWeb Blogger- Nov 6, 2011)
Priciest Office Tower:
One World Trade Center is not only tall — it’s expensive. Indeed, at $3.2 billion, or $1,250 per square foot, the central structure to go up as part of the World Trade Center’s reconstruction dwarfs the cost of other glitzy office buildings in the city — and the country.
(See ElectricWeb Blogger- Aug 9, 2011)
Hotel Construction:
Building a hotel in New York City is becoming more affordable than buying one, as demand from investors helps drive a surge in property prices. 50 new hotels are set to open by the end of 2013, with 68 more scheduled for completion by 2014.
Priciest Residential Sale:
The sale of former Citigroup chairman Sandy Weill’s 15 Central Park West penthouse may be the most expensive residential deal ever. Weill sold the spread to Ekaterina Rybolovleva, the 22-year-old daughter of Russian fertilizer magnate Dmitry Rybolovlev, for $88 million and vowed to donate the proceeds to charity. In a recent interview, Ekaterina said the condo will be "her dorm to stay at while studying at NYU." At $88 million, the sale kicks Christopher Flowers’s $53 million purchase of the Harkness Mansion for a field goal.
Most Expensive Development Under Construction:
One57, the $1.4 billion project, across from Carnegie Hall, is more than 60 floors above ground. When completed next summer, the 90-floor property will tower over Central Park with penthouses listed at $98.5 million each. Most apartments in the tower, though, are much more affordable - listed between $21 to $45 million each.
(See ElectricWeb Blogger- Dec 9, 2011)
Costliest Foreclosure Sale:
The Henry Sloane Mansion at 18 East 68th Street, on the market for $69 million, could have set a record for the city’s priciest townhouse sale. Instead, it was sold to billionaire Alexander Rovt at the city’s costliest foreclosure auction. Rovt, who also made his fortune in fertilizer, successfully bid nearly $37 million — the total owed to the mortgage lender.
Record Residential Asking Price:
The estate of fitness mogul Lucille Roberts recently put the Woolworth Mansion at 4 East 80th Street up for sale. The $90 million asking price is the largest on record for a townhouse property.
Priciest Retail Sale:
Spain’s Inditex, parent company of fashion retailer Zara, in March closed on a deal to pay $331.6 million for a 39,000-square-foot slice of a 666 Fifth Avenue retail condo. At $8,300 per square foot, it was the highest price ever paid for a U.S. retail property.
Highest Retail Rent:
Vornado Realty Trust is shopping the 1,402-square-foot retail space at 691 Fifth Avenue occupied by the Elizabeth Arden Spa. At $3,000-per-square-foot, the asking rent for the ground-floor space is a record for Fifth Avenue, the city’s priciest retail district. The property is still available.
Tourist Volume:
The number of hotel rooms in New York City hit a record high of 90,000 in 2011, growing 24 percent from 2006, according to Mayor Bloomberg, who has been pushing to increase tourism to the city. Likewise, the 50.2 million tourists who visited New York last year represented the highest number yet, topping the 48.8 million who came here in 2010.
News and stories of interest to the NYC Electrical Community