Tuesday, April 22, 2014

Super Luxury Tower to Soar 775 Feet in Flatiron

The final stages of demolition are underway to make way for a glassy 775-foot behemoth at 41 East 22nd Street, in Manhattan's Flatiron district. The 60-story tower between Broadway and Park Avenue South will house just 81 (very expensive) apartments, and trump its neighbor— One Madison —by 175 feet, making it the tallest building between the Empire State Building and Lower Manhattan. Ground breaking on the new tower is set to begin later this year.

Bruce. Eichner spent more than $100 million to buy the land as well as air rights that would enable him to build the nearly 800-foot tower.

The new building will be located off the southeast corner of Madison Square Park, in a space currently occupied by low-rises.

The 81-unit condominium designed by Kohn Pedersen Fox Associates, would be just 50 feet wide at the base, but would expand like a slender champagne flute and be wider at the top, according to the architect.

Perhaps the tower’s most striking element — besides its sheer height — is the cantilever, arching over neighbors at the adjacent 33 West 22nd Street.

Despite a stone exterior, the building's base will have enormous windows looking out onto 22nd Street, and the lobby of 41 East 22nd Street will be an experience unto itself.

A triplex penthouse on the 58th through 60th floors will cap the 400,000-square-foot project.

Similar to many developers moving ahead with new condo projects recently, Mr. Eichner is targeting the upper end of the market.

Similar to others, he has been emboldened by the high prices that are being fetched these days—more than $3,000 a square foot in Greenwich Village and more than $5,000 a square foot for units by Central Park.

What’s certain is that pricing at this property will be astronomical, given the large floor plans and relatively unobstructed views.

With One Madison located down the block, the neighborhood offers ample competition in terms of condominium units, but it would appear that this development is poised to take the super-luxe crown for all of Lower Manhattan.

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