When Harry Macklowe completes Manhattan’s tallest residential tower at 432 Park, the building’s 126 units will have a total asking price of $2.7 billion, the highest amount ever sought by a New York condominium, according to the Wall Street Journal.
Broken down, that multi-billion dollar figure equates to an average asking price of $6,742 a foot. But sky-high pricing hasn’t scared off buyers, with CIM Group and Macklowe having already nailed down contracts for a third of the building’s units two years ahead of completion.
More surprising still, so far, most of the contracts are with Americans, rather than with much sought after foreign investors. “When you have people from New York buying, it validates the building,” Avi Shemesh, a CIM founding principal, said.
And the $1.2 billion project — mostly funded through individual investments — isn’t the only new Manhattan luxury condo project fighting to attract deep-pocketed buyers. Extell Development’s Gary Barnett is building yet another 57th Street project that will compete for 432 Park’s status as the tallest residential development in North America, while the Chetrit Group weighs its plans to convert part of the $1.1 billion Sony building into condos. [WSJ] –Christopher Cameron