Driven by new technologies — along with an ever-increasing amount of capital flowing into luxury real estate — the time at the top of the list of the world’s tallest residential building is getting shorter and shorter
In Manhattan, One57 (1,005 feet) briefly held the title of tallest residential building in the city before being eclipsed by 432 Park (1,396 feet). Both buildings are set to be bested by the nearby Nordstrom Tower, which is expected to reach 1,775 feet. Developer China Overseas America also recently said it will erect a 950-foot residential tower in Jersey City, Bloomberg News reported.
But the reach for the sky is even more pronounced elsewhere in the world. The mixed-use Kingdom Tower in Jeddah, Saudi Arabia will dwarf Manhattan’s towers, at 167 stories and 3,281, when completed in 2017. In fact, of the 445 residential towers in the world over 650 feet that are built or under construction, only 12 are located in Manhattan.
The top three cities for tall residential buildings — Dubai, Mumbai, and Shenzen — account for eight times that. A full one quarter of tall residential developments worldwide are located in China.