Updated, 12:55 p.m., April 3: Harry Macklowe’s 432 Park Avenue may have won the admiration of top real estate brokers as soon as plans were unveiled, but the residential skyscraper still had to pass the Federal Aviation Administration’s litmus test, the New York Daily News reported.
Like many other skyscrapers, 432 Park Avenue had to hire an aviation consultant to complete a study ensuring that the proposed 96-story, 1,396-foot tall skyscraper, located at East 57th Street, wouldn’t endanger planes or helicopters. The FAA signed off on the project in July 2011, a spokesman for the building told the Daily News.
Construction is slated to be completed in 2015, and when finished, 432 Park Avenue will be the tallest residential building in the Western Hemisphere.
A local real estate expert told the Daily News it was likely that the tower had secured the requisite financing to finish construction, though he was still wary about pricing at the luxury condominium development, which range from close to $7 million for a one-bedroom apartment to $95 million for a penthouse with 360-degree views, according to the Daily News.
The tower officially launched sales late last month and has been in the limelight recently because of a construction accident, as The Real Deal previously reported.[NYDN] – Hiten Samtani
Updated: A previously published version of this post said 432 Park Avenue had yet to receive FAA approval, due to an error in the original story published by the New York Daily News. It has been corrected.