Rumor Mill: Could the Girasole Rival 432 Park Avenue?

via NYC Architecture

Most news regarding supertall residential development has been focused on the northern end of Midtown, which is high-end enough to attract residents and investors with millions to spend on real estate. That might be changing, as the latest rumors out of Midtown West (per The Real Deal) indicate that the proposed ‘Girasole’ development could challenge its larger Midtown rivals.

Originally proposed at 1,060 feet, the development was already quite large. Still, with the three Hudson Yards supertalls rising immediately to the south, the development would neither be noticeable nor iconic. Exacerbating the problem, more ‘supertalls’ are slated to rise along the new ‘Hudson Boulevard,’ the pedestrian park/walkway extending from 33rd to 42nd Streets.

Increasing the height of the Girasole would make sense from a development perspective, especially as so many residential/mixed-use towers are now breaking the 1,000 foot barrier. As so many towers are increasingly slender–obviously 432 Park leads the pack–it would make much more sense if the Girasole took on a model-esque profile to maximize future views. The tower has 1.6 million square feet of air rights, 600,000 SF more than One57 and triple the amount that 432 Park has. The Girasole certainly doesn’t lack the space needed to rise higher–perhaps even 1,500 feet is possible, given the latest trends to emphasize height over all else.

With competition for the best views increasingly fierce, the Girasole sits in a sub-market of its own. The developers could definitely monopolize (for however long) the luxury residential market in Midtown West, as nothing else in the neighborhood comes close to breaching the 1,000 foot mark (the twin ‘Silver Towers’ are closest, at 653 feet). While 432 Park and One57 will offer amazing views of Central Park, the Girasole could corner the market on those seeking the best Hudson River views, given it’s only a block away. Regardless of where you happen to be looking, a view is always desirable. Rumors are all the height-change of the Girasole is based on, but the speculation is certainly warranted, especially given the state of Manhattan’s real estate market.

FXFowle, the tower’s architect, has more information on the project, with completion scheduled for 2016.

TFC Horizon
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