432 Park Ave. serving up soaring heights, soaring prices

    Posted on | buzzhomeblog Posted in DEVELOPMENTS

    Looks like 432 Park Avenue, planned to be the tallest residential building in Manhattan, will command equally impressive prices.

    The blended average asking price in the 1,395-foot-tall, 84-floor condo at Park Avenue and East 56th Street will be about $5,800 per square foot, according to Donna Olshan of Donna Olshan Realty in her weekly luxury market report. The pricing is still less expensive than the rates at One57, which asked as much as $13,000 per square foot for the penthouse that’s currently in contract for upwards of $90 million.

    The 432 Park Ave. project is being developed by Harry Macklowe and financed by CIM Group, which bought the site for $305 million in 2010. Rafael Viñoly, who also did Jazz at Lincoln Center, is the architect and Deborah Berke will be the interior designer. The condo could launch sales as soon as the fall, according to Olshan.

    Owners will be able to purchase offices below the 34th floor, as well as maid rooms, storage rooms and wine cellars. The units will have 12.5-foot ceilings and 10-feet-by-10-feet windows overlooking Central Park. Amenities include a doorman, concierge, onsite housekeeping, valet parking, a 75-foot pool, fitness center, yoga studio, children’s playroom, screening room, billiards room, landscaped sculpture garden and a 64-seat private restaurant that opens onto a huge terrace.

    Construction is slated to finish by 2015. The project is estimated to cost $1.2 billion to complete, and CIM predicts that it could fetch up to $2.5 billion in sales for housing and retail space.

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