The renowned Chrysler Building sold in March for just $151 million, a fraction of the price paid in 2008, when a sovereign wealth fund from Abu Dhabi bought a 90 percent stake for $800 million. Residential high-rise construction has taken off just as some commercial sites face headwinds. “You can’t even start residential occupancy below 20 floors in a lot of these buildings, because the view has already been blocked,” said Daniel Safarik, an editor with the Council on Tall Buildings and Urban Habitat. And an apartment at 220 Central Park South, a condo skyscraper that promises some of the best views of the park, closed in January for a record $238 million. Miller, the president of the real estate appraisal firm Miller Samuel, who noted that unobstructed views became de rigueur for the most expensive apartment buildings of the last decade.Ĭentral Park Tower, a 1,550-foot skyscraper under construction in Midtown, soon to be the tallest residential tower in the city, is hoping for total sales in excess of $4 billion - the most ambitious sellout in New York history. “The price trend definitely correlates with height,” said Jonathan J. Since 2010, 64 percent (including projects under construction) have been residential, most of them luxury condos. In 1908, when the Singer Building in Lower Manhattan became the first in the city to rise above 500 feet, only 26 percent of buildings of that height were designed for residential use, according to the Council on Tall Buildings and Urban Habitat. buildings and how the ingenuity of engineers helped build landmarks.
Hidden Feats: Our critic looks at some supertall N.Y.C. An Evolving Skyline: The high-rise building boom has transformed the city’s skyline in recent years. Luxury Developers’ Loophole: Soaring towers are able to push high into the sky because of a loophole in the city’s labyrinthine zoning laws. The Downside to Life in a Supertall: 432 Park faces some significant design problems, and other luxury high-rises may share its fate. Testing the Limits: Only three of New York’s 25 tallest residential buildings have completed safety tasks required by the city. And new heights will soon be reached in Brooklyn and Queens as well, thanks to luxury apartment high-rises. The recent rezoning of Midtown East will cut even more of the skyline into unfamiliar silhouettes. New York’s skyline looks starkly different than it did a decade ago, redrawn by the massive Hudson Yards project on the West Side of Manhattan a profusion of towers on and around Billionaires’ Row in Midtown and the revitalization of Lower Manhattan, with One World Trade Center leading the way. The scale of this new wave of construction is unprecedented. Nearly twice that many - another 16 such towers - are being planned or are under construction, according to the Council on Tall Buildings and Urban Habitat, a Chicago-based nonprofit that tracks high-rise construction. There are currently nine completed towers in New York that are over 1,000 feet tall, and seven of them were built after 2007. But New York’s horizon has been in perpetual flux now for the better part of a decade. New York has long been a city in the clouds, but with 16 buildings around 500 feet or taller slated for completion this year, 2019 could be the city’s busiest year ever for new skyscrapers.įor many years the city’s skyline was primarily defined by the Empire State and Chrysler Buildings, both over 1,000 feet tall and built in the early 1930s.
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