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Mar. 22, 2013

Luxury Tower Under Construction Hits Market with One-third of Units Already Sold

By Veronica Grecu, Associate Editor

An announcement made by the development team behind a much-anticipated residential tower in Midtown Manhattan shows once again that the luxury market in New York City is anything but boring these days. Los Angeles-based private-equity firm CIM Group and Macklowe Properties, a local development company, have officially launched the sales campaign for 432 Park Avenue—a $1.2 billion condo tower located on Park Avenue between 56th and 57th Street.

So far so good, but what’s really surprising is the fact that the tower is set for completion in 2015, and one-third of the residences were sold before they officially hit the market.

Designed by Rafael Viñoly and SLCE Architects, the 96-story structure kicked off in 2012. When completed in mid-2015, it will become the tallest building in New York City and the tallest residential tower in the Western Hemisphere. The tower is being constructed using architectural concrete, steel and glass to rise 1,396 feet above Manhattan.

As reported by The Wall Street Journal, 432 Park Avenue will include 126 high-end apartments with a combined asking price of $2.7 billion–which breaks down to $6,742 per square foot, one of the highest asking prices for this area.

Apart from the super-pricey, ultra-luxury units, the tower will also include 30,000 square feet of amenities such as a private restaurant, outdoor garden for dining and events, spa and fitness center with steam and massage rooms, swimming pool, 24-hour doorman, valet parking services, and several other recreational spaces for residents.

According to The Journal, high-end real estate developers in New York City typically start marketing units long before the developments reach completion. Furthermore, the demand for pricey apartments is fueled by the lack of housing inventory in the city and, to a certain extent, by U.S. and overseas investors who look for prime locations.

Rendering of 432 Park Avenue courtesy of CIM Group & Macklowe Properties via Business Wire