Outrageous New York Real Estate

As if the condos at the Plaza and Central Park West weren’t enough,  now CIM group and Macklowe Properties are putting up 432 Park Avenue on the site formerly occupied by the Drake Hotel. Once complete (expected completion in 2015) the tower will be the tallest residential building in the US. It will also be the most expensive, with apartments starting at $20 million, the most expensive costing $82.5 million. Too expensive you say? Think again, ultra-luxury real estate is a new global trend, one that already has a firm hold in London, and is now catching on in New York real estate. In fact, the demand for this building is so high that over a third of the units are already sold, even though buyers won’t be able to see their apartments for over 2 years. What makes the building worth these prices? It will include a spa, a golf training facility and more – but what really justifies the price tag is the views. Seriously, just check out these views! Also, don’t forget the vanity of the wealthy. To own at 432 Park Avenue will certainly be a status symbol beating all others, at least in this city – that is, until the next one is built.

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