Eastside Apartments Grow to New Heights
New York is competing with Chicago for the city with the tallest buildings in the United States. According to the Council on Tall Buildings and Urban Habitat in Chicago, by 2016 New York could have 6 of the 10 tallest buildings in the country with Chicago having the other 4. After the New York by Gehry at 8 Spruce Street and the One57 at 157 West 57th Street are completed, even taller residential towers are in the works, including 432 Park Avenue on the site of the former Drake Hotel, and the GiraSole, proposed for 11th Avenue on the Far West Side.
Both the 432 Park Avenue and the GiraSole would be taller than the One57, which will be Manhattan’s tallest residential building at 1,004 feet, when it is completed in 2013. 432 Park Avenue, a condo structure scheduled to be finished in 2016, would be 1,398 feet, surpassing One57 and second in height only to the One World Trade Center, an office complex, the Council on Tall Buildings said.
Some buildings have used physical monikers when qualifying their size, for instance, when Donald J. Trump built Trump Tower at 721 Fifth Avenue in 1982, it was billed as the tallest “all-glass structure” in the city.
Today, at 664 feet, it appears as the city’s 52nd-tallest building over all. Other buildings have attached geographical monikers to their size, such as the 1214 Fifth Avenue, which is being pitched as the “tallest residential building on the Upper East Side,” though actually located in Harlem. The 53-story building, set to open June 15, 2012, will have 185 rental apartments set on top of 20 floors of doctors’ offices.
Lately, amid the hysteria for luxury apartments being fueled in large part by wealthy foreigners, something else has happened. While there has always been a premium for living on higher floors, developers are packing the biggest apartments in the top floors, giving them leverage to charge even more. As with most issues in New York real estate, there are trade-offs. Height does give residents bragging rights, but you generally can’t have a terrace (or open your window at times) because of strong winds.
Apartments in the 1214 Fifth Avenue, owned by Related Companies and currently under construction, are generously sized and boast impressive views of the northeast end of Central Park. Prices range from $5,500 to $6,500 a month (depending on which floor you are) for a 950-square-foot one-bedroom, to $9,000 for a 1,700-square-foot three-bedroom three-bath. A duplex penthouse with a 20-foot-high ceiling can be had for $10,500 a month. The residences have spacious entranceways, roomy closets and luxury finishes, including hidden dishwashers, stainless-steel appliances and marble bathrooms.
Related Companies is betting that the building, located amid a sea of co-ops on Fifth Avenue, can rise above the competition in the scorching-hot Manhattan rental market. The developer says they already had a “V.I.P. wait list” of people who have called to inquire about available rentals. 1214 Fifth Avenue, at 513 feet, will be the 183rd-tallest building in New York.