USA: The property market of Manhattan is characterised by a revived interest in luxury properties.
The first residential project has taken off in the heart of the city between the 57th Avenue and the 7th Avenue.
The recent crisis that has affected the euro-zone may encourage capitals from the Old Continent to cross the Atlantic in search of safer investment assets, even at the cost of higher premiums.
The building of the Carnagie57 condo tower will cost 1.3 billion dollars. There will be 136 luxury apartments at the top of the skyline and a hotel – the Park Hyatt – with 210 rooms distributed in the first 20 floors. The glassy skyscraper will offer enchanting views of Central Park.
The project has been designed by Christiane de Portzamparc, a French architect who received the Pritzker Prize in 1994.
Gary Barnett and his Extell Development aim at building the highest and most magnificent residential skyscraper in Manhattan to exceed in height the 900-feet Trump World Tower of Donald Trump – located at 845 United Nations Plaza – that was one of the tallest residential buildings in the world before being surpassed by the 1,058-feet Q1 on the Gold Coast in Australia, by the 1,454-feet tall Empire State Building and by the 818-m high Burj Dubai.
Super-high-rise apartments do not come cheap. Analysts say that the apartments of the Carnagie57 Tower should be sold at least at 6,500 dollars per square foot – that is to say about 70,000 dollars per square metre.
In order to carry out this project successfully, Burnett has searched for international partners. In the Middle East – especially in Abu Dhabi – he has obtained the support of governmental groups such as Tasameem Real Estate and Aabar investment.
The Carnagie57 Tower is not an isolated case. Extell has started the construction of five high-rise buildings with almost 1,000 apartments. Furthermore, it is also planning the building of another superskyscraper with 54 floors and a 487-room hotel on the 45th Avenue.
The situation in the city is not easy. 500 projects have been started but they are still outstanding due to the economic crisis. Despite this, prices have started to stabilize after a 25-30% fall, even in the high-end segment of the market.
The New York real estate market place is becoming thriving again. In the first months of 2010 the number of contracts has increased by 80% in comparison with last year.
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USA: The property market of Manhattan is characterised by a revived interest in luxury properties. The first residential project has taken off in the heart of the city between the 57th Avenue and the 7th Avenue. The recent crisis that has affected the euro-zone may encourage capitals from the O ...
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