The New York City skyline is changing. The view that many New Yorkers have known for years is becoming a picture of the past. In recent years, tall and relatively skinny “supertowers” have become the latest new construction projects in the heart of Manhattan’s Midtown. With residences selling for multi-millions, supertowers have become the latest talk in real estate.
The most notable residential skyscraper built throughout this recent trend is 432 Park Avenue. This luxurious building has a whopping 96 floors, with residences selling upwards of over $40 million. With finishes of the highest quality, new construction such as 432 Park Avenue have created a frenzy throughout New York. In the past months, professionals and buyers in the real estate industry have glorified the building’s views from the top floors. Of all skyscrapers in New York, this building is one of the few to hold 360 degree views of the Big Apple.
While the masses in the real estate industry praise these new construction buildings, few recognize the future of the New York City skyline. Because of the large success of 432 Park Avenue, developers have built many buildings that feature similar characteristics to the supertower. For instance, Central Park Tower (225 West 57th Street) and One 57 (157 West 57th Street) have rivaled 432 Park Avenue. Both buildings stand at monstrous heights like 432, and have the new construction look that prospective buyers are pursuing.
As a result of this proliferation of new construction, buyers are becoming weary of these new supertowers. Because inventory is increasing, buyers are not locked into choosing solely one building. In addition, the very views that the real estate industry extolled such as in 432 Park Avenue have become obsolete. With tall buildings of the same height, these views are now obstructed or diminished in value.
With more new construction on the way, buyers will be more knowledgeable of future projects being built. As ludicrous as it sounds, a 90th floor view may not be as valuable as those in the real estate industry may envision.