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Originally Posted by simms3_redux
I just saw this tower for the first time in a while and it's very very impressive in person. And TALL. Perfect boring sterile neighborhood for the super rich part time residents that will call it home, though. IMO One57 is so much better located, and even that area is a little eh.
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That's just is, this tower is not really that. There are more domestic buyers for this particular tower, than something like One57. Park Avenue has long been a most desired address for the wealthy. What you see happening along the rest of 57th is something entirely new, and a reason you see a lot more foreign buyers there, though nearby Time Warner and 15 CPW aren't really that, they're not on the stretch of 57th where the foreign investments are. Though 57th will only get better with time, for those who will actually spend more time in the buildings, the Park Avenue towers are more desired. You'll see the same thing with 520 Park Avenue. The Sony building is also being converted into luxury residential. It's a very desirable area.
But we should also keep in mind that the perceptions of these towers as homes for "billionaires only" with $100 million dollar condos isn't accurate. Sure, it makes the news when penthouse units go for 90 to 100 million or so, but there is the entire rest of these buildings that go for much less. Those units don't make the news, nor characterize the towers, but they account for a much greater percentage of the buildings as far as overall number of units go.