Posted Sep 5, 2014, 12:39 AM
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New Yorker for life
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Join Date: Jul 2001
Location: Borough of Jersey
Posts: 51,869
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http://money.cnn.com/2014/09/04/real...ndo-buildings/
Builders race to develop sky-high condo buildings
By Les Christie
September 4, 2014
Quote:
Aiming to grab the attentions of deep-pocketed buyers, builders are developing condo buildings that are taller -- and skinnier -- than ever.
In Midtown Manhattan, four of these super tall skycrapers are being built within blocks of one another.
...Any city where space is limited -- Hong Kong, London, Chicago, San Francisco and, of course, New York -- condo buildings are climbing ever higher, said Brian O'Looney, an architect with Torti Gallas and Partners in Maryland.
And because available lots tend to be small, the buildings are also getting increasingly skinnier. The 111 West 57th building, for example, will only be 60 feet wide at its base.
Demand for these sky-high residences is mostly coming from international buyers and corporate bigwigs -- Chinese businessmen, hedge fund managers, Russian oil billionaires -- looking for a place to invest and bragging rights.
"The taller it is, the more prestigious it is. People want trophy homes," said Eric Trump, executive vice president for Donald's Trump's Trump Organization.
Trump should know. In 2001, his father's company developed one of the first ultra high condo buildings, Trump World Tower, on Manhattan's East Side. The building topped out at 861 feet.
..."These developers have to build at the very top of the luxury market," said Miller. "That's the only way the math works."
The floors on the upper levels produce much of the developers' profits. People are willing to pay big bucks for the views, according to Johnson.
At the buildings near New York City's Central Park, for example, higher condos can cost 1% to 2% more per floor and there's a big jump, roughly 20%, for unobstructed park views, said Miller.
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