Details have finally been released on prices at 432 Park Avenue by the Wall Street Journal, and they’re as astronomical as one would expect. The average price per square foot comes in just under $6,000, which is similar to the project’s cross-town contender, One57. Still, Gary Barnett, the developer of One57, says that the projects are not competitors, and that he is eager to see 432 Park begin to rise.
|432 Park Avenue: Image from CIM Group via the Wall Street Journal|
While one would assume the two uber-luxury projects would be competitors, Barnett’s comment actually makes sense given the time-frame for each building’s delivery. One57 is already nearing completion, while 432 Park isn’t expected to be ready for occupancy until 2015, leaving plenty of time for One57 to sell out.
It’s still fun to compare the units at the top of New York’s two future tallest residential towers. Unlike the comparison between One57 and Cityspire’s dueling $100 million units, this one is actually a fair game.
As discussed previously, One57 had two apartments priced in the ~$100 million range, and both have now gone under contract. With the $100 million price-tag comes a host of hotel amenities–there will be a Hyatt on the lower floors–as well as ample space. Both units contained over 10,000 square feet of usable space, as well as stellar Central Park views.
|One57 Penthouse View, Image from Business Insider|
432 Park’s penthouse is priced slightly lower than One57’s most expensive unit, asking a mere $85 million. The relative bargain is cheaper for one main reason, which is the unit’s size–only 8,255 square feet, which is actually quite a bit smaller than the One57 penthouses.
The major advantage that the 432 Park penthouse has is the unit’s height, which is over 1,300 feet above ground level. That will make the penthouse the highest-occupied space in New York City, surpassing the observation deck at One World Trade Center.
Indeed, the penthouse’s 1,300 foot perch puts it several hundred feet above even One57’s highest unit, which starts at roughly 900 feet above street level.
So, what do YIMBY readers think? Would you prefer the smaller unit at 432 Park with better views, or the larger penthouse(s) at One57? Perhaps the primary decision-making factor is the potential for vertigo rather than the amount of space, as the penthouses at both buildings are sure to be incredible.