Construction Update: 432 Park Avenue

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432 Park Avenue is now the tallest building on the block, having overtaken the neighboring 450 Park Avenue last week. The future 1,398-foot building has made major progress this month, and is increasingly apparent from a number of perspectives; it can now be seen from Madison Avenue, and will soon be visible from Central Park.

At 27 floors and over 400 feet, 432 Park Avenue is still only one-third of its future height. 450 Park Avenue will be thoroughly dominated by its new neighbor, though both buildings appeal to the same market segment – super high-end. 450 Park Avenue held the record for the most expensive office space in New York, as the building was sold in 2007 for $509 million, or $1,566 per square foot.

While its usage is different, 432 Park has easily dwarfed 450 Park’s prices, as average residences are selling for nearly $7,000 a square foot – a sign of the market’s rebound, and further confirmation of the neighborhood’s uber-luxury cache.

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