Thursday, October 31, 2013

New $90 Million Condos in NYC Needle Towers

Bloomberg reports:
Two duplex apartments at the One57 condo tower have sold for more than $90 million each -- a staggering number even in Manhattan’s super-luxe market.

One57, just steps from New York’s Carnegie Hall, is not only crazy expensive, it’s super-tall for a residential building.

Designed by Paris architect Christian de Portzamparc, the tower rises to 1,000 feet, with panoramas of Central Park and midtown Manhattan.

The new building is one of perhaps a dozen needle-thin towers planned for New York. Carol Willis, the founder of Manhattan’s Skyscraper Museum, calls them “a new type in the history of the skyscraper.”
Super-slims are unique to Manhattan. “The economy of land values drives what can be built,” Willis said.

Read the rest here.


  1. This article reminds me of Mark Thornton's write up on Cantillon effects associated with the Skyscraper index:

  2. For that kind of money, that must be the shitter...

  3. I respond with the Max Raskin, Michael Deal, and Evan Applegate of Bloomberg post of 08-08-2008 Correlations: Skyscraper Index ... ... Sometimes a skyscraper is not just a skyscraper, at least to economists who see them as harbingers of downturns. The Skyscraper Index measures the correlation between the world’s tallest building and the business cycle. The theory, first proposed in 1999 by Dresdner Kleinwort analyst Andrew Lawrence, is that construction of the world’s tallest building is usually completed right before an economic downturn. The Empire State Building went up early in the Great Depression, and the World Trade Center was completed on the eve of a recession.