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	<title>Observer &#187; 432 Park Will Not Only Be New York&#8217;s Tallest Building But Also, at $2.43 B., Its Most Expensive</title>
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		<title>Observer &#187; 432 Park Will Not Only Be New York&#8217;s Tallest Building But Also, at $2.43 B., Its Most Expensive</title>
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		<title>432 Park Will Not Only Be New York&#8217;s Tallest Building But Also, at $2.43 B., Its Most Expensive</title>

		<comments>http://observer.com/2012/10/432-park-will-not-only-be-new-yorks-tallest-building-but-also-at-2-43-b-its-most-expensive/#comments</comments>
		<pubDate>Fri, 05 Oct 2012 16:36:47 -0400</pubDate>
					<link>http://observer.com/2012/10/432-park-will-not-only-be-new-yorks-tallest-building-but-also-at-2-43-b-its-most-expensive/</link>
			<dc:creator>Matt Chaban</dc:creator>
				
		<guid isPermaLink="false">http://observer.com/?p=268091</guid>
		<description><![CDATA[<p><div id="attachment_268094" class="wp-caption alignleft" style="width: 305px"><a href="http://nyoobserver.files.wordpress.com/2012/10/deal-popup.jpg"><img class="size-medium wp-image-268094" title="deal-popup" src="http://nyoobserver.files.wordpress.com/2012/10/deal-popup.jpg?w=295" alt="" width="295" height="300" /></a><p class="wp-caption-text">Going up. (NYT)</p></div></p>
<p>So we are <a href="https://www.google.com/url?q=http://observer.com/2012/05/just-how-insane-is-the-57th-street-skyline-going-to-be/&amp;sa=U&amp;ei=G2lvUJukKIWZiAewy4DQDw&amp;ved=0CAoQFjAB&amp;client=internal-uds-cse&amp;usg=AFQjCNHcvv1PQS9XlA1sEOQD7smBMT0eMQ">obsessed with the changing skyline along 57th Street</a>, so we are always excited and intrigued by <a href="http://observer.com/2012/09/107-west-57th-street-cetra-ruddy-jds-luxury-apartments/">new renderings that pop up for it</a>. The latest may also be the greatest, and while <a href="https://www.google.com/url?q=http://observer.com/2012/06/432-park/&amp;sa=U&amp;ei=7WhvUJz5HOyViQfDkYEQ&amp;ved=0CAcQFjAA&amp;client=internal-uds-cse&amp;usg=AFQjCNFWasmZ9absnF3_5wHErMa48zyblQ">432 Park Avenue is nothing new</a>, the pic that ran in <em>The Times</em> today gives <a href="http://www.nytimes.com/2012/10/07/realestate/big-deal-another-tower-for-the-new-york-skyline.html?pagewanted=all">the clearest indication yet of just how big this spindly behemoth will be</a>. At 1,397 feet, the ritzy condo building <a href="https://www.google.com/url?q=http://observer.com/2012/03/440-park-avenue-will-reach-1397-feet-taller-even-than-the-world-trade-center/&amp;sa=U&amp;ei=c2lvUPyZFsueiAf2hoHIAg&amp;ved=0CAcQFjAA&amp;client=internal-uds-cse&amp;usg=AFQjCNHIPKaVGCAxKluzRfNTDOSTz5M1KQ">surpasses 1 World Trade Center</a>, less its spire, by 29 feet, boasting by some measures the biggest building in New York status.<!--more--></p>
<p>It will also be the most expensive, as <em>The Times</em>, which got its hands on the condo's offering plan, reveals:</p>
<blockquote><p>The apartments will be large, and very expensive, with an 8,255-square-foot six-bedroom penthouse on the 95th floor being listed for $82.55 million, according to the condominium’s offering plan.</p>
<p>The Park Avenue tower’s 147 residential units, which have already undergone two price increases totaling 3 percent, are being listed, when counted together, for $2.43 billion, a record for a residential development, appraisers say.</p></blockquote>
<p>That penthouse will not beat out the prices at rival One57, where at least one unit has already surpassed $90 million, nor the previous record holder, 15 Central Park and its $88 million manse-in-the-sky. Will it have the same ability to <a href="http://commercialobserver.com/2012/09/are-either-of-these-2-nigerian-billionaires-one57s-billionaire-bad-boys/">attract the world's billionaires</a> as those buildings, or are we running out?</p>
<p>Another important question: Who gets to cut the ribbon?</p>
<blockquote><p>Will it be Harry B. Macklowe, the legendary developer who has survived a roller-coaster career of highs and lows? Or the CIM Group, the Los Angeles-based real estate investment company that acquired the land, on the site of the old Drake Hotel, after Mr. Macklowe defaulted on his loan in 2007?</p>
<p>Both are listed in the tower’s offering plan. While some real estate executives in New York are embracing a familiar narrative for the famously risk-loving Mr. Macklowe for staging yet another comeback, just how involved he will be in the building’s development—and eventual profits—remains a mystery to outsiders.</p></blockquote>
<p>How could something so insistent and ostentatious contain so many mysteries? Perhaps it is all part of the plot. How better to draw attention away from your skyline-topping rivals?</p>
]]></description>
		<content:encoded><![CDATA[<p><div id="attachment_268094" class="wp-caption alignleft" style="width: 305px"><a href="http://nyoobserver.files.wordpress.com/2012/10/deal-popup.jpg"><img class="size-medium wp-image-268094" title="deal-popup" src="http://nyoobserver.files.wordpress.com/2012/10/deal-popup.jpg?w=295" alt="" width="295" height="300" /></a><p class="wp-caption-text">Going up. (NYT)</p></div></p>
<p>So we are <a href="https://www.google.com/url?q=http://observer.com/2012/05/just-how-insane-is-the-57th-street-skyline-going-to-be/&amp;sa=U&amp;ei=G2lvUJukKIWZiAewy4DQDw&amp;ved=0CAoQFjAB&amp;client=internal-uds-cse&amp;usg=AFQjCNHcvv1PQS9XlA1sEOQD7smBMT0eMQ">obsessed with the changing skyline along 57th Street</a>, so we are always excited and intrigued by <a href="http://observer.com/2012/09/107-west-57th-street-cetra-ruddy-jds-luxury-apartments/">new renderings that pop up for it</a>. The latest may also be the greatest, and while <a href="https://www.google.com/url?q=http://observer.com/2012/06/432-park/&amp;sa=U&amp;ei=7WhvUJz5HOyViQfDkYEQ&amp;ved=0CAcQFjAA&amp;client=internal-uds-cse&amp;usg=AFQjCNFWasmZ9absnF3_5wHErMa48zyblQ">432 Park Avenue is nothing new</a>, the pic that ran in <em>The Times</em> today gives <a href="http://www.nytimes.com/2012/10/07/realestate/big-deal-another-tower-for-the-new-york-skyline.html?pagewanted=all">the clearest indication yet of just how big this spindly behemoth will be</a>. At 1,397 feet, the ritzy condo building <a href="https://www.google.com/url?q=http://observer.com/2012/03/440-park-avenue-will-reach-1397-feet-taller-even-than-the-world-trade-center/&amp;sa=U&amp;ei=c2lvUPyZFsueiAf2hoHIAg&amp;ved=0CAcQFjAA&amp;client=internal-uds-cse&amp;usg=AFQjCNHIPKaVGCAxKluzRfNTDOSTz5M1KQ">surpasses 1 World Trade Center</a>, less its spire, by 29 feet, boasting by some measures the biggest building in New York status.<!--more--></p>
<p>It will also be the most expensive, as <em>The Times</em>, which got its hands on the condo's offering plan, reveals:</p>
<blockquote><p>The apartments will be large, and very expensive, with an 8,255-square-foot six-bedroom penthouse on the 95th floor being listed for $82.55 million, according to the condominium’s offering plan.</p>
<p>The Park Avenue tower’s 147 residential units, which have already undergone two price increases totaling 3 percent, are being listed, when counted together, for $2.43 billion, a record for a residential development, appraisers say.</p></blockquote>
<p>That penthouse will not beat out the prices at rival One57, where at least one unit has already surpassed $90 million, nor the previous record holder, 15 Central Park and its $88 million manse-in-the-sky. Will it have the same ability to <a href="http://commercialobserver.com/2012/09/are-either-of-these-2-nigerian-billionaires-one57s-billionaire-bad-boys/">attract the world's billionaires</a> as those buildings, or are we running out?</p>
<p>Another important question: Who gets to cut the ribbon?</p>
<blockquote><p>Will it be Harry B. Macklowe, the legendary developer who has survived a roller-coaster career of highs and lows? Or the CIM Group, the Los Angeles-based real estate investment company that acquired the land, on the site of the old Drake Hotel, after Mr. Macklowe defaulted on his loan in 2007?</p>
<p>Both are listed in the tower’s offering plan. While some real estate executives in New York are embracing a familiar narrative for the famously risk-loving Mr. Macklowe for staging yet another comeback, just how involved he will be in the building’s development—and eventual profits—remains a mystery to outsiders.</p></blockquote>
<p>How could something so insistent and ostentatious contain so many mysteries? Perhaps it is all part of the plot. How better to draw attention away from your skyline-topping rivals?</p>
]]></content:encoded>
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