With everything the U.S. economy has endured in the last decade, who would have thought that the development and construction of high-rise towers in major cities would be on the rise? Despite the recession, the events of 9/11, Hurricane Katrina, and the real estate market collapse, a recent report from the Council on Tall Buildings and Urban Habitat (CTBUH) – Year in Review: Tall Trends of 2013 – says that high-rise construction is increasing again across the country. [...]
“Cities are becoming the place to be,” says Gary Pomerantz, executive vice president at WSP Group. “If you’re going to bring local wealth back into the cities from the suburbs, you have to offer something as luxurious as what can be found in a single-family home with acres of land and beautiful views.”
Residential high-rises used to be reserved for affordable housing...
The super-tall residential skyscraper 432 Park Avenue in New York City, which is under construction, has sold almost $1 billion worth of units according to Los Angeles–based real estate investor, CIM Group, who is developing the property in partnership with New York–based Macklowe Properties. The building houses 126 condominium apartments ranging in price from $7 million to $95 million.
When completed, the 84-story 1,398-foot-tall tower will be the tallest building in New York City, and the tallest residential tower in the Western Hemisphere.