The Park Avenue South street has recently earned itself a new "in demand" residential area status.
Three luxury apartments are under development that are located on the corner of the street. The street normally sported old buildings that were used for commercial purpose. However, the street is now getting a suave makeover with introduction of the posh condominiums that will be used for residential purposes, reported Wall street journal.
On the corner of 24 Street, at 323 Park Avenue South, a condominium whose design was given by the late architect Charles Gwathmey is making its way upwards into the sky. The building is a glassy, 14 floor unit that is expected to be completed by the summer of 2013. Construction was started in February 2012. The price range of a 1320 square feet 2 bedroom apartment is expected to be around $1.9 million and for a 3,101 square feet, 3 bedroom penthouse is expected to be around $7 million, reported Wall Street Journal.
The second work-in-progress building is located a few blocks north of the street. The building is reportedly designed by Pritzker award winning architect, Christian de Portzamparc. The building is also jointly being developed by Toll Brothers and Equity Residential. The building will be a 40 storey tower and is expected to be completed by June 2015. The building will sport luxury amenities including a state of the art gym, a lounge, a pool, a bar and a meeting room as well reported WSJ.
At 404 Park Avenue South, the Third condo is across the street from the Equity Residential and Toll brothers building. The building's design is attributed to Dutch designer Piet Boon who is a specialist in high class interiors and furniture lines popular in Europe. The 58 story building will have a rooftop garden. A former office is being converted into the building whose condos would be priced at a range of $1.5 million and $11 million. The building is expected to be completed by early 2014, re[ported WSJ.
The area is developing at a rapid pace. Park Avenue South will soon be joining the other much established luxury areas nearby like Gramercy and Kips Bay and Flatiron District in New York.
