Gotham City will not just be known as Batman's home. As it actually represents New York City at night, it will also soon be the home of the tall, taller and tallest towers, ranging from 800 feet tall to nearly twice that, reports Lois Weiss of the New York Post.
The demand for an evolution of skyscrapers is triggered by a safe city and a banking haven to welcome a record of 58 million visitors, according to Weiss, as is the prediction of NYC & Co.
According to Weiss, some will buy dramatic and luxurious residences with jaw dropping views, some of these buyers will rent them out, while some will not be permitted to rent, and some will add them to their collection of world city residences, and there will also be those who will still just call them home.
Jay Neveloff, head of real estate at Kramer Levin says, "They don't want to have the same exposure as they do to the stock market. The condos at 432 Park aren't going down two percent a day."
As New York is an expensive place to build, the pricing just keeps on escalating. Stephen DeSimone of DeSimone Consulting Engineers says in Asia, where there are numerous tall towers being built, migrant laborers get $10 per day, but in the Big Apple, "We can make (the super talls) here, but it becomes exponentially more expensive."
These high costs have made condo pricing range from $5,000 to $10,000 per foot, allowing builders to spend $1,000 a foot on land and $1,000 on costs such as high-priced 'Starchitects.'
Carol Willis, director of the Skyscraper Museum in Lower Manhattan, predicts that as towers get taller they will also get slimmer with construction techniques being perfected.
It has been reported that the 914-foot Queens Plaza Park in Long Island City will have condos on top and its lower floors will be for rent.
Topping off is the 1,397 foot tall 432 Park Avenue with 96 storeys and a $95 million penthouse that has been acquired in 2013 by a Saudi real estate mogul, from the property developed by Harry Macklowe and the CIM Group.
Weiss adds these are just the beginning as there are at least 15 more buildings that will top 1,000 feet tall. One of which is Extell's One57 and a dozen more that will be higher by 500 feet. She says overall, the market can expect hundreds of units for sale for $10 million and up.
