What Real Estate Crisis – Major Condo Building to Take Place in NYC

Affordable Housing for Everyone – Everyone Who Can Afford a Condo in Manhattan

The housing crisis continues in the United States, with foreclosure problems, loan modification problems, underwater problems and just about every other type of problem that can inflict itself upon a residential real estate market.  But like everything else, for the very wealthy there does not seem to be any difficulties at all.

The latest indication of this is the release of plans to build the tallest residential building in New York City.

CIM Group last year snapped up a prized Park Avenue development site in Midtown Manhattan for $305 million, well below the land's value during the boom years. Developers have considered it one of the most attractive sites in the world because of its location at the heart of New York City.

The firm and its partner, New York developer Harry Macklowe, have been quiet about their intentions. But plans show a more than 1,300-foot tall, slender condo and retail complex designed by Rafael Vinoly, the Uruguayan-born architect best known in New York for designing Jazz at Lincoln Center inside Time Warner Center.

Well that sounds pretty nice, but The Dismal Political Economist is interested in what is in the inside before he commits to purchase.

The plans for the project, named 432 Park Ave., call for 128 condos with more than 12-foot high ceilings; a 5,000 square foot, partially covered, driveway to ensure privacy; and amenities like golf training facilities and private dining and screening rooms. The total price tag: more than $1 billion.

Ok, that sounds like something he could live with, and live in.  Let’s see, 128 condo’s, more than $1 billion to build, let’s just round it off and say a price tag of about $10 million each. In which case The Dismal Political Economist is going to hold off before making a deposit.