432 Park Avenue: a new companion for the New York skyline

1 September 2017 | William Carrington

I wrote in January 2016 about a little house on East 57th Street that had been sold for $65 million, and surmised at the time that it may be demolished. On a recent visit to Manhattan, I can confirm it has now gone, and been subsumed into the building known as 432 Park Avenue (see picture below).

Sales in this luxury tower have been remarkably steady, with the premium floors, which occupy an entire floor, selling variously in the past 18 months for between $45 and $87 million apiece.  Current availability in this 1,396 ft high building shows one entire floor for sale at $82 million.

With Sky plc (or 21st Century Fox) currently trailing views off it and from it, it is fast becoming a recognisable feature of the Manhattan skyline, competing alongside One WTC (1,776 ft), the Empire State building (1,250 ft) and the Chrysler building (1,050 ft).  The pace of construction is astonishing, and that doesn’t take into account development in the other boroughs or indeed New Jersey, across the Hudson River.  Indeed, in the final frame below, taken from the south eastern corner of Central Park, there is another building being constructed (on the left behind The Pierre).  I don’t recall seeing that in March this year.

The sales brochure opens by saying “The icons of the New York skyline have a new companion.”  I am beginning to believe it will become iconic too, in due course.

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About the author

William Carrington

Chairman, LonRes

William co-founded LonRes with Anthony Payne in 1999. He began his property career in the mid 1980s with a small family firm based in Knightsbridge. In 1992, he joined forces with Charles Boston, establishing Boston Carrington Pritchard based in Sloane Street, where he specialised in Landlord and Tenant work. William is a director of CLEA Ltd, which owns The London Magazine, and remains a consultant to Boston Radford Surveyors.

William Carrington