The Manhattan skyline is morphing by the minute. Both commercial and residential towers, sliding up like sleek needles amid the old, are commanding a new top dollar. From Hudson Yards across the city to United Nations Plaza, the developers behind these projects are brushing off talk of bubbles and froth and pointing to simple demand.
"Pricing is always a question of supply and demand," said Harry Macklowe. He added there is plenty of demand.
Macklowe, a New York real estate icon who lost big in the recent recession, is on the comeback (although he says he doesn't like that characterization). His latest play is in ultra-luxury residential, just topping off 432 Park Avenue, the tallest residential tower in the Western Hemisphere.
"The location, the architecture and the interior finishes of the building are found by the market to be extremely attractive," said Macklowe. "The buyers, the buyer groups that are interested in the building, even if they can't afford it or if it doesn't work for them, they are very supportive."
A few blocks up from Macklowe's soaring accomplishment is 520 Park Avenue, a project from brothers William and Arthur Zeckendorf, third-generation New York real estate developers. Once complete, the asking price for the triplex penthouse at 520 Park will be a record $130 million.