Brewing over the last decade, this trend gathered steam when Zeckendorf ‘s Midtown redevelopment project, 15 Central Park West, proved to be a huge success, leading to keen competitors constructing their own high-end high-rise apartments.
This year, a new wave of completed high-rise developments is sweeping across New York City, including the 84-storey 432 Park Avenue by CIM Group, which has replaced One 57 as the tallest residential building in the city as well as the western hemisphere, and the 82-storey MoMA Expansion Tower designed by famous French architect Jean Nouvel.
As high-end developments continue to hit the market in the following 10 to 12 months, analysts believe that property prices in New York may dip slightly, while realtors are confident about the worldwide demand for these properties. “In the next two months, I’m off to São Paulo, Beijing, Hong Kong, Delhi, Rome and Paris, and they all want to buy in New York,” said Lee Summers, an advisor of New York based auction firm Sotheby’s in an interview with the New York Post.