Luxury tower 432 Park Avenue enjoys brisk sales

PETALING JAYA: The landmark 432 Park Avenue project in New York has achieved nearly US$1 billion (RM3.18 billion) in sales. The launch of the residential condominium sales campaign and opening of the sales and marketing centre at 767 Fifth Avenue took place in March 2013.

CIM Group and Macklowe Properties said the buyers are predominantly from the US with others from China, Russia, the Middle East, South America and the UK. Expected to complete in 2015, the 1,396ft tower designed by Rafael Viñoly will become the tallest building in New York City and the tallest residential tower in the Western hemisphere.

"We are confident we are creating tremendous value for residents, our investors and New York City," said CIM co-founder and principal Avi Shemesh, adding that 432 Park Avenue is quickly becoming one of New York City's most prestigious addresses and a worthy addition to its unparalleled skyline.

"432 Park Avenue is an extraordinary site that demands an exceptional building with design and materials that will stand the test of time. The building has been designed for, and discreetly marketed to, a sophisticated audience that expects every detail and finish is carefully considered and of the finest quality," said Harry Macklowe, founder of Macklowe Properties.

Located on Park Avenue between 56th and 57th streets, 432 Park Avenue is surrounded by world renowned retailers offering the best of fashion, art and design. The 96-storey slim and elegant square tower will be constructed using architectural concrete, steel, and glass.

All windows measure an expansive 10ft by 10ft, flooding residences with abundant natural light and providing spectacular views of Central Park, the Hudson and East rivers, Atlantic Ocean, and many iconic Manhattan buildings and avenues.

Residents will enjoy 30,000 sq ft of amenities including a private restaurant, outdoor garden for dining and events, spa and fitness centre with sauna, steam and massage rooms, 75ft swimming pool, library, lounge, billiards room, screening room and performance venue, children's playroom, and boardroom. In-suite catering, concierge, 24-hour doorman and valet parking services will be provided by the building's handpicked staff.

The units include private elevator landings, separate service entrances, eat-in kitchens, windowed his-and-her bathrooms and large master suites with adjoining dressing rooms. Interior finishes include 12.5ft finished ceilings, solid oak flooring, custom hardware, and the highest quality natural materials. Kitchens feature custom cabinetry, Miele stainless steel appliances, Dornbracht fixtures, and marble countertops and flooring. Master bathrooms are fitted in book-matched slabs of Italian statuario marble and contain freestanding soaking tubs, custom vanity units and radiant-heated floors.

Residents will have the option to purchase climate-controlled wine cellars, office suites, staff apartments and storage facilities to complement their units. The residential units at 432 Park Avenue are priced from US$7 million to US$95 million.

CIM Group is a leading real estate and infrastructure investment firm. The company is involved in repositioning and development projects in established and emerging urban areas; well-positioned operating properties in transitional and established districts; and infrastructure.

Macklowe Properties was founded in New York City nearly 50 years ago. Its developments total over 10 million sq ft including: Metropolitan Tower, Worldwide Plaza, the General Motors Building on Fifth Avenue and the flagship Apple Store in the General Motors Building's Fifth Avenue Plaza, known for its signature 32ft glass cube that is included on the American Institute of Architects' list of America's favorite architectural structures.

This article first appeared in The Edge Financial Daily, on July 5, 2013.