The North American real estate market was on the verge of collapse in 2009 as a result of the financial crisis. At this key point, a small private equity group called CIM, based in Los Angeles, joined the picture with significant financial backing. One of the impacted realtors was the highly regarded Harry Macklowe, who had been heavily hit by the previous economic downturn. By 2011, despite prospects of economic recovery, CIM had already invested significant assets in numerous real estate enterprises in order to avoid total disintegration during the slump. Harry Macklowe benefited from this financial aid, with many of his initiatives gaining finance and welcoming CIM as partners. The cooperation resulted in 432 Park Avenue, North America's third tallest structure, designed by architect Rafael Viñoly.
432 Park Avenue is New York's highest building, standing at 426 meters. The Empire State Building is 45 meters shorter, while the World Financial Centre, without its pinnacle, is 8.5 metres shorter. The square tower has 37,000 square metres of area, but only 104 residential flats. Its size ensures that it is visible from wherever in New York. In reality, it completely owns the Manhattan skyline, but it is exclusively available to the world's super-rich.
The penthouse on the top floor was sold for a staggering $95 million. It’s no wonder architect Rafael Viñoly said:
There are only two markets, ultraluxury and subsidized housing.
While the architect claimed that inspiration for the tower came from a variety of sources, he acknowledged that designer Josef Hoffmann's metal basket was a major inspiration. When viewed side by side, the 1905 trash can and the building's grid-like facades bear a striking resemblance.
The architect's desire to highlight the unique features of Manhattan's grid was a major driving force behind the design, which resulted in a slender, unencumbered form that rises 426 meters above ground to identify the city's geometric center.
Initially, it was intended to have up to 140 units, and while the architects designed for 129 units, Fortune magazine reported that the number had been reduced to around 100, with a total of 104 units accommodated. The building's middle and higher levels are made up of residential flats. Common areas are located at the lowest levels.
Located at the junction of Park Avenue and East 57th Street, 432 Park Avenue is made up of a regular grid of exposed concrete elements that form an open basket within which seven "independent buildings" stack up. These "independent buildings" are separated by voids that expose the building cores to the outside elements. The skyscraper achieves structural stability by incorporating such fractures, which is especially important given its 1:15 slenderness ratio.
Above 61 meters, 54 residential floors with more than 100 units offer breathtaking panoramic views of New York and the surrounding Manhattan. While some levels have vast homes that take up the entire 802 square metres allotted per floor, each floor can accommodate one to four residential units. All of the apartments have a 3.8-metre floor-to-ceiling height, and each area is free of structural features, allowing for future remodeling per unit if necessary.
The lowest levels provide amenities for residents and staff quarters. The amenities include conference facilities such as meeting and screening rooms, a fully equipped private restaurant that opens to a garden terrace overlooking 57th Street, a health and spa with a fitness center and swimming pool, as well as independent storage spaces, wine cellars, and a sub-grade parking garage. A semi-private porte-cochère defines the entrance to a quiet residential lobby, from which inhabitants rise to their own units.
Given that the penthouse was previously bought for such an astounding sum of money, it is evident that the Latin American aristocracy, Chinese billionaires, Russian oligarchs, and Middle Eastern oil magnates all share a significant amount of wealth. Even though we are not accustomed to buildings constructed for ownership, 432 Park Avenue is a great square in the right metropolis with more billionaires than any other city in the world. With such a commodity in their hands, more skyscrapers will continue to appear.
If you've been captivated by the architectural brilliance displayed in this project, there's no doubt that you'll be eager to check out Al Noor Tower by Valode & Pistre and the “spatially-flexible” tower with a twisting “hourglass figure.”
Project Information
Architects:
Rafael Viñoly Architects
Interior Designers:
Deborah Berke Partners
Location:
New York, USA
GFA: 37,000 square metres
Photography: Rafael Viñoly, CIM Group & Macklowe Properties
