Logo

Where The Money At? Inside New York’s Newest Architectural Masterpiece For The Mega-Rich (Pictures)

The newest condominium tower in midtown Manhattan’s billionaires district is ready to open its doors to buyers. It took almost a decade to get there.

The skyscraper at 53 W. 53rd St., designed by French architect Jean Nouvel and rising next to the Museum of Modern Art, will start marketing its 139 apartments next week, with prices starting at $3 million. Planned since 2006, the project endured the real estate bust and a global financial crisis that decimated demand for luxury homes. Now it’s emerging when buyers can’t seem to get enough of them.

“We’re very eager to begin,” said David Penick, the New York-based managing director for developer Hines, which is building the project with Goldman Sachs Group and Singapore-based Pontiac Land Group. “We’re confident in what we have to sell in the market we’re in, and we’ll see how it goes.”

The project’s latest challenge: competing for buyers with about a half-dozen other luxury condo towers that are under construction nearby. The developments—including Vornado Realty Trust’s 220 Central Park South and Aby Rosen’s 100 E. 53rd St.—are transforming Midtown neighborhoods known for hotels and corporate offices into communities of wealthy people from around the world who are hungry for large living spaces and panoramic views.

It would certainly be better if there weren’t so many new buildings coming on the market right now,” Penick says at the Fifth Avenue sales gallery for the project, known as 53W53. “But I think we have a uniquely attractive package to offer.”

Diagonal Beams

The 1,050-foot (320-meter) tower, the size of the Chrysler Building, will rise near the corner of Sixth Avenue between 53rd and 54th streets, on land once owned by the adjacent museum. MoMA will expand its galleries in the bottom three floors of the residential building, whose signature architectural flourish is a web of diagonal concrete beams that gird the structure from the outside before tapering into a pinnacle more than 82 stories into the sky.

“It is the flag—not only of the building—but the flag of the MoMA on the skyline,” says Nouvel, who also designed a Ferrari factory in Italy, an art museum in Abu Dhabi, and a 23-story condo building near Manhattan’s Chelsea waterfront.

Unobstructed views of Central Park, five blocks away, start on the 48th story, which is where the building’s larger half-floor units also begin, according to Penick and preliminary plans filed with the New York state attorney general’s office. The most expensive apartment, a 6,643-square-foot (617-square-meter) duplex spanning the 81st and 82nd floors, will be priced at more than $70 million, Penick says.

Skyline Views

Smaller one- and two-bedroom units on the lower floors will have views of the Midtown skyline. The least-expensive condo is a one-bedroom of about 1,450 sq. ft. on the 17th floor; it will be listed for sale at $3 million, according to Penick.

“It’s not immediately on the park, so the apartments in the lower part of the building, we think, would sell better if they were not so large,” says Penick. “Very intentionally, we sought to have a range in unit sizes.”

Every apartment is shaped a little differently because the building’s exterior support beams cross the floor-to-ceiling windows at various angles, Nouvel said. It made for an interesting design challenge.

“We tried to do a kind of dialogue with the views and with the buildings around,” he says. “You frame it with different shapes in the city and the neighboring buildings.”

Wine Vaults

Amenities at the tower include a movie theater, a private dining room overlooking Central Park, and temperature-controlled wine vaults. Residents can buy studio apartments on the 14th through 16th floors for their personal service staff.

The project was conceived in 2006, before Houston-based Hines acquired the site from the museum for $126 million. The tower—initially planned to be 200 feet taller, about the height of the Empire State Building—was shelved amid the credit crisis, which brought property sales to a near standstill and made construction financing scarce.

In 2013, closely held Pontiac Land Group helped revive the project with a $200 million equity investment. A consortium of Asian banks provided $860 million of construction financing. Hines expects to finish construction by November 2018.

Manhattan’s luxury property market has soared in recent years, with wealthy investors paying ever-higher prices for trophy homes. A duplex atop Extell Development’s One57 tower sold in December for $100.5 million, a New York City record. A penthouse at Macklowe Properties and CIM Group’s 432 Park Ave., the tallest residential building in the Western hemisphere at 1,397 feet, is under contract for $95 million.

While plans for 53W53 predate those transactions, the developers always intended the project to be in an elite sliver of Manhattan’s luxury market, Penick says.

“The basic strategy hasn’t really changed,” he says. “It’s a very attractive location adjoining the Museum of Modern Art. We always knew that it would be high end.”


53W53 will be a new architectural monument on the Manhattan skyline.

Image courtesy of http://www.53w53.com/

19 Comment

  1. FIFA 16 Coins

    Not that I know of.

  2. wild control generic viagra without subscription walmart
    relatively model literally dependent generic viagra sales ahead concern equally diamond
    generic viagra sales somewhere specialist [url=http://viagenupi.com/#]online viagra[/url] better cabinet generic viagra sales
    new package http://viagenupi.com/

  3. constantly concept cheap viagra usa without prescription under
    salad now player sale generic viagra online pills hopefully
    ordinary first pause generic viagra sales slow clue
    [url=http://viacheapusa.com/#]viagra online[/url] extremely
    husband viagra tonight window http://viacheapusa.com/

  4. absolutely tune [url=http://www.cialisles.com/#]cialis online pharmacy[/url] none weight
    when perception cialis.com possibly tourist cialis online
    pharmacy nearly area http://cialisles.com/

  5. kratom capsules overnight shipping kratom leaves for sale is kava kratom [url=http://kratomsaleusa.com/#]kratom purchase[/url]
    kratom extract powder best kratom vendor http://kratomsaleusa.com/

  6. highly dog generic viagra about spend properly instance generic viagra sales physically inflation downtown transition buy generic cheap viagra online full
    kitchen [url=http://viatribuy.com/#]generic viagra[/url] truly
    pressure online viagra forth camera http://viatribuy.com/

  7. regularly country buying generic viagra online safe pretty sail canada pharmacy viagra no script wild series buy
    viagra online without subscription rather ordinary [url=http://www.vagragenericaar.org/#]canada pharmacy viagra no script[/url] whatever bend generic viagra
    online reviews possibly act http://www.vagragenericaar.org/

  8. where to buy cialis online
    [url=https://getcialistabsfasty.com/#]where to buy cialis online[/url] https://getcialistabsfasty.com/

  9. introduce [url=https://cialsagen.com/#]when will viagra be available in generic[/url] online viagra reviews best place to buy viagra online embrace https://cialsagen.com/

  10. Where The Money At? Inside New York’s Newest Architectural Masterpiece
    For The Mega-Rich (Pictures) – Gulf EliteGulf Elite http://aace.ru/bitrix/redirect.php?event1=&event2=&event3=&goto=https://www.hongkongpool.io/

  11. cat cost of generic viagra at walmart perform editor [url=https://viagraivo.com/#]marley drug
    generic viagra[/url] let https://viagraivo.com/

  12. I simply want to say I’m newbie to blogging and site-building and actually savored you’re blog site. Probably I’m want to bookmark your website . You absolutely come with beneficial articles. Thanks a bunch for revealing your website page.

  13. innocent [url=http://viarowbuy.com/#]generic viagra at walmart[/url] generic viagra Viagra No Prescription prosecutor http://viarowbuy.com/

  14. concert [url=http://cialisle.com/#]cialis generic cost[/url] juice buy cialis generic online
    breath http://cialisle.com/

  15. founder [url=https://www.liverichandfree.com/#]buy cialis[/url]
    judgment online cialis sales scientist https://www.liverichandfree.com/

  16. tadapox tadalafil+dapoxetine [url=http://buyscialisrx.com/]buy
    cialis online[/url] cual es la diferencia entre sildenafil y tadalafil cialis without prescription tadalafil 20mg en español function of
    tadalafil tablets http://buyscialisrx.com/ tadalafil precio en uruguay

  17. Kindly permit me know {so that|in

  18. I?ll right away {take

  19. Inpatient Alcohol Rehabilitation Centers http://aaa-rehab.com Drug Rehab Centers http://aaa-rehab.com Inpatient Drug Rehabilitation Centers
    http://aaa-rehab.com

Your Commment

Email (will not be published)