By Konrad Putzier
Harry Macklowe and his partners at CIM Group, topped out the tallest apartment building in the western hemisphere yesterday (Tuesday) at 432 Park Avenue.
“We are proud to have created a New York City landmark that can be seen throughout all five boroughs, and which will enhance our city’s iconic skyline,” said Macklowe, chairman of Macklowe Properties.
“At 1,396 feet, 432 Park Avenue is the tallest residential building in the Western Hemisphere, and represents an extraordinary accomplishment of architecture, design, engineering and craftsmanship.
“In this second decade of the 21st century, we are privileged to have been part of creating something that will join the pantheon of legendary 20th century structures like the Chrysler, the Empire State and the Woolworth Buildings.”
Designed by architect Rafael Viñoly, the concrete tower will house 104 luxury condos above a retail base, reportedly owned by Macklowe. 10-foot-by-10-foot apartment windows will give residents views in every direction. When sales were launched earlier this year, they started at $7 million. Around half of the apartments have now been sold, including the $95 million penthouse, and prices for the remaining availabilites start at $16.95 million, said a spokesman.
Construction is being overseen by general contractor Lend Lease. To date, over 6,500 trucks of concrete have been delivered to the site, where the workforce has placed over 70,000 cubic yards of concrete and 12,500 tons of rebar.
“We’re very proud to celebrate the topping out of this world-class project that has reshaped the New York City skyline,” said Anthony Mannion, principal-in-charge, Lend Lease LMB, Inc.
“I want to acknowledge the combined efforts of CIM Group, Macklowe Properties, our design and construction partners and the Lend Lease project team for reaching this important project milestone, and especially thank the trades people who have worked tirelessly to get us to this point.”
Avi Shemesh, principal and co-founder of CIM Group, added, “The topping out of 432 Park Avenue ahead of schedule is a testament to the efforts of CIM’s internal investment and development resources and the talented project team assembled to reach this important milestone toward the completion of 432 Park Avenue.ˮ
Macklowe Properties initially owned the site of the new tower, but in 2008 the firm defaulted on a $482 million Deutsche Bank loan secured by the site and was forced to sell the assemblage to California-based CIM group for $315 million.
While Macklowe is listed as co-developer of the tower, along with CIM, it is unclear whether the firm owns an actual equity interest in the project.