New York, Major Cities Racing to Build Higher, Skinnier Condo Buildings
Builders in major cities have shifted their focus to taller, skinnier buildings, particularly when real estate is involved. In Manhattan, 4 sky scrapers are being built within blocks of eachother, all to add even more real estate potential to the burrow. New York City’s One57 building, the highest residential building in the city, reaches 1,005 feet. The building just finished this year and already its reign as the tallest residential building may be coming to an quick end. Within the next few years, two more residential sky scrapers are expected to outpace the One 57. A third sky scraper, called the Nordstrom Tower, will reach 1,775 feet tall when it is completed, just one foot under the new One World Trade Center.
As cities continue to become more and more dense, cities have shifted their buildings to be skinny, and tall, in order to save room. A new sky scraper in New York, called the 111 West 57th building will only be 60 feet wide at its base. The demand for these homes seems to have come from rich, international buyers or domestic corporate tycoons.
Developers must pay a highly upfront, in the hopes of seeing a return on their investment. Generally, the higher the building, the more expensive the rooms, especially as the rooms reach higher and higher. In New York’s Central Park, higher condos can cost 1 or 2 % more per floor, and almost 20% more when the view down to the park is unobstructed. The shift in New York, towards skinny high-rise condos has started an ever-increasing trend towards the luxury, trophy homes or apartments in major urban areas.