Photo: CIM Group
New information regarding 432 Park Avenue,, the soon-to-be tallest residential building in Manhattan was obtained by The Wall Street Journal this week.The building, which rests at the corner of Park and E. 57th Street, will rise 1,395 feet in the sky, according to the WSJ. At that height it will be taller than the new World Trade centre, excluding the spire.
The building will cost around $1.2 billion, and hedge fund developer CIM Group is expected to net about $2.5 billion from residential sales and the sales of the small retail space available, according to the WSJ.
The average sale price will be $4,500 per square foot, which is below the asking price at currently under construction One57.
Unit sales are expected to being in October 2014, with the building opening in April 2015.
Watch the construction under way here.
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