Having the distinction of being the tallest residential building in New York City has its perks. For one, the value of such property may be more than other competing buildings. And the view from such a property can be priceless. But as the real estate market continues to grow, having that distinction may be difficult to attain, much less maintain.
Such is likely the case with the apartment building at 432 Park Avenue. The luxury residential building was originally slated to be 1300 feet tall, but it ended up being 1396; making it the tallest residential building in the western hemisphere. However, according to a recent cnbc.com report, 432 Park Avenue may be one of a dozen buildings that will compete for this distinction in the next few years.
With so many projects in tow, does this mean that buyers should be wary of overpaying on luxury apartments? As we noted in a prior post, sales of such properties have dropped compared to the same time last year. Indeed, the winter months are traditionally slow months. But with a glut of such properties coming onto the market (as many as 70 cranes were seen in Manhattan last year at one time), it appears that buyers should be discerning when it comes to making offers on new apartments.
This is where a skilled real estate lawyer can help. An attorney's knowledge of the market and negotiation skills are essential for helping buyers navigate a wide open market.
The preceding is not legal advice.