SKY’S THE LIMIT
Samuel, who keeps tabs on sales, wonders like many others, “Just how many $10 million buyers are there?” Since land is now priced as if all the units will cost $10 million Miller says developers are now splitting them to get two to sell at $5 million each.
“We are not building to the demand as the demand is at a lower price point. Hence we have an affordability crisis in America and the municipalities are grappling because we are seeing product built for only the upper end.”
Tall towers can be developed in Midtown, plus portions of Downtown, Downtown Brooklyn and Long Island City so they end up in clusters. Frank Chaney of Rosenberg & Estes said, “The big selling point for the supertall, pencil towers, are views. And with all due respect to my Brooklyn friends, the views aren’t the same; unless you want a view of Manhattan.”
The lure of developing an awe inspiring skyscraper continues.
“More than apartments, I am selling views,” said Francis Greenburger, CEO of Time Equities who is building the 783-foot tall 50 West St., designed by Helmut Jahn, and planning a 1,000-footer in Chicago.”
To his west, Michael Shvo, Bizzi + Partners and Howard Lorber are planning a slender condo by Rafael Vinoly that a filing says may rise to 1,350 feet; there is no height restriction. Shvo would only say it would be the tallest residential building Downtown. “We will offer residences with extremely high views and people pay a premium for amazing views. You are on the top of the world,” Shvo said. Shvo bought the site from Steven Witkoff and Fisher Bros. who have another tower rising nearby. Witkoff says the apartments for the curved glass 111 Murray St. were laid out first, and then they went high enough up to use all their footage.
“And it got us to 830 feet,” Witkoff said. “You could make an argument to slim it down and go to 1,100. But there comes a point where it reaches... diminishing returns.”
Greenburger also warned of supersized challenges: “You build a brick building and it takes a lot of wood,” he said. “But when you do a tower, you can’t say, `send me 50,000 feet of wood’ because you are buying hundreds of thousands of feet.”
Construction and safety managers must also ensure nothing falls off. “One element we can’t control is the weather. You get up above 500 feet and the weather is totally different,” said Donald DeNardo, executive vice president, Lend Lease construction, of sites where it could be snowing above and raining at the street. “You by default become a meteorologist.”
Winston Fisher, partner in Fisher Bros., and Witkoff ’s partner at 111 Murray St., said challenges abound. “The simplest thing of just getting the concrete to the top of the building takes a long time,” Fisher said. “The construction elevator takes so long to go up and down you don’t get a full day of work,” added Witkoff.
Engineers also have to consider the force of higher winds along with the weight of the structure.
“It is not just the dead load downward force but the lateral force that is being created for lift,” said Richard Wood, CEO of Plaza Construction.
The city’s Building Dept. also goes over the plans extensively. “Our supertall buildings are the most analyzed and scrutinized,” said DeSimone.
Douglas Durst, whose company co-owns the 1,776 foot tall One World Trade, said he would not build a tall office building today. “Over a certain height you don’t get the return,” he explained.
Yet Silverstein Properties is building 3 World Trade Center to 1,079 feet and soon, will start 2 World Trade Center being designed to 1,350 feet.
Joseph Moinian is starting 3 Hudson Blvd., an office tower over 1,000 feet tall by Hudson Yards while Related Companies is working on several cloud pincers from the 868-foot tall offices at 10 Hudson Yards to 30 Hudson Yards at 1,268 feet; plus two with residences pegged over 900 feet.
In Midtown, Kushner Companies and Vornado Realty Trust are considering re-stacking 666 Fifth to 1,400 feet, and repurposing it to residential and hotel.
Large structures used to need large sites. The 861-foot tall Trump World Tower on First Ave. was developed in 2001 on half an acre — a suburban home site.
Engineering advances now allow projects to go higher on micro-plots due to evolving techniques and materials.
The slenderest proposed condo 111 W. 57 St. will go to 1,418 feet on a 48-foot wide lot of 6,843 squarefeet — a jumbo apartment.
“New York should have the tallest building in the world. We are the capital of the world,” said DeSimone.
Fisher says they were very sensitive to 111 Murray’s place in Downtown and the skyline. Inspired by the Chrysler Building and the Empire State Building, the wrapped crown of the tower gently flares at the top. Fisher added. ‘We are inspired by, and we inspire, the rest of the world.”
The owner of the Empire State Building, Anthony Malkin, CEO of Empire State Realty Trust previously dissed plans for a 1,500 foot tower to replace the nearby Hotel Pennsylvania that could yet be dusted off.
“I am comfortable that after this wave of development is done, the presence of the Empire State Building will remain,” said Malkin. “Whether or not the [city] cares about the iconic nature of the New York skyline remains to be seen.”