The halo effect happening on 57th Street right now is undeniable. With four different giant towers rising within a five-avenue span, and more if you widen the radius, the smaller buildings along the major transverse are appreciating in value. Hence the whole Rizzoli Bookstore fiasco; its petite limestone home was bought and will be demolished to make way for a high-rise.
Another recent sale illustrates the crazy ripple emanating from 432 Park Avenue, specifically: the in-progress tallest residential building in the Western Hemisphere, where available apartments start at around $17M. A six-story townhouse just west of the superscraper's 57th Street entrance, between Park and Madison, just sold for a mindboggling $65 million. And its savvy owners know that its worth is only going to increase, the Post reports, so they worked a clause into the deed that the buyers can't flip it before July 30, 2016 without giving the old owners a share of the profits. Smart. 36 East 57th Street is currently used as commercial space, and redevelopment into condos seems unlikely. Nevertheless, a takeaway message: 57th Street will only become more of a shitshow.
· Narrow Park Avenue townhouse sells for over $65M [NYP]
· All 432 Park coverage [Curbed]