$1.3 billion new skyscraper to be the tallest residential building in New York City

New York City is all set to get its tallest residential high rise. All set to trump the Trump World Tower (the current tallest residential building in the city), this new high rise is being developed by Gary Barnett of Extell Development Company. Barnett is gearing up to start construction in the next three weeks on the $1.3 billion skyscrapers on 57th Street, making it the tallest and most expensive residential building in the city. Designed by the French architect Christian de Portzamparc, this skyscraper will rise 1,005 feet above 57th Street east of Seventh Avenue. A 210-room Park Hyatt hotel is expected to occupy the first 20 floors, while the rest, Barnett hopes, “will be 136 of the most expensive and luxurious apartments in the city.” This construction is the first major such construction project undertaken since the fall of the Lehman brothers.

Given the risk involved, Barnett went to Abu Dhabi for partners and financing after being unable to get any US banks’ funds. The funders from Dubai include the Tasameem Real Estate Company and Aabar Investment. The skyscraper, which is expected to be ready by 2013, promises to redefine the skyline of New York City.

[Via – Gothamist]

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