With the cost of land increasing and assembling of multiple parcels of land more and more difficult, Manhattan skyscrapers on Billionaire’s Row and throughout have continued to go up but are now getting skinnier. Typically, developers will buy a site but then also buy the air rights from neighboring buildings which allows them as of right to go into the stratosphere. Success of buildings like One57 which is home to most expensive sale for a residential apartment at just over $100mm are buoying this trend.
111 west 57th street is one of the newest entrants to this field with a width to height ratio of 1:24 according to engineers for the project. Developers get more more money for helicopter views so this trend figures to continue.
The Author- Brian Silvestry , a licensed real estate broker, has been selling residential and commercial real estate since 1999. He has sold in every Manhattan market from Battery Park City to Washington Heights.