CityRealty Insider > New Developments in the News

New Developments in the News

AUGUST 23, 2010

Planned tower at 15 Penn Plaza shoulders in on the city’s biggest icon; The Upper West Side at 86% off.

“Would a tower be allowed next to the Eiffel Tower or Big Ben’s clock tower?” The query, from Anthony Malkin, president of Malkin Holdings and owner of the Empire State Building, was prompted by renderings of the planned 15 Penn Plaza tower at the site of the Hotel Pennsylvania at 33rd Street and Seventh Avenue. The renderings reveal an undeniable shift in the city’s skyline. Though the new 1,216-foot-high skyscraper would only come up to the 102nd floor of the Empire State Building, its mass and proximity to the familiar spire would change the city’s profile noticeably.

A number of units at The Apthorp were reported to have closed recently for significantly lower than the original asking prices–86% lower in one case. The Upper West Side condominium conversion slashed prices in 2009 after managing partners settled a court battle which threatened the project’s financial stability. Roughly 20 units have closed since May, with another 17 are set to follow.

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