Simply Abu Dhabi Magazine XVII

2 6 0 S I M P LY A B U DH A B I Other new luxury developments targeted at ultra-high net worth buyers include 443 Greenwich, a landmarked Tribeca book bindery built in 1882 by noted architect Charles Coolidge Haight currently being completely transformed into 45 loft-style homes that span the length of an entire city block. 520 Park Avenue on the Upper East Side is a new 54-storey luxury residential condominium tower with 31 homes designed by Robert A.M. Stern Architects. “The beauty of what has happened in NYC over the past five years is that diverse areas of the city have been developed or are being developed into markets that appeal to very wealthy individuals,” says Stuart Siegel, president and CEO of international brokerage firmEngel &Völkers NYC. “If you want the use of the rivers there’s the Far West Side, which is now being developed, or if you want the use of green and close to Central Park there’s Fifth Avenue and Central Park West, while 57th Street and Central Park South corners are very, very desirable for new condo construction. There is always an anchor of a new development to revitalise or help the already established areas keep pace with the new trends.” Thanks to a fairly limited supply over the past few years and ferocious demand, multiple bidding situations are also becoming a regular occurrence, says Siegel, in which properties are often being sold at 20% over the already high asking price. ONE57 was one of the first buildings offering a new generation of condos, built by Extell Development. Rising to over one thousand feet above Central Park it has the longest south to north views ever offered in condominium living, and is an example of apartments sold for record prices. Full-floor apartments begin at floor 77, with the 5-star Park Hyatt Hotel New York flagship at