With global markets going crazy, foreign investors are rushing to New York’s luxury developments, a safe choice for wealthy investors seeking long-term solace for their capital.
Sure enough, the NYC market has seen its fair share of blockbuster deals last year, including a $100 million record-breaking condo sale at One57 on W 57th St.
But as the stakes grow higher, developers and architects face the challenge of creating residences that justify the record-breaking price points. And developers are looking elsewhere like the Middle East.
In the past year, NYC starchitect Michel Abboud has produced his fair share of stunning projects, including Tribeca’s 45 Park, a Downtown mosque conversion, and, most recently, a $74 million penthouse.
In this exclusive interview, Resident gets the breakdown on NYC’s luxury market, building abroad vs. New York and what we can expect next.
Erik Dolan-Del Vecchio: What’s it like to design in NYC compared to somewhere in the Middle East?
Abboud: It’s more complicated to build in Dubai due to the approval process, but at the end of the day it’s faster because developers are able to sell up to 50% of their project in the early stages, before the permit is even out. This lets them make ballsier moves.
EDD: What’s the scoop on 45 Park?
Abboud: It’s a 667-foot tower with stupendous views of Midtown and Upper Manhattan, with all of TriBeCa like a carpet under you. We have four full-floor apartments, which is a very rare, loft-type feature, in new developments and towers.
EDD: Do you think that it’s going to change the look of TriBeCa?
Abboud: It’s definitely going to be a milestone in the redevelopment of that area.
The area is shifting into a more lively, mixed-use neighborhood. Originally, it was only office buildings and now residential buildings are coming in. Lower Manhattan’s character is evolving and changing.
EDD: Your project The One at Palm in Dubai is marketed as the most expensive property in the Middle East ever. What was the inspiration behind that?
Abboud: The client wanted to do something very abnormal—to provide almost an equal amount of outdoor space as indoor space for each of the 90 units. The penthouse is unique because it’s massive—we’re talking about 20k SF of indoor area and another 20k SF of outdoor area.
Additionally, it’s completely detached from the structure of the building. It’s literally hovering on top of the building and does not share any common walls or floors with the rest of the units. Plus, it has panoramic views all around and 18-foot ceilings.