Carnegie 57: Real Estate Hopes Set To Soar In NYC

A new sign of real estate ambition is set to rise in New York City. The NY Times reports that a $1.3 billion skyscraper is planned for 57th Street. When completed the tower, named Carnegie 57 for its position opposite Carnegie Hall, will be the tallest residential building in the city, eclipsing the Trump World Tower. The tower was designed by the French architect Christian de Portzamparc and is being developed by Gary Barnett, who seems confident that his tower will attract both design kudos and deep-pocketed buyers. There will be136 apartments in the tower above the 210-room Park Hyatt hotel which will sprawl over the first 20 floors.

The foundation was poured earlier this spring and with a generous dollop of funding from Abu Dhabi building is set to commence in the next few weeks. The project won't be finished until 2013 which gives the real estate market plenty of time to catch up with Mr. Barnett's ambitions. Start saving now for the duplex penthouse on the 71 and 72nd floor.