Its a (Rubik) Cubist’s ultimate fantasy. [A project by architect Santiago Calatrava [NY Post]](http://www.nypost.com/news/regionalnews/27842.htm), is planned on the East River, South of the Brooklyn Bridge that has received a lot of attention lately for both (high) price and (unusual) design.
[Triplemint](http://www.triplemint.com/triplemint/2005/02/visualizing_cal.html) has a photo spread and [Curbed](http://www.curbed.com/archives/2005/03/01/calatravas_tower_o_penthouses_sky_high_prices.php) has given the project a lot of attention.
As the housing market continues to rise and the acceptance of high end housing projects remains solid, it is expected that we will see more and more unusual development projects that will scream out for attention.
It sure is different and wil be a challenge to appraise. I can’t decide whether I like it or not and I don’t think I would want to live in it ( like I could afford it ) but it’s the wave of the future and the NYC skyline which will never be the same.
Can they really get enough more per sq ft for a building like this to give a good return on all the extra construction costs and extra risk? That is, is it motivated by profit seeking or ego enhancing?
Regardless if you like it or not, the property will be unique. The fact that it is unique, will add vale, and thus make it an interesting project.
How do you value a “unique” project? In this case the property is worth whatever someone is willing to pay, and because it is unique you only know that when it is sold…………
I would live in one.
Thats a tall order. Appraising unique properties is definitely worth its own post. Coming soon.