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High-Rise Living: The World’s Wealthy Move Toward City Centers

The growing popularity of high-rise living is most notable in cities such as New York, Chicago, and Miami, where ultra-high-rise condo towers offer high-end amenities, high quality of life, great views, and unbeatable convenience for individuals who would rather not commute. High-rise living isn’t for everyone, but it presents a desirable lifestyle for wealthy international buyers who want a landing pad in a U.S. metropolis and U.S. families seeking hassle-free access to the city. These buyers are willing to pay huge sums for the high-rise lifestyle, and condo units regularly sell for prices starting around $5 million and climbing all the way to $100 million.

Record-Breaking Heights & Price Tags

The sheer, impressive height of today’s newest luxury residential towers afford residents two important things: status and killer views. One57, a high-rise condo development in New York City, stole the title for the city’s tallest residential tower in 2014. One57’s penthouse, taking all of the 89th and 90th floors and towering high above Central Park in Manhattan, sold for just over $100 million in January 2015. To date, the One57 penthouse is the most expensive condo purchase ever recorded.

Endless Amenities

Today’s high-end high-rise developments have truly thought of everything: high-speed elevators and private elevator landings, wine cellars, optional guest apartments and separate servants’ entrances, indoor-outdoor fitness facilities, deluxe swimming pools, exclusive resident-only terrace restaurants with world-renowned chefs, bicycle shops, terrace dog parks, room service and catering, and (unbelievably) so much more. Due to the difficulty of engineering these sky-high buildings, higher units in ultra-high-rise residential towers cannot have terraces or rooftop gardens. To address this shortcoming, residential skyscrapers include community gardens and parks, which are often available to rent for residents’ special events.

Starchitects

Celebrated “starchitects” from around the world are being invited to reimagine urban life for high-net-worth individuals. Uruguayan star architect Carlos Ott is responsible for Miami’s posh Echo Brickell; Pritzker-prize-winning Japanese architect Tadao Ando designed 152 Elizabeth St., a 7-unit condominium complex in New York City; and World-renowned Iraqi-born architect Zaha Hadid created the curvy and futuristic high-end residential building at 520 W. 28th St. While ultra-wealthy individuals have always adorned their walls with one-of-a-kind works of fine art, it is becoming increasingly desirable (and possible) to live within a work of art.

Community

For those who make the move toward inner-city residential towers, the potential loss of community and social opportunity is of utmost concern. Many new high-end urban developments, however, are designed to be communities within themselves. Single-building residential high-rises include common spaces such as parks, entertainment areas, and playgrounds where residents can mingle and form friendships. Other high-end, mixed-use urban developments—such as London’s Battersea Power Station project—encompass entire neighborhoods and include office spaces, shops, restaurants, galleries, parks, music venues, cultural spaces, hotels, and residential towers.

Security & Privacy

In addition to status and luxury amenities, buyers are drawn to high-rise living because they seek a secure and private home within the city center. High-end high-rises boast top-tier security, floor plans that enhance the privacy of each unit, and reliable maintenance and upkeep services to take care of residents’ homes when they are away.

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