432 Park Avenue, a supertall building that will be almost entirely inhabited by billionaires, will soon open in Manhattan. Its door, however, will not actually open onto Park Avenue. According to Bloomberg , the building's developers likely paid the city a little-known $11,000 fee for a vanity address, which is exactly the kind of dumb thing billionaires care about.
Most of us normals have no real reason to visit 432 Park Avenue, so like whatever, but the practice is annoyingly common. Bloomberg notes that confusing addresses like One Bryant Park, 200 West St., and pretty much any address in Times Square are vanity ones. The Manhattan Borough President's office grants vanity addresses on a case by case basis for developers looking for a prestige boost. It's granted five this year and six in 2013.
In the case of 432 Park Avenue, one corner of its lot does meet Park Avenue, but its main entrance is likely to be 150 feet away on 56th Street. However, the cachet of a Park Avenue address adds 5 to 10 percent on the value of the its apartments, the cheapest of which is a hefty $16.5 million.
The city's processing fee, on the other hand, is just $11,000. If New York City is going to cater to the whims of the rich, it could at least get a little more out of it in return. [Bloomberg]
Top image: Artist rendering of the supertall 432 Park Avenue, which will be the tallest apartment building in America. Credit: dbox/CIM Group and Macklowe Properties
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