NYC Listings With Views Worth Fighting For

In the world of New York City real estate, it is impossible not to overstate the importance of views. Open views of the iconic skyline, one or both rivers, and/or Central Park are features of the listings commanding the city’s highest-priced sales and contracts, and the view is often a key factor in many a decision to rent or buy.

As such, when a prized view is threatened, homeowners are less than pleased, both for aesthetic reasons and for fear of their apartment losing value. The fears are not unfounded, as such phenomena have played out at Sky House in what is now known as NoMad, W Residences in the Financial District, and various Midtown towers in the literal shadows of Billionaires’ Row.

One extreme example is playing out at 520 Park Avenue, an Upper East Side condominium located down the street from Extell Development Group’s forthcoming project at 655 Madison Avenue. According to a lawsuit filed earlier this week, when the buyers of an $80 million penthouse in the building made the deal, they had no way of knowing that Extell’s forthcoming project would threaten the views that made the penthouse such a prize. Indeed, Extell had only closed on the sale of one office building at the time of the penthouse sale.

520-Fifth -Avneue

West-facing views from 520 Fifth Avenue will be impacted by Extell's new tower, as well as planned developments at 625 Madison Avenue and likely 800 Fifth Avenue

Initial drawings indicate that Extell's upcoming tower at 655 Madison Avenue will rise approximately 500 feet with 37 floors—however, these plans may not be final

The existing office building at 655 Madison Avenue is being demolished. 520 Fifth Avenue is pictured behind.

But in the months that followed, Extell’s assemblage grew from one office building to four additional sites, thus allowing them to construct a larger tower. The penthouse’s buyers allege that Zeckendorf Development, 520 Park Avenue’s developers, must have been privy to industry information like the negotiations, and deliberately withheld the news from them. However, a lawyer for Zeckendorf described the lawsuit to Crain’s New York Business as “a transparent case of buyer’s remorse masquerading as a complaint.”

Further downtown, residents of Chelsea loft condominium City Prairie took drastic action to preserve their views. In the years since the factory loft was converted to condos with new lot-line windows added, past residents like actor Harrison Ford and sculptor Don Gummer (Meryl Streep's husband) have enjoyed Empire State Building views and abundant natural light.

In 2016, Extell Development purchased three neighboring low-rises with the intent of building a new project about the same size as the loft building, a move that would have completely obscured the lot-line windows. Instead of taking legal action to fight the development, owners in the building pooled together $11 million to buy the developer’s air rights and prevent them from building anything higher than the three- and four-story buildings previously on the site. The deal surpasses a similar sale valued at $3.7 million on the Upper East Side a few years earlier.

The New York Times reports that residents without lot-line windows were excluded from the trade, while residents of the top five floors paid close to $1 million each. However, considering the conservation of Empire State Building views, preserved apartment value, diminished construction noise, and even potential lawyer fees, the seven-figure price paid for city air could be considered a downright bargain. Even the street passerby ended up as a winner from the transaction: They now get to gaze upon a crisp, airy structure designed by ARC Architects, nestled beneath a gritty yet attractive wall of pre-war brick and gridded loft windows above.