I had the building demolished on a holiday weekend because I knew the city would fine me and then move on. They fined me $2 million. The site was worth $100 million. You do the math.
432 Park Avenue is 1,396 feet of concrete and glass and proof that you can lose everything and still build the tallest residential building in the Western Hemisphere.
I lost seven buildings in one year. Seven. Most people would have retired. I started planning the tallest residential tower in New York. What else was I going to do — play golf?
Manhattan always comes back. Always. People who bet against Manhattan real estate over the long run have been wrong for 400 years.
I would rather own one iconic building than ten ordinary ones. Real estate is about address, design, and prestige. Everything else is a commodity.