<P> 432 Park Avenue is a residential skyscraper in New York City that overlooks Central Park . Originally proposed to be 1,300 feet (396.2 meters) in 2011, the structure topped out at 1,396 ft (425.5 m). It was developed by CIM Group and features 104 condominium apartments . Construction began in 2012 and was completed on December 23, 2015 . </P> <P> The building required the demolition of the 495 - room Drake Hotel . Built in 1926, it was purchased for $440 million in 2006 (equivalent to $520 million in 2016) by developer Harry Macklowe and razed the next year . Its footprint became one of New York's most valuable development sites due to its location, between East 56th and 57th Streets on the west side of Park Avenue . </P> <P> As completed, 432 Park Avenue is the third tallest building in the United States, and the tallest residential building in the world . It is the second - tallest building in New York City, behind One World Trade Center, and ahead of the Empire State Building . It is also the first, and so far only, building in New York City outside the World Trade Center Complex to be taller than the original twin towers . </P> <P> 432 Park Avenue officially topped out on October 10, 2014, at 1,398 feet (426 m) making it the second - tallest building in New York City after One World Trade Center and the fifteenth - tallest building in the world . Because much of One World Trade Center's height is in its spire and its base is nearly 40 feet (12 m) lower, the rooftop of 432 Park Ave is, as of 2017, the highest in the city . </P>

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