Luxury Tower in New York Finding Buyers

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One-third of the apartments in the tallest residential building in the U.S. are already under contract, two years before the building is scheduled to open, according to the developers.

The building, 432 Park, offers 126 units, priced between $20 million and $82.5 million. The total asking price of $2.7 billion, which is a 13 percent increase from July, is the highest total asking price for a condominium in New York, the Wall Street Journal reports.

The developers of 432 Park have raised prices three times since July, according to Curbed. Prices break down to an average of $6,742 per square foot, one of the highest asking prices in the city.

The Rafael Viñoly-designed tower, which will reach 1,396 feet when completed, will offer a residents-only restaurant and private elevator landings. Apartments will feature 10-foot-by-10-foot windows and climate-controlled wine cellars, Curbed said.

The current tallest residential tower in New York is the 870-meter Eight Spruce Street designed by Frank Gehry.

High-end units in New York are in demand from overseas buyers. However, the developers from 432 Park are turning to locals for most of the recruiting. So far the majority of contracts for the $1.2 billion project have been signed by U.S residents.

"When you have people from New York buying, it validates the building," Avi Shemesh, the co-founder of developer CIM, told WSJ.