Influx of Luxury Towers Transforms New York

"In the last five years more than a dozen have been completed; maybe a dozen more are scheduled to break ground this year. They range from soaring, elaborately decorated towers by international celebrities like Jean Nouvel and Frank Gehry to smaller but equally ambitious architectural statements by lesser-known talents like Mr. Denari."

"With the financial markets in an ominous roil, the realization of this boomlet is far from guaranteed. But even if only a few more are completed, the final effect of these buildings could be the greatest transformation in the city's physical identity since the 1960s. Bold and formally elaborate - some would say showy - they reflect a mix of attitudes and styles that the city has never seen."

"They also reveal an unmistakable shift in the appetites and aspirations of an elite group of New Yorkers for whom an apartment's architectural pedigree has become a new form of status symbol. Rather than disappear behind the shielding bulwark of Park Avenue apartment houses or into anonymous loft buildings as previous generations of wealthy New Yorkers did, these residents want to live in structures that telegraph their wealth and uniqueness."