Złota 44

Zlota 44

INTRODUCTION

Złota 44 is a residential skyscraper (192 meters high, 52 storys[2]) in central Warsaw, Poland. It was designed by the Polish-born American architect Daniel Libeskind[3] in association with Polish architects Artchitecture. It is being developed by US real estate investment manager Amstar and Warsaw developer BBI Development, which bought the topped-out but unfinished building from its initial developer ORCO.

Zlota 44

Characteristic

The name Złota 44 comes from the building’s address – Złota (“Golden”) Street. It is located next to the Palace of Culture and Science, the tallest building in Poland (237 m), and the Złote Tarasy shopping center. At 192 meters tall, Złota 44 is the third tallest skyscraper in Warsaw.

Złota 44 is one of the tallest residential buildings in Poland and the European Union. It is a luxury 52-story skyscraper reaching a height of 192 meters and containing 287 apartments. All apartments will be equipped with the home management system (HMS), which facilitates control of the air conditioning, roller blinds, heating, illumination and allows the possibility of placing online orders from restaurants or other service. All residents will receive a security card, which allows them to reach only the floor where their apartment is.

Zlota 44

Złota 44 offers a multitude of services and amenities to its residents. They will have access to a wine cellar which accommodates up to 10,000 bottles and includes a tasting room. In addition to a 25-meter swimming pool (the largest private pool in Poland) the recreational floor has, a jacuzzi, massage rooms, a Finnish sauna, a steam room and an outdoor terrace. The floor features a private cinema with a golf simulator, a playroom for children and conference rooms. A dedicated concierge is at the disposal of residents.

Zlota 44

Apartments

The apartments will be located from the 9th to the 52nd floors. Fully finished apartments will be offered in nine interior design variants. There will be four kinds of apartments depending on their size: one-bedroom units (from 62 to 70 square meters), medium-sized units (from 90 to 120 square meters), larger apartments (from 140 to 250 square meters) and penthouses (which may exceed 1000 square meters, possibly encompassing the entire floor).

On 16 April 2015, the sale of apartments was officially resumed.Depending on the location, size, layout and finishing standard, the price per square meter ranges from 24,000 PLN to 40,000 PLN.
Zlota 44

History

Due to the financial problems of the developer, the invalidation of the construction permit and conflicts with the inhabitants of the surrounding buildings, construction was put on hold in 2009, but resumed in January 2011. On 3 February 2012, the building was topped out.

In December 2013, ORCO terminated its contract with the general construction contractor Inso.

As of the end of 2013, investment was called by ORCO a “major financial failure for the Group in the fall of 2013”. ORCO announced a €121 million (around 500 million PLN) write-down of the value of the building. The company went on to announce its intention to sell it as fast as possible. One of the banks financing the construction terminated its contract and wanted the loan refunded (250 million PLN). The developer also disclosed that the high prices of apartments (65,000 PLN per square meter, at the time the highest in Poland) were artificially inflated to generate media coverage.

Zlota 44

On 28 August 2014, the sale of Złota 44 was finalized. The building was sold from ORCO to Amstar and BBI Development for €50 million (about 215 million PLN), which was a small fraction of its construction cost, estimated at 700 million PLN.