432 Park Avenue in New York City, at 426 meters, is the tallest residential building in the world. It’s become notorious for its high prices; the cheapest two bedroom unit costs $17 million. Because of this and other factors the address ‘432 Park Avenue’ has become a buzzword in the city but people trying to find the entrance of the building are wasting their time walking along Park Avenue wrote Patrick Clark:

• While one of the building’s sides is on Park Avenue, the skyscraper’s main entrance is on 56^th street.
• However an address on Park Avenue can raise a property’s price by up to 10%.
• Getting such a ‘vanity address’ is relatively cheap, and an excellent return on investment. The government evaluates each application on a case by case basis and charges an $11,000 processing fee.
• Such vanity addresses are a particular problem on Times Square where buildings far from the Square may claim an address there.
• Inaccurate addresses can sometimes lead to tragic consequences. In 1987, in Chicago, rescue workers were unable to find a burning building in time because the building, 1 Illinois Center, was actually on East Wacker Drive.

Read about the practice, periodic outrages about it, other popular vanity addresses, and more over here.

Source: Bloomberg