New York’s One World Trade recently claimed the title of the nation’s tallest tower (or did it?), and soon the state may be home to America’s tallest residential tower, too.

Rafael Viñoly, FAIA, designed the plans for a new condo tower to be built at the site of the former Drake Hotel on Park Avenue. At a planned 1,395 feet, the building would house 128 units selling for an average price of $4,500 per square foot, Eliot Brown and Craig Karmin report in The Wall Street Journal. Paying homage to its prime location, the tower will be known simply as 432 Park.

The site’s excavation began in September 2011 and construction of the tower is now under way. The super-tall tower, slowly climbing skyward, is expected to reach “substantial completion” by April 2015.