New York City

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Nick
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New York City

Postby Nick » May 19th, 2013, 8:18 am

http://www.nytimes.com/2013/05/19/nyreg ... ml?hp&_r=0
NY Times wrote:Sky High and Going Up Fast: Luxury Towers Take New York

By CHARLES V. BAGLI
Published: May 18, 2013

Only 10 floors have been completed in what is intended to be the tallest residential building in the Western Hemisphere — a slender, 84-story tower on Park Avenue at 56th Street in Manhattan. But the top penthouse is already under contract for $95 million.

Other buyers have snapped up apartments on lower floors for prices that are almost as breathtaking. While their identities are not known, it is likely that many are the rootless superrich: Russian metals barons, Latin American tycoons, Arab sheiks and Asian billionaires.

Ultraluxury housing and construction is booming across Manhattan, which is now beginning to rival London in popularity with the world’s wealthy. The number of condominium buildings in the borough with apartments selling for more than $15 million has risen to 49, up from 33 in 2009, according to CityRealty.

[...]

RailBaronYarr
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Re: New York City

Postby RailBaronYarr » May 19th, 2013, 8:51 am

This is where I think the laws of supply and demand regarding housing go completely whacko. So many of the people owning apartments/condos in Manhattan are people that own several "residences" around the country/world.

Seriously though, $95 million. Wow.

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FISHMANPET
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Re: New York City

Postby FISHMANPET » May 19th, 2013, 9:45 am

Yeah, I usually say keep building luxury until the luxury market is tapped out and the middle class housing will happen, but NYC has a global market of luxury buyers, and unless it can get those buyers to stop buying, there's no real hope for affordable housing in that city.

RailBaronYarr
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Re: New York City

Postby RailBaronYarr » May 19th, 2013, 10:03 am

I think of it this way.. Manhattan has a population of 1.6 million. If you assume each housing unit has on average 1.6 people, that's 1 million housing units. In the US alone, Even if you only take 0.5% of our population and assume they could afford the luxury market (let's say $10M units and up), that's still 1.6 million people. Now throw in the global market of the super rich, and you can easily see how these places could continue to build 85 story luxury residential buildings and not run out of demand for them.

On one hand, this is bad for our most productive city (I'd also say San Francisco is similar) in that it literally becomes a place only the super-rich can afford On the other hand, it's GREAT for cities like ours in that can attract talent with great quality of life, jobs, and more affordable housing. Problem with this is if cheaper cities do so with sprawl (looking at you, the Sun Belt).

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Nick
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Re: New York City

Postby Nick » May 27th, 2013, 8:36 pm


John
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Re: New York City

Postby John » May 28th, 2013, 10:02 pm

Fortunately , I don't think this will ever happen to our city!

emcee squared
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Re: New York City

Postby emcee squared » May 30th, 2013, 8:44 am

Some of those quotes are hilarious!

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Andrew_F
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Re: New York City

Postby Andrew_F » May 30th, 2013, 1:15 pm


My God.

Viktor Vaughn
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Re: New York City

Postby Viktor Vaughn » July 10th, 2013, 9:32 pm

The NY Times article, Buried Garage to Help Pay for New Park in Brooklyn, is worth a read.

The parking garage under Willoughby Square will be fully automated.
To park at the garage, drivers will pull their cars into one of 12 entry rooms, where plasma screens, mirrors and laser scanners help direct the vehicle into the correct position. The driver then locks the car, takes the keys and heads to a kiosk to answer a few safety questions before swiping a credit card or key fob and leaving.

Light sensors measure the car’s dimensions and cameras photograph the vehicle from several angles. Once that is complete, the car is lowered into a parking vault, where it is moved into a parking bay. The cars are parked side-to-side and bumper-to-bumper, two levels deep. Special machinery allows access to the cars in narrow and limited spaces. Upon returning, the driver simply swipes the same credit card or key fob at the kiosk, and the car is returned to the entry room, which is supposed to take no more than two minutes.
I couldn't help but think of the parking ramp/park proposed for downtown east and the forum discussions about the costs of putting parking under 'The Yard'. The article quotes the cost to build it automated as $50K - $60K per spot vs. $90K to build it traditional. But that's Downtown Brooklyn on a tricky block "5 feet from a subway line". Obviously, the construction costs and parking revenues will be completely different from East Downtown, but it's still interesting to see how it pencils out in another city.

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Nick
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Re: New York City

Postby Nick » August 7th, 2013, 7:01 pm


JMS9

Re: New York City

Postby JMS9 » August 7th, 2013, 8:15 pm

I read today over at Skyscraperpage that NYC has something like 24+ buildings over 1,000 feet either under construction or soon to be. It's having a Dubai-like or (insert Chinese city not named Hong Kong or Shanghai here) boom. Only difference is unlike all the supertalls in Dubai and China, these buildings will actually be occupied (no pun intended) and not mostly empty husks.

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Nick
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Re: New York City

Postby Nick » September 1st, 2013, 11:26 am

This week on crazy New York real estate:

http://www.nytimes.com/2013/09/01/reale ... %20g8KTUVQ

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trkaiser
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Re: New York City

Postby trkaiser » December 4th, 2013, 1:27 pm

I've heard about this empty station before. This plan may be far fetched, but it's pretty awesome!

http://www.thelowline.org/about/project/

bapster2006
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Re: New York City

Postby bapster2006 » May 24th, 2014, 6:12 pm

I just spent 6 days walking around Manhattan all day long. The pics from Top of the Rock cost me $29 but well worth it.

Image432 Park from Top of the Rock 5-11-14 by bapster2006, on Flickr

go4guy
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Re: New York City

Postby go4guy » July 15th, 2014, 10:33 am

Looks like a lot of supertalls are in the works.

http://ny.curbed.com/archives/2014/07/0 ... _trade.php

raima55
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Re: Pittsburgh

Postby raima55 » October 22nd, 2014, 4:39 am

I read today over at Skyscraperpage that NYC has something like 24+ buildings over 1,000 feet either under construction or soon to be. It's having a Dubai-like or (insert Chinese city not named Hong Kong or Shanghai here) boom. Only difference is unlike all the supertalls in Dubai and China, these buildings will actually be occupied (no pun intended) and not mostly empty husks.
raima

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Anondson
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Re: New York City

Postby Anondson » November 3rd, 2014, 1:23 pm

New York's one-block streets are in higher than normal demand.

http://www.nytimes.com/2014/11/02/reale ... =eta1&_r=0

mullen
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Re: New York City

Postby mullen » November 7th, 2014, 10:17 am

I thougtht the issue with all of these tall luxury highrises going up were the units were being purchased by foreign interests and a lot of these will not be occupied. nyc has a incredible affordable housing crisis.

on the office side the former freedom tower also has an issue with occupancy. it's got one larger tennant but most of it is empty.
so they will be similar to HK or shanghai in that regard.

bubzki2
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Re: New York City

Postby bubzki2 » November 7th, 2014, 10:30 am

mullen wrote:I thougtht the issue with all of these tall luxury highrises going up were the units were being purchased by foreign interests and a lot of these will not be occupied. nyc has a incredible affordable housing crisis.

on the office side the former freedom tower also has an issue with occupancy. it's got one larger tennant but most of it is empty.
so they will be similar to HK or shanghai in that regard.
A building that literally opened last week isn't fully occupied yet ... the sky is falling.

mplsjaromir
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Re: New York City

Postby mplsjaromir » November 7th, 2014, 10:34 am

The Freedom Tower was under construction for eight and a half years. What a boondoggle.


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