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Another "wealth inequality" piece, but a new spin on it..
Quote:
These days, it is not just a woman who can never be too rich or too thin. You can say almost exactly the same thing about skyscrapers, or at least about the latest residential ones now going up in New York City, which are much taller, much thinner, and much, much more expensive than their predecessors. And almost every one of them seems built to be taller, thinner, and pricier than the one that came before.
Reason for all these towers is simple: very high cost and very short supply of land in NYC especially Manhattan.
Look at the lot sizes of these buildings. In many instances they are replacing several smaller or one mid-size building. In order to justify the high land price along with construction and other costs you need a certain cost per square foot rent/sell price. For this you are going to need square footage/units that will bring in said prices. If you cannot build "out" then you must go up. Happily there is a lively and lucrative market at the moment for air rights. Property owners who cannot develop their own land and or for various reasons will not can still get *very* good money for selling the rights to the air above their buildings.
It also happens for the moment when it comes to luxury buildings the taller the better as clients love those views. Just as with commercial space the higher floors of a building command greater prices than those on lower floors.
If you look around Manhattan you'll notice much of new residential construction of high rise towers happens on corner lots. Meanwhile the rest of the block going east and west, north or south is still low rise buildings. This tells me more likely than not the air rights from adjacent properties have been purchased. You see this with mid-block buildings as well.
The often sad part about sale of air rights and or rezoning to permit a taller building is that often tenants/owners of units in smaller buildings that face this new construction will lose their views, light and air as those side windows are bricked over and covered. This happened with all three new towers that went up on East 79th Street (well one near Lexington is still under construction), and the new building on Park Avenue in the 90's.
The often sad part about sale of air rights and or rezoning to permit a taller building is that often tenants/owners of units in smaller buildings that face this new construction will lose their views, light and air as those side windows are bricked over and covered. This happened with all three new towers that went up on East 79th Street (well one near Lexington is still under construction), and the new building on Park Avenue in the 90's.
Good thing 70% of Manhattanites rent. Everyone benefits from the appreciation in real estate.
Even if you're paying market rent, the displacement of the poor benefits the neighborhood. Rich people are quiet and well-behaved.
Good thing 70% of Manhattanites rent. Everyone benefits from the appreciation in real estate.
Even if you're paying market rent, the displacement of the poor benefits the neighborhood. Rich people are quiet and well-behaved.
Not sure what you mean or to whom you are referring but it is not just the "poor" who lose views and so forth when air rights are sold to build a tower building.
The residents on either side of 135 or 155 East 79th Street were not "poor". Nor were those on the Third Avenue side of 200 East 79th that were "walled in" when that building went up.
Just down the block on East 78th and Third there had been a low building with a beautiful garden behind. That was torn down in the 1990's and a god awful tower put up. Again those residing in the co-op just behind lost their view as some very large French windows were sealed and bricked up.
Indeed it does seem like East 79th and East 78th are prime territory for these horrible towers rising above brownstones or low rise buildings.
Not sure what you mean or to whom you are referring but it is not just the "poor" who lose views and so forth when air rights are sold to build a tower building.
The residents on either side of 135 or 155 East 79th Street were not "poor". Nor were those on the Third Avenue side of 200 East 79th that were "walled in" when that building went up.
Just down the block on East 78th and Third there had been a low building with a beautiful garden behind. That was torn down in the 1990's and a god awful tower put up. Again those residing in the co-op just behind lost their view as some very large French windows were sealed and bricked up.
Indeed it does seem like East 79th and East 78th are prime territory for these horrible towers rising above brownstones or low rise buildings.
Life isn't fair. I don't think they're building towers in Brooklyn Heights. They can sell and move. I think it's ridiculous that nothing new can be built. It's a great area for adding density because it's the only neighborhood that is getting a new subway line in the near future.
These buildings are awful. Each one of them have little to no ground floor retail space. They are glass towers where the wealthy can be ushered in and out via their towncars, never to be seen in the actual neighborhood. The base of the buildings are entrance ways and garages.
It all reminds me of suburban "town centers" but on a taller scale.
Yet another reason to stay as far away from Midtown as possible.
These buildings are awful. Each one of them have little to no ground floor retail space. They are glass towers where the wealthy can be ushered in and out via their towncars, never to be seen in the actual neighborhood. The base of the buildings are entrance ways and garages.
It all reminds me of suburban "town centers" but on a taller scale.
Yet another reason to stay as far away from Midtown as possible.
One57 has a Hyatt hotel at the base. I'm presuming it's open to anyone with a credit card.
Of course if I were a billionaire, I would walk down 57th escorted by a team of authentic ninja bodyguards imported from Asia.
Life isn't fair. I don't think they're building towers in Brooklyn Heights. They can sell and move. I think it's ridiculous that nothing new can be built. It's a great area for adding density because it's the only neighborhood that is getting a new subway line in the near future.
The Eiffel Tower had its share of haters.
One, the Eiffel Tower sits in a vast park with really nothing next to, behind, or in front.
Two, yes towers are going up in Brooklyn and Queens. Some of them quite tall an it is beginning to tick some residents off.
Three, anyone living from Third Avenue going west has no need of the SAS since the Lexington Avenue IRT stops right at 77th and Lexington. However do not think many plunking down tens if not hundreds of millions to live in these new UES towers will see much of the subway.
Of course if I were a billionaire, I would walk down 57th escorted by a team
of authentic ninja bodyguards imported from Asia.
One word is extremely amusing: WALK
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