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i always wondered how many of those buildings are actually occupied. I bet all those new skyscrapers that are being built will also have the same effect. Rich Europeans, South Americans, Asian, Middle Eastern, etc will buy the apts as an investment property and then sell it after 2 to 5 years to another rich dude who will do the same in another 2 to 5 years. The rich and poor benefit from new apt developments. Oh Tiddays!!!!
The below list reveals the top ten 'emptiest' skyscrapers in New York City, alongside the proportion of their apartments that are rented out as pieds-Ã -terre or investment properties:
1. Executive Plaza (74.4%)
2. CitySpire (60.5%)
3. Three Worldwide Plaza (54.2%)
4. The Vanderbilt (52.6%)
5. Zeckendorf Towers (51%)
6. The Parc Vendôme (49.7%)
7. Madison Green (47.2%)
8. Continental Towers (47%)
9. The Corinthian (40%)
10. Kips Bay Towers (37.1%)
Keep in mind that there are some where the contractor became bankrupt while building it, so there are floors that were never finished. So when others bought the buildings they were only finished as buyers arrived.
But maybe for empty on purpose apartments maybe NYC needs to do the following:
One of the most valuable real estate locations in New York is One Times Square. You see this building on New Years Eve, where they drop the ball at midnight. Festooned with electronic advertising displays, it is perhaps the most valuable billboard location on the planet. And the building itself is almost completely vacant.
Why would foreigners buy 342 condominum apartments in Zeckendorf towers (51% of 670 apartments) and keep them empty while paying taxes and common charges and insurance for 5 years. Certainly not in the hope of turning a profit.
Are we talking about mega-rich people who have furnished these apartments and live elsewhere most of the time and come to NYC a couple times a year?
Just buying to hold empty in these huge numbers seems to defy reason, and that usually means it isn't true.
Why would foreigners buy 342 condominum apartments in Zeckendorf towers (51% of 670 apartments) and keep them empty while paying taxes and common charges and insurance for 5 years. Certainly not in the hope of turning a profit.
Are we talking about mega-rich people who have furnished these apartments and live elsewhere most of the time and come to NYC a couple times a year?
Just buying to hold empty in these huge numbers seems to defy reason, and that usually means it isn't true.
Steve Jobs bought an apt in Central Park for 20 million with the intention of staying in it when he visited NYC. Guess what? He never bought one piece of furniture and always stayed in hotels.
Who cares? Its even better for us, since these people are never in the city and do not use any city services, yet still have to pay all the property taxes, maintenance, and other charges.
This is what is killing the energy of NYC. Tons of Euro trash and other mega rich buy up large properies and are there a week or two per year. This is happening in the Village. They gut a whole building that use to house 100 people and now houses 5 families that are only there a week a year. They don't want the "noisey bars" while they are there so they pay property owners off to restrict renting to bank branches and other "quiet businesses".
In another 10 years most of the city will be a ghost town, where the rich jump into their towncar to be whisked away to whereever they want to be. No walking.
Who cares? Its even better for us, since these people are never in the city and do not use any city services, yet still have to pay all the property taxes, maintenance, and other charges.
I guess you are all for living in the outer limits of the city, because we sold the rest of the area to rich people who contribute very little to the area. In addition most of the new property have tax abatement for 30 years which means they are paying very little in property tax. Only people who benefit are real estate developers, government official who receive bribes/campaign donations, and the rich people who buy the property. Trickle down economy doesn't work, unless you enjoy being a beggar to the people with the money and power.
Who cares? Its even better for us, since these people are never in the city and do not use any city services, yet still have to pay all the property taxes, maintenance, and other charges.
Poor economics on your end....
the dingy amount of property tax contributions from non resident owners is neglegible compared to that from families who work and live here to: 1) paying inccome taxes; 2) paying consumer taxes; 3) contributing to local business daily; and 4) paying same amount of property tax.
now, do you realize how much you have missed from having empty lots in nyc?
the benefit of these visitor property owners barely beats that from those section 8 tenants in terms of citywide economics.
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