Luxury Apartments Remain Unoccupied in New York
- 4 years ago
In New York City, the trend over the last decade has been building luxury apartments in huge skyscrapers...
The "Billionaire's row" is a perfect example...
It's a series of huge buildings, located just south of Central Park, and built between 2014 and 2020.
In 2003, real estate developers saw an opportunity, believing that a price boom was possible if a panoramic view of the city was guaranteed in every new luxury apartment.
Indeed, an apartment overlooking Central Park was sold for nearly 43 million dollars, or more than 27,000 dollars per square foot!
Since then, the construction of towers and apartments for multimillionaires has multiplied and prices have skyrocketed.
Yet a housing crisis is happening in the Big Apple...
Rents are unaffordable and nearly 79,000 people live on the streets.
The city needs small apartments, one or two bedrooms, for couples or families from the working or middle classes.
The "Billionaire's row" is a perfect example...
It's a series of huge buildings, located just south of Central Park, and built between 2014 and 2020.
In 2003, real estate developers saw an opportunity, believing that a price boom was possible if a panoramic view of the city was guaranteed in every new luxury apartment.
Indeed, an apartment overlooking Central Park was sold for nearly 43 million dollars, or more than 27,000 dollars per square foot!
Since then, the construction of towers and apartments for multimillionaires has multiplied and prices have skyrocketed.
Yet a housing crisis is happening in the Big Apple...
Rents are unaffordable and nearly 79,000 people live on the streets.
The city needs small apartments, one or two bedrooms, for couples or families from the working or middle classes.