All Powerful Moderator
I don't have a string of examples but seem to remember The Plaza having a celebrity boom and bust as well. Seem to remember Tommy Hilfiger's unit going (asking wise at least) from $25M to $80M back to $30M?
My experience confirms that this is a thing --> "Being known as the "it building" of a moment in time."I think it's more that the two buildings share something:
Being known as the "it building" of a moment in time. Out of the box a good number of high profile buyers came on board. Most notably Sting in both buildings. We saw what happened when that wore off at Limestone Jesus. Will the same thing happen at the "curated" Chateau de Roth after he doesn't get to hand pick the buyers on resale? Only the future will tell.
knocking my brain out looking for this, I was at citi hab at the time, so dont have those emails. Killing me to find out what prewar bldg on that street was the 3A we sawWhat do you mean, wasn’t it new dev in 2008 (contract in 2006), with the subsequent sale in 2011?
One of the reasons I think there may be a rocky road ahead for the Manhattan office market is just how much office space is under construction or planned. Although it definitely rubs me the wrong way that we are told by Governor Cuomo, Mayor DeBlasio, Pat Foye, etc how we need "congestion pricing" because of how overcrowded Midtown is, but at the same time Midtown East was upzoned for millions more square feet of office space, the State of New York wants to condemn a string of properties to build a huge project around Penn Station, and the MTA is supporting a zoning variance to double the square footage on the project replacing their former headquarters on Madison Avenue to line their own pockets. And why does the "congestion zone" include Avenue D but not 61st Street? Is there any issue which one is more congested?It may be that Extell is not going to build anything for the next 3 years, but others will step in — Extell seems way overextended capital-wise in projects that haven’t sold, but capital exists elsewhere.
Case in point, you might think 20% vacancy in office space, which is 100 million sq ft, might curb construction. Because perhaps the pandemic might have changed long-term demand for office space. But maybe not, let’s plow ahead with 14 million sq ft under construction:
Nearly 19 percent of all office space in Manhattan has no tenants — the highest on record — as companies shed leases and embrace remote work.www.google.com
And it’s not even already-started projects like One Vanderbilt, but new ones started 6 months ago:
Construction Begins on One Madison Avenue, a 1.4 Million-Square-Foot Office Tower in the Flatiron District - New York YIMBYConstruction has begun on One Madison Avenue, a 1.4-million-square-foot office building from SL Green and Kohn Pedersen Fox in the Flatiron District.newyorkyimby.com
|04/20/2021||Listing entered contract||$9,950,000|
|11/30/2020||Listed by Modlin Group||$9,950,000|
|10/05/2020||Off market temporarily||$12,650,000|
|04/15/2019||Previously Listed by Compass||$12,650,000|
|10/16/2017||Douglas Elliman Listing is no longer available on StreetEasy Last priced at $12,995,000||$12,995,000|
|05/08/2017||Previously Listed by Douglas Elliman||$14,995,000|
|01/28/2017||Douglas Elliman Listing is no longer available on StreetEasy Last priced at $14,995,000||$14,995,000|
|12/02/2014||Previously Listed by Douglas Elliman||$17,750,000|