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Old Posted Aug 8, 2013, 11:39 PM
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NYguy NYguy is offline
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Quote:
Originally Posted by JayPro View Post
BTW Thanks once again to NYGuy for keeping me reassured in the midst of what I was starting to think was Greenspan's irrational exuberance meme rearing its head again.

This was their thinking before the project expanded:

Quote:
“Remember,” he added, “these buildings are big, but so are the apartments, so there really aren’t that many of them.” One57 has 135 units (plus a Hyatt hotel on the bottom half) and 432 Park has 128, while 107 West 57th Street has all of 27 units planned, each one taking up at least an entire floor and more than half will be duplexes.

Meanwhile, demand is skyrocketing like these towers. Just as these new buildings are in a different class, so are the buyers. “Before, this was a small investment, little more than a hotel room,” Mr. Greenblatt explained. “Now, these are real homes, big homes, with the nicest finishes. These are the type of buyers who own homes all over the world, so that’s what they want.”

Mr. Greenblatt actually believes that there has been pent-up demand for these kinds of apartments for years that is only being worked out now, and that it should last for years, as global wealth continues to concentrate in the hands of the few and find its way into New York and other world capitals.


One day we won't be able to walk down 57th Street without looking up...



http://www.theepochtimes.com/n2/busi...ng-370403.html
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Last edited by NYguy; Aug 9, 2013 at 12:11 AM.