Quote:
Originally Posted by tonyo
He took a big chance and it didn't pay off. The old building/facade was not going to attract the high-rent tenants that are coveted. Timing is where it's at in Real Estate. If the market had remained strong he would likely look like a genius. It didn't, he has an empty building and now comes out on the wrong end.
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Location also probably hurt just a little. Of all the companies currently looking for large amounts of space, I don't really see many of them moving to that particular neighborhood to that particular tower. To a much larger skyscraper,
maybe. I just don't see it.
It's also ironic that the
two evils that some people go crazy over (1. Reclading a building in glass, and 2. Demolishing a building outright), could both take place to one building over the course of a couple of years. Probably one of those only in New York stories. But that's why we love it.