Quote:
Originally Posted by NYguy
I wouldn't say that. These type of buildings have a relatively small footprint and in the overall scheme of NYC development, don't really amount to much of it. The height of these buildings and the money they generate get a lot of attention, but truthfully, if this is money that was being spent instead on townhouses or co-ops, or the relatively "unknown" corners of Downtown (which is also attracting a lot of money btw), we wouldn't really be talking about it. Think of it as multiple townhouses stacked on top of each other, as the units here will be multi-level. Also, there is a finite number of these towers that will be built at any one time.
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You have to be honest though, these are billion dollar+ buildings. They might be small, but they're uber expensive. I mean they build similar towers in Dubai at probably half the cost. I think that's what so unique about them. Most wouldn't even try to build a residential tower that expensive, just one for that amount of money. They are most like very high-end office buildings in their prices.
The outlook for the office market, by the way, seems pretty hot far into the future. Not the least of which is because the office market in New York City was dormant for so long, but also major companies/banks/real estate nationally and internally seem to be feeling its critical to have an office in New York. Smaller banks and businesses that are not so well known today in the US (like from Asia) will gain interest in the real estate market as they expand their operations.