Originally Posted by RobertWalpole
These projects will be realized in the short-term. There is vast demand in the financial capital of the world and the only global city on Earth besides London. There is a lot of construction in NY that's being financed now.
What other city, other than other world financial centers like London and HK, are selling apartments in excess of $6k/sf?
Whats the short term? 5-10 years? 20? These are such vague terms you're using, especially this "global city" nonsense. I'd like to see which objective metrics you're using, but thats for pm.
Whats your point about price points? Price points don't mean development is going to happen, especially not a specific development. Its misguided to simplify the complex process that is building a tower to its units final price point. Those prices are in garunteed buildings, something even One57 isn't even yet (though I personally believe it will be). And just because one tower can take advantage of a market doesn't mean that 10 essentially identical towers within 10 blocks of each other can do the same. Supply relieves demand, last time I checked, and competition lowers prices.
Supertall residentials, or mixed use supertalls with residences, are not common. One has never been built in New York and there are only a few worldwide, outside of Dubai anyway. They don't just happen and I think its wrong to treat them like daisies, especially in a city like New York, with a large supply of all types of developments and a mature development environment.
So whats going on? If there really is a market for for these towers to get built, I bet only 1-2 of them will be built in the short term, say 5-10 years. I still question whether there really is a market, but that's another discussion I think could go either way. The developers are posturing, making sure they all have their own proposal to be in the headlines so that if one can be built, they're going to try and make sure its theirs. They're trying to attract investors back to a recovering real-estate market. But, no investor is going to come to a dormant project. So the developers play the press game and file meaningless permits to keep up the image that things are moving forward. But its all an attempt to secure financing. Because they're not going to be building if the project isn't financed. And there is only one of these big, high-end residential projects that is currently has something, forgive the pun, concrete.
I think a lot of the other, certainly more attractive, proposals have a better chance of being built than this one. But we'll see.