Another building crane collapsed today, the second in two months. It happened on the Upper East Side around 90th Street, in the construction of yet another luxury high-rise condominium.
I heard a coworker mention the news in passing. Who would be surprised with so much construction going on. Sadly, two people were killed and one person was seriously injured in the accident.
You wouldn't think there is a troubled economy, with how much construction is going on. Without exaggeration, nearly every block has scaffolding on it. And the reason is that there is just too much money involved.
For instance, there was an article in the New York Times last weekend about the new building at 15 Central Park West, near 60th Street.
The building is prized for its amazing, unobscured views of Central Park. Sting and Denzel Washington have purchased apartments already. The renovation I'm working on is in the building, too, and the views are stunning.
It's one of the most desirable addresses these days. A doctor who had purchased a 5,800 square foot duplex was offered (and turned down) an enormous sum for his apartment - a whopping 85 million dollars. That works out to more than $14,000 per square foot.
By the way, the current rule of thumb for a Manhattan condo is about $1,100 per square foot. Meaning that a 700 square foot apartment would go for $770,000.
For my photos from 15 Central Park West, click here or here.
Related posts: The Cost of Living Here II: Or Life in Playland, The Cost of Living Here and The Sky is Falling.