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Saturday, May 31, 2008

Location, Location, Location

Union Square subway
Photo by myself, in Union Square subway station.

I like the colors in this photo.

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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.

8 comments:

Carolyn said...

What a terrible accident!

I can't believe the cost of real estate in NYC!!

Carolyn

Kitty said...

yeah Carolyn...it's nuts.
I hope that this doesn't become a tendency, where greed exceeds everything else.

Fredrik said...

The costs of real estates are crazy in all big cities. I mean, for whom are they building these days?
The message is clear. It's only the really wealthy who's desirable in the city.

Tammy said...

That's horrible news. What's with the barred doors in the subway? I've never been on one.

Ha Ha Sound said...

Interestingly, there seem to be a lot of empty and unfinished new buildings here in Greenpoint. There's one about a block away from me that's about halfway done that almost appears to have been abandoned.

I hope that's not a bad sign.

Afyonkarahisar said...

Very beautiful photo!

Reluctant Blogger said...

Yes, I heard that on the news - I prick up my ears these days when I hear about anything in NY cos of reading your blog.

Shows how blog reading influences what I do - because I also read a really long piece in today's Sunday paper about zero tolerance policing which was largely focussed on NY which I prob would not have read otherwise!

I love photos with foreground - taken through bars or with bits of tree or whatever in front. Perhaps I was a prisoner in a past life!!?

Kitty said...

Hi Fredrik
Yes, I hate to be so repetitive...but it's a huge concern for most people living here. I think a lot of very wealthy people have residences all over the place, or they have relatives live in their purchases as an investment.

Hi Tammy
That's the gate separating parts of the subway station. The stair is up to the outside world.

Hi Ha Ha
I wonder about that, too, whether there will be a glut of empty new developments soon. Greenpoint has that huge full-block building in construction, too, at Manhattan and Green Street.

welcome Afyonkarahisar and thanks
I look forward to checking out your blog!

Hi RB
lol. Well, consider yourself an honorary New Yorker then. We'd love to have you.