“Why Manhattan’s Skyscrapers Are Empty” (Smaller but No Less Light Blocking for SDR Park on Chrystie Street)

From: The Atlantic JANUARY 16, 2020

Why Manhattan Skyscrapers Are Empty

“Approximately half of the luxury-condo units that have come onto the market in the past five years are still unsold.”

“…Developers bet huge on foreign plutocrats—Russian oligarchs, Chinese moguls, Saudi royalty—looking to buy second (or seventh) homes.

But the Chinese economy slowed, while declining oil prices dampened the demand for pieds-à-terre among Russian and Middle Eastern zillionaires.. .the Treasury Department cracked down on attempts to launder money through fancy real estate…”

Meanwhile across from Sara Roosevelt Park…this from Bowery Boogie:

Elie

Public Hotel-Adjacent Condo Ascends 4 Stories (soon to be 14 stories)

“Owner-developer KD Sagamore, which scooped up 199 and 201 Chrystie over the last several years for a combined $20 million, filed for re-development back in December 2017. The plans included merging both parcels into one tax lot, according to Department of Buildings filings”

Post published:January 24, 2020
Post category:News