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You are wrong. Luxury real estate in NYC is dependent on the transit system, and gentrification tends to follow subway lines. The value of a NYC apartment is
by betterunix2 9y ago
You are wrong. Luxury real estate in NYC is dependent on the transit system, and gentrification tends to follow subway lines. The value of a NYC apartment is related to the proximity to a subway stop. This is why, for example, the new 2nd Ave. subway line ends where it ends -- the next planned stop is in a neighborhood that has not been gentrified, while the existing stops serve several luxury developments.
- majormajor 9y agoI think you and the person you're replying to are using vastly different definitions of luxury real estate. Add a few zeros. :)
- sandworm101 9y agoYes. Most of NYC real estate only exists to support the real luxury units, the top 1-5% with massive profit margins. A great many units are actually built at a loss to support the construction of the penthouses. Such not-luxury units only exist as a result of zoning. Google "poor door" to see the extreme physical manifestation.
- fjsolwmv 9y agoThat's sound like saying most airline fare exists only to support first class.
- sandworm101 9y agoThat can be a thing. Calculate how much square footage an economy seat takes compared to a 1st class seat. It's easy math to work out who is paying for the other. Airlines try to maximize profits when doing cabin layout but when they start changing rates, yes a discount to fill one cabin is paid for with profits from the other.