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Reading the title, my initial thought was residential skyscrapers. Reading the article clearly indicates that it's discussing offices. But back to residential:
by daveslash 3y ago
Reading the title, my initial thought was residential skyscrapers. Reading the article clearly indicates that it's discussing offices.
But back to residential: I understand that many wealthy people buy real estate for the prestige of having a certain address or as a way to "lock up" wealth in an asset. See Billionaires Row [0] [1]
[0] https://en.wikipedia.org/wiki/Billionaires%27_Row_(Manhattan) https://en.wikipedia.org/wiki/Billionaires%27_Row_(Manhattan...
[1] https://nypost.com/2021/08/05/nearly-half-of-luxury-units-empty-in-billionaires-row-buildings/ https://nypost.com/2021/08/05/nearly-half-of-luxury-units-em...
- bobthepanda 3y agoBillionaires and vacant apartments cause issues, but they at least pay taxes. An office building with no tenants will face plummeting property values and a corresponding dive in tax bills. * Note: residential property taxation in NYC is in dire need of reform but the point still stands
- michaelteter 3y agoRegarding property ownership, for a number of recent years it has been a challenge to find "safe" places to park money. Real estate in NYC and other prime locations is probably seen as pretty safe. Also, if you have true "FU" money, then owning a piece of prime NYC real estate is just another mark on your bedpost, like your superyacht.