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Old May 12th, 2013, 11:12 AM   #1
Jan
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Skyscrapers for the very rich don't contribute to the city

Here is an interesting article confirming that buildings that are filled with vanity pads and trophy apartments sell well to foreign nouveau riche, but since these buyers hardly ever reside there, don't contribute anything to the neighbourhood. The article is about luxury apartments in London, but I'm guessing it's the same or a good number of skyscrapers that is going up in New York City as well.

Question is if we really want these buildings in our city?
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Old May 12th, 2013, 03:34 PM   #2
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Here is a similar article from the NY Times, published last February:

The Appraisal
Why Buy a Condo You Seldom Use? Because You Can

By ELIZABETH A. HARRIS
Published: February 11, 2013


Many windows at the Plaza Hotel were dark last week. A real estate broker estimates that only 10 percent of its roughly 150 condominium apartments have full-time residents.

http://www.nytimes.com/2013/02/12/ny...mpty.html?_r=0

Excerpt:

In the ornate lobby of the Plaza Hotel in Manhattan, high heels clack across the marble floor, glasses clink at a bar in the corner, neatly dressed porters scurry back and forth, and the buzz of quiet conversation ripples through the room. But just around the corner, at the entrance reserved for residents of the Plaza’s condominium apartments, the gilded lobby stands all but silent. Here, very few people come and go, because most of the apartment owners live someplace else.

“I would say 10 percent of the building are really full-time residents like myself, out of about 150 apartments,” Joanna Cutler, a real estate broker who has lived in the building since 2007, said last week as she sauntered through long, empty hallways.

“For the record,” she said, after stepping off an elevator shared with a man in a suit and a woman with an enthusiastic bichon frisé, “I have never seen those people before.” ...
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Old May 12th, 2013, 09:15 PM   #3
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(old picture, now it is squeezed in between other towers)

Among the celebrities owning there: Rafael Nadal in the 13th floor, Michael Schumacher in the 50th
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Old May 12th, 2013, 10:55 PM   #4
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Quote:
Originally Posted by Jan View Post
Here is an interesting article confirming that buildings that are filled with vanity pads and trophy apartments sell well to foreign nouveau riche, but since these buyers hardly ever reside there, don't contribute anything to the neighbourhood. The article is about luxury apartments in London, but I'm guessing it's the same or a good number of skyscrapers that is going up in New York City as well.

Question is if we really want these buildings in our city?
I would have no problem with them if there were at least some public functions in the tower.
Otherwise, they might be more suitable for residential areas, where public functions are less needed.
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Old May 13th, 2013, 10:59 AM   #5
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It's their money. They bought it. They can do what they want. End of story.
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Old May 13th, 2013, 11:35 AM   #6
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They do contribute to the economy by means of the investments and the jobs that such a construction project generates.
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Old May 13th, 2013, 08:40 PM   #7
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Quote:
Originally Posted by Jan View Post
Here is an interesting article confirming that buildings that are filled with vanity pads and trophy apartments sell well to foreign nouveau riche, but since these buyers hardly ever reside there, don't contribute anything to the neighbourhood. The article is about luxury apartments in London, but I'm guessing it's the same or a good number of skyscrapers that is going up in New York City as well.

Question is if we really want these buildings in our city?
That's what I think about 432 Park Ave.
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Old May 14th, 2013, 04:25 AM   #8
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Same is true with Beverly Hills in California, and Aspen, Colorado. Lots of empty mansions. This is probably the case in many super rich areas all over the world.
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Old May 16th, 2013, 10:37 PM   #9
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I think that is the blessing and the curse of many cities that attract wealthy part-time residents. Ski resorts and beach destinations have been dealing with this for decades or longer.

In UK, specifically, the situation is strange because second homes pays less property taxes than regular residences.
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Old May 17th, 2013, 02:20 AM   #10
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Quote:
Originally Posted by tpe View Post
Here is a similar article from the NY Times, published last February:

The Appraisal
Why Buy a Condo You Seldom Use? Because You Can

By ELIZABETH A. HARRIS
Published: February 11, 2013


Many windows at the Plaza Hotel were dark last week. A real estate broker estimates that only 10 percent of its roughly 150 condominium apartments have full-time residents.

http://www.nytimes.com/2013/02/12/ny...mpty.html?_r=0

Excerpt:

In the ornate lobby of the Plaza Hotel in Manhattan, high heels clack across the marble floor, glasses clink at a bar in the corner, neatly dressed porters scurry back and forth, and the buzz of quiet conversation ripples through the room. But just around the corner, at the entrance reserved for residents of the Plaza’s condominium apartments, the gilded lobby stands all but silent. Here, very few people come and go, because most of the apartment owners live someplace else.

“I would say 10 percent of the building are really full-time residents like myself, out of about 150 apartments,” Joanna Cutler, a real estate broker who has lived in the building since 2007, said last week as she sauntered through long, empty hallways.

“For the record,” she said, after stepping off an elevator shared with a man in a suit and a woman with an enthusiastic bichon frisé, “I have never seen those people before.” ...
This is why many old Co-ops on the east side have rules against uses of pied-a-terres. I like them. These buildings are really just very large banks otherwise.
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Old May 30th, 2013, 02:08 PM   #11
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There's a few high rise apartment complexes for the rich in Sydney that don't do anything for the vibrancy of the neighbourhood, my guess is similar to those in New York, that there is hardly anyone living in them for the majority of the time.

According to someone who lives there, in one high rise apartment block which overlooks Manly Beach in Sydney, the majority of the time (particularly in Winter) the building is nearly empty. Most of the apartments are owned by wealthy people who live outside Sydney, be it elsewhere in Australia or overseas. I'd imagine this is also the case in many other luxury apartment complexes in Sydney and in other cities worldwide.
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Old June 26th, 2013, 04:02 AM   #12
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Quote:
Originally Posted by SydneyCity View Post
There's a few high rise apartment complexes for the rich in Sydney that don't do anything for the vibrancy of the neighbourhood, my guess is similar to those in New York, that there is hardly anyone living in them for the majority of the time.

According to someone who lives there, in one high rise apartment block which overlooks Manly Beach in Sydney, the majority of the time (particularly in Winter) the building is nearly empty. Most of the apartments are owned by wealthy people who live outside Sydney, be it elsewhere in Australia or overseas. I'd imagine this is also the case in many other luxury apartment complexes in Sydney and in other cities worldwide.
So true it is the same here inManila
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Old June 26th, 2013, 04:07 AM   #13
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Have you people ever heard of property taxes? This sounds like classic jealously of those who have more.
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Old June 27th, 2013, 07:07 PM   #14
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In some cities like London, foreigners pay peanuts on property taxes. In New York an apartment might be worth double what you paid for it a decade ago.

See the incentives?
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Old June 27th, 2013, 07:15 PM   #15
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Quote:
Originally Posted by Uaarkson View Post
In some cities like London, foreigners pay peanuts on property taxes. In New York an apartment might be worth double what you paid for it a decade ago.

See the incentives?
Yeah, but that doesn't make it a good thing. Maybe the luxury real estate market will crash and these mega rich owners will be left holding the bag.* Fat chance, yeah, but I can dream. At least then maybe the building owners would be forced to lower the prices enough so that some real New Yorkers can live in them.
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Old July 9th, 2013, 03:07 PM   #16
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It'll be quite nice living in silence..
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Old February 16th, 2014, 03:19 PM   #17
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You say that skyscrapers for the very rich don't contribute much to the city? What if I said that all these one-unit-per-floor residential skyscrapers don't contribute much to the city? Even if I was rich myself, I would occupy one residential unit only, rather than two or more, IMHO.
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Old February 19th, 2014, 05:10 AM   #18
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Ritz Carlton @ Bukit Bintang,Kuala Lumpur

Kimora Lee Simmons own a penthouse

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