![]() ![]() ![]() Despite pressure from nervous lenders, developers have been reluctant to slash prices too suddenly or dramatically, lest the market suddenly clear and they leave millions on the table. It didn’t help that the Treasury Department cracked down on attempts to launder money through fancy real estate. Developers bet huge on foreign plutocrats-Russian oligarchs, Chinese moguls, Saudi royalty-looking to buy second (or seventh) homes.īut the Chinese economy slowed, while declining oil prices dampened the demand for pieds-à-terre among Russian and Middle Eastern zillionaires. They were also made for foreigners with tens of millions of dollars to spare. What happened? While real estate might seem like the world’s most local industry, these luxury condos weren’t exclusively built for locals. Today, nearly half of the Manhattan luxury-condo units that have come onto the market in the past five years are still unsold, according to The New York Times. From 2011 to 2019, the average price of a newly listed condo in New York soared from $1.15 million to $3.77 million.īut the bust is upon us. These colossal stalagmites initially transformed not only the city’s skyline but also the real-estate market for new homes. Even as 80,000 people sleep in New York City’s shelters or on its streets, Manhattan residents have watched skinny condominium skyscrapers rise across the island. Such is the tale of two cities within America’s largest metro. Finally, an Epilogue offers policy recommendations for a resilient and robust future skyline.In Manhattan, the homeless shelters are full, and the luxury skyscrapers are vacant. ![]() The last chapter investigates the value of Manhattan Island and the relationship between skyscrapers and land prices. Contrary to conventional wisdom, the boom was largely a rational response to the economic growth of the nation and city. The book also presents the first rigorous investigation of the causes of the building boom during the Roaring Twenties. ![]() Rather midtown's emergence was a response to the economic and demographic forces that were taking place north of 14th Street after the Civil War. Contrary to popular belief it was not due to the depths of Manhattan's bedrock, nor the presence of Grand Central Station. The book discusses why skyscrapers emerged downtown and why they appeared three miles to the north in midtown, but not in between. Part II focuses specifically on the economic history of skyscrapers and the skyline, investigating the reasons for their heights, frequencies, locations, and shapes. The book begins with Manhattan's natural and geological history and then moves on to how it influenced early land use and neighborhood formation, and how these early decisions eventually impacted the location of skyscrapers. Part I lays out the historical and environmental background that established Manhattan's real estate trajectory before the Skyscraper Revolution at the end of the 19th century. In the process, the book debunks some widely-held misconceptions about the city's history. This book chronicles the economic history of the Manhattan skyline. But how and why did it form? Much has been written about the city's architecture and its general history, but little work has explored the economic forces that created the skyline. The Manhattan skyline is one of the great wonders of the modern world.
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