After seven years of stalemate, two developers have reached an agreement that will allow them to build ultraluxury towers on the northern edge of Midtown. The area is becoming the modern equivalent to what the robber barons built a century ago.
With dollar signs in their eyes, Gary Barnett and Steven Roth reached an agreement this week that will allow each other to move ahead with two "superluxury" towers along 57th Street. Combined with five other luxury high-rises in the area, the buildings will help transform a "once dowdy stretch" into "Billionaires’ Row," reports Charles V. Bagli. "Taken together, the seven high-rise buildings promise to remake the skyline and to redefine what it means to be rich in a city that is a cradle of capitalism and not so long ago was an emblem of urban poverty."
"But with the surge in construction of apartments at prices only a billionaire could afford, is there a fear of saturation?" he asks. “'Price really has no relevance,' said Nancy Packes, a real estate consultant and marketing executive. 'High net worth individuals look at real estate today not as a place to live, but as an investment.'"
FULL STORY: Developers End Fight Blocking 2 More Luxury Towers in Midtown
Billionaires Row Residents Sue to Block Homeless Shelter
The denizens of the luxury apartments near Central Park oppose the "expense" of a new homeless shelter.
Billionaire Row's Newest Residents: Lawsuits and Foreclosures
The world's skinniest skyscraper, under construction on Manhattan "Billionaire's Row," is over budget with 60 stories left to build.
New York City's Skyline Evolves With Tall, Skinny Towers
For better or for worse, the tall, skinny towers that have helped to remake New York’s iconic skyline appear to be growing in popularity among developers.
Florida Considers Legalizing ADUs
Current state law allows — but doesn’t require — cities to permit accessory dwelling units in single-family residential neighborhoods.
HUD Announces Plan to Build Housing on Public Lands
The agency will identify federally owned parcels appropriate for housing development and streamline the regulatory process to lease or transfer land to housing authorities and nonprofit developers.
Conservatives’ Decongestion Pricing Flip-Flop
When it comes to solving traffic problems, the current federal administration is on track for failure, waste, and hypocrisy.
Can Geothermal Energy Fuel Hawaiʻi’s Future?
Gavin Murphy, a New Zealand-based consultant with experience in indigenous-led geothermal projects, argues that Hawaiʻi is poised to achieve energy independence and economic growth by respectfully developing its untapped geothermal resources.
Climate Gardening: Cultivating Resilient Landscapes in Los Angeles
TreePeople’s 4th Annual Urban Soil Symposium explored how climate gardening, soil health, and collaborative land management strategies can enhance urban resilience in the face of climate change.
Electric Surge: EV Chargers Outnumber Gas Nozzles in California
California now has 48% more electric vehicle chargers than gasoline nozzles, reflecting its rapid shift toward clean transportation and aggressive zero-emission goals despite federal pushback.
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This six-course series explores essential urban design concepts using open source software and equips planners with the tools they need to participate fully in the urban design process.
Planning for Universal Design
Learn the tools for implementing Universal Design in planning regulations.
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