Thursday, October 2, 2008

From boom to bust

After seven years of nonstop construction, skyrocketing rents and sales prices, and a seemingly endless appetite for luxury housing that transformed gritty and glamorous neighborhoods alike, the credit crisis and the turmoil on Wall Street are bringing New York’s real estate boom to an end.

Failed Deals Replace Boom in New York Real Estate

Developers are complaining that lenders are now refusing to finance projects that were all but certain months or even weeks ago. Landlords bewail their inability to refinance skyscrapers with blue-chip tenants. And corporations are afraid to relocate within Manhattan for fear of making the wrong move if rents fall or a flagging economy forces layoffs.

9 comments:

Anonymous said...

I got mine,you got yours.The birth palce of capitalism and the burial ground of its me me vapid exploiting greed.Societies prosper by caring about people,animals, and surroundings, not property and buying shit.Good luck

miles mullin said...

I call upon the preservation community to take advantage of this lull and put together a comprehensive program to save our communities.

Public education, accountability of public officials, standards of development, the whole nine yards.

our borough's historal societies said...

(Yawn) Don't bother me.
That's not our mandate.
We only keep archives and sell books.

Anonymous said...

Confucius say:

"Egotist who walk around
like he's got 12" of manhood,
soon wing up with most of it
up his own ass"!

"No need to attend burlesque show
to see big "bust".
Just read newspaper real estate columns"!

Anonymous said...

It was about time this happened.

Anonymous said...

Maybe Stuyvesant Town is being haunted by the veterans who it was built house when they came home from the war?

Jeff with one 'f' said...

"Societies prosper by caring about people,animals, and surroundings, not property and buying shit."

Got any examples?

Anonymous said...

Got any examples?

Why yes I do.Cant wait for your goofy reply but look at Norway,Swenden,and Denmark.

Anonymous said...

Rome reached its zenith of corruption when its "swells" cared more about owning summer villas, draping themselves with expensive threads and carousing with Bacchus
while ignoring the basic stuff that made this ancient mecca great:

Written law, hard work, justice
(the best one could expect for the times) and a general degree of respect for the citizens of the republic.

After years of wallowing in its empire phase, Romans became fat and lazy unable to deliver on their boastful claims of Pax Romana.

Those patient Germanic tribes, who had not grown lazy in the meantime, just waited for the plum to fall and swept down driving the invaders from their land.

H-m-m-m,
isn't New York called the "empire state"?

Maybe we don't have too far to go until we reach the edge of the cliff.