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August 26, 2015- Crain’s compares the record-setting height of these new real estate bubble catastrophes that are plaguing the city. They write, “The tallest of them all will be the Central Park Tower, which is to reach its 1,775-foot peak in 2019, ending the projected one-year reign of 111 W. 57th St. Both buildings will have retail space on the lower floors and hotel rooms above, but most of their height will be devoted to apartments.
The current record holder, One57, last year became the city’s first residential tower to break the 1,000-foot barrier. The supertall 432 Park Ave., however, will smash that mark when it opens this year with a 1,396-foot peak. From 2011 through 2014, 8 Spruce St. claimed the top spot, but the Frank Gehry-designed rental building will increasingly find itself looking up at condominiums across Manhattan.”
Recall, we have previously reported that these building are being purchased by foreign investors seeking safe havens for cash. They are just safety deposit boxes in the form of apartments that no one will live in because the NYC taxes are too high. The fat cat owners really live in Miami, Texas, Russia, China, etc., so there is no tax boost to the city. Meanwhile, the billionaires get tax breaks via 421-a, which is obscene.
Mayor Bloomberg ushered all of this nonsense in while he was still in charge. He claimed that theses buildings would bring revenue to the city.
What needs to happen is for the city and state to eliminate the income tax, thereby allowing rich people to really live in the city. Then, these pencil towers might actually be real apartment buildings.
Vote for me as I run for City Council in 20017.