Press Bits: Astor Place Wrongs

apartment search

building directory

property managers

discussion board

Posted 26/Jun/2006 19:50:35 by Gromco in Astor Place, Gwathmey Siegel & Associates Architects LLC

The June 26, 2006 issue of New York magazine analyzes the reasons for slow sales at Astor Place. They come up with several theories that can be summed up as follows:

Perhaps, the "starchitectural" part was over-hyped
The land under the building is leased (for 99 years), not sold. This means that Astor Place should technically be a co-op (or condop), not a condo. And also results in higher monthly charges.
Astor Place is not the East Village.
Too many glass buildings in the city already

and, finally, the magazine voices another theory - that the slow sales are not that slow - after all, only a quarter of apartments remains unsold and the developer has already made their money back. Considering the slowing market, this project may not be a flop after all.

Related:

Related Buildings

Astor Place

Press Bits: Astor Place Wrongs

Related Buildings

Other Relevant Links