Press Bits: Astor Place Wrongs
|Posted: ||26/Jun/2006 19:50:35|
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
(Gwathmey-Siegel was the firm behind the project).
- 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.
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