Friday, October 10, 2008

Remember Hearst

In 1929, the plans for the Hearst skyscraper in New York were curtailed to 6 stories. For the next 77 years, the building remained a squat profile until the Norman Foster addition was added in 2006.

Down the street from DOWWTF?!, at the corner of 8th Ave and Greenwich Ave, construction is now under way on One Jackson Square, an 11 story luxury condominium, asking $6 million for 2 bedroom units. So far, concrete has been poured on 4 of the 11 story units, not all of which have been sold.

I suspect many of the pre-sold contracts cannot be dissolved, but if no fools step up to buy the remaining units, and if some of the existing contracts don't come through, and people pull out (as has been the trend in Las Vegas for over two years), the corner of 8th and Greenwich may not look like the developers hope...