|From left to right: 277 Park Avenue, the Helmsley Building, and 270 Park Avenue.|
|Construction cranes tower everywhere in Midtown and on the Upper East Side.|
- On November 6, 2014, the New York Daily News quoted Ofer Yardeni, CEO of a prominent real estate development firm, as saying that the New York residential property market is a bubble about to burst. “I would very happily short 57th Street,” he said, referring to the high-end towers surging up along 57th Street’s “Billionaires’ Row.” Super luxury apartments are multiplying, but no one knows if there are enough wealthy foreigners out there to buy them.
- On August 5, 2014, hedge-fund manager Todd Schoenberger announced that the New York real estate market, fueled by foreign buyers, was hot, hot, hot – a bubble waiting to pop.
- On April 15, 2014, real estate broker Robert Knakal said that he was frequently asked if the commercial real estate market had become a bubble. Acknowledging arguments both pro and con, he concluded, “The jury is still out. Only time will tell. Until then, let the fun continue.” (This, of course, was months ago, well before the preceding two observations.)
|432 Park Avenue, soon to be completed. To my eye, just plain ugly.|
|Their plaque at 570 Lexington Avenue (the General Electric Building).|
Leonard J. DeFrancisci
|The Freedom Tower under construction in January 2014.|
|Chartres cathedral. For me, the cathedral of cathedrals.|
|The choir of Beauvais cathedral today.|