Columbus Square
Started by redelm
over 16 years ago
Posts: 23
Member since: Jul 2008
Discussion about
What happens with a development like Columbus Square? They can't possibly rent that many apartments in the current employment environment at the prices they are asking, even with 2 or 3 months free rent. Do they price it that way because those are the prices they need in order to make enough of a profit to satisfy their backers, or is there room for the big price cuts that seem inevitable? Are they driving off a cliff to eventual bankruptcy and putting on a good face, or do they have the resources to pull in off in the long (long, long, long, long) run? I'm really curious how these kinds of developments survive (or not) through a prolonged economic downturn. I'm happy to have a Whole Foods in the neighborhood, but how can this place not go bankrupt?
I hear (a rumor) the developer, who is also the sponsor of the Park West Village condos, is having serious financial problems and not paying the common charges on the units he sponsors. I don't know what they are going to do with four, new overpriced, mostly empty buildings the next few years.
Good candidate for the new "Stuy-town/PCV" of the UWS. Also, there is always a demand for elementary/middle school space. In the long run, it's been built, it will be used one way or the other.
as 30yrs once pointed out, it is out of disaster that opportunity arises.
Let's hope they use space for the school since they were allowed to build without regard to any impact to the local elementary school, P.S. 163, which houses kindergarten classes in trailers because of overcrowding. . .and that's before these monsters had been erected.
And also, there are a few failing schools in the area. Would be great if the DOE & the city came up with innovative use (one can hope) of all the space that's going to be coming online. The bottom line is that we want people (sorry if you want a return to the 70s) to stay in the city, pay taxes, etc.