NYC needs to build more high-rise condo

Well, since we are comparing NYC and Chicago, it it probably safe then to point out the NYC includes Bronx, Brooklyn, Queens, and Staten Island.

So now when you look at all of the high rises in Queens - LIC, Brooklyn - Williamsburg high rises and downtown Brooklyn, do you still come to this conclusion that NYC is "losing out" vs Chicago?

The more highrises are built, the more prices will decline. There is an oversupply of condos in Brooklyn, and beginning to be in Manhattan.

well, if you look at new developments in the city, especially manhattan, most of them are below 25 stories. almost all the new condos in Chicago are above 25 stories. just pointing out what i've observed.

784 Columbus Ave - upper west side. There is your 25 stories being built. Along Broadway - same neighborhood, there is an ugly glass tower being finished

there was a paper written on NYC's rental prices by a harvard economist named edward glaeser. and his conclusion was that the reason NYC rent is so high is due to the lack of quality housing, rather than the conventional wisdom that a lot of rich people want to live in NYC.

if it wasn't for NIMBY and rent stabilization, NYC rent would be at least 30% cheaper, if not more.

rufus -- that paper is ridiculous, and does little to explain the high prices in London, Moscow, etc. It's an ideologue's rantings (okay, I didn't actually read the paper, just news stories about it). A lot of rich people want to live in NYC, London, Moscow, SF, DC, etc.

Next time you're in Chicago, venture about 75 yards from the lake and/or Michigan Ave, and you'll find that all the OTHER new condos are 3-6 stories high.

alanhart,

with all due respect, how can you diss the paper when you haven't even read it? do you really think you know more about this topic than a harvard economist who spent his life studying urban economics?

imagine what would happen if there were no NIMBY or rent stabilization. there would be A LOT more high rise condos and rentals, and since all the apartments would be market rate, the supply of quality housing will increase exponentially, thereby driving prices down.

Chicago has really nice high-rise condos and rentals in south loop, river north, streeterville, gold coast, and all along lakeshore drive. That alone is more than what we have in NYC. Regarding height, 9 of the 17 tallest residential buildings in the United States are in Chicago. And that's not even including Chicago Spire, which will be the tallest by far.

I, for one, don't want to see a glut of high-rises. As 93rd points out, the two new ones on Columbus and Broadway are ugly, and in my opinion, a real blight on the neighborhood. Also, the more of those turds that go up in areas like the UWS, the more congested our already taxed transportation system becomes. Have you tried the morning commute from 96th Street lately? It's getting worse by the month. You cannot just pepper a city with endless high-rise residentials without also significantly overhauling the infrastructure.

Chicago doesn't have near the number of high-rises as NYC. With Chicago, they are all nearby the lake and spread out nicely, so it does look good. And the architecture of lots of their buildings is good. For example, the new Trump building in Chicago looks great. Why does he build a good-looking building in Chicago but his NY buildings are ugly black rectangles?

LICComment,

the trump building is gorgeous. in terms of architecture and city planning, Chicago is light years ahead of NYC. There are very few condo buildings here that I find really attractive or impressive. In Chicago, the quality of buildings is simply breathtaking.

Cities are judged by the quality of their high rise condominium buildings.

We dont need more cookie cutter high risers, we need more affordable housing before there is no place to house the backbone of the city. Construction workers, mta, postal, police, fire, ect.... no one but rich snobs will live here and they will kill the verve and creativity with there mind numbing dumbness and cookie cutter clothes.
Vic Parise

gentrification is a good thing because it puts desirable housing and retail in previously undesirable areas. in the early 90's, tribeca, soho, east village, were places that people did NOT want to be in. i laugh when you guys have nostalgia for the old NYC of the 70's and 80's. do you guys really miss the crime and chaos that plagued this city back then?

high-rise condos are good because they bring more supply into the market, thus helping to drive prices down. i do wish NYC built more ATTRACTIVE high-rise condos. Chicago has some gorgeous condos that are better than any building i've seen here in NYC. It's really a shame; we need to play catch-up.

Vic -- "rich snobs will live here and they will kill the verve and creativity with there mind numbing dumbness and cookie cutter clothes."

Sour grapes. Most of my "rich snob" friends earned that right by making a tremendous amount of money by acting on their creativity and verve and going out and making a fortune. If they were so "mind numbing" they would not be as successful. By the way, it should be "their" not "there. Speaking correctly is also probably part of your bitterness but speaking properly usually gets you a higher paying job and would force you to work with these educated "rich snobs". Bring on those rich snobs into my neighborhood -- the restaurants will probably improve too!

srb162, right on! people like vic long for the crime-ridden dark days. it's the "rich snobs" who improved this city by bringing in nice restaurants and retail into blighted areas. i wish NYC continues on this path and build more luxury high-rise condos like Chicago. that will be awesome.

I wish NYC were Chicago. Then I wouldn't have to go to LaGuardia, have my water bottles taken away, fly to Chicago, be in Chicago, etc.

Vic's idea that civil service and union workers can't afford to live in NYC is a myth. There are plenty of great middle-class neighborhoods in Brooklyn, Queens, and the Bronx that are well-affordable for people with those incomes.