Seminar 4: Shaping the Future of NYC Prof. Maciuika, Spring 2014

Seminar 4: Shaping the Future of NYC
Luxury Bubble?

Around the world, there seems to be an on-going competition for “The Tallest Building in the World” title. Year after year, new buildings are planned and built to claim this title. For example, the Singer Tower was once the tallest building in 1908. However, the Metropolitan Life Insurance Tower quickly took this title away in 1909. Throughout history, there has been many alterations to what a skyscraper should be like. Currently, slender and tall skyscrapers seem to be the new trend.
Slender skyscrapers in New York City are the buildings that stand out the most, since there currently aren’t many of its kind. Amongst a group of skyscrapers, architectures are able to highlight their design and features through slender towers. One would probably pay more attention to unique buildings as they walk down a street on Broadway, surrounded by overwhelmingly tall buildings. On the other hand, it also seems to be a trend that may not last for long. Slender buildings can be attractive, and they are being converted to luxury resident homes. However, much like the financial bubble of 2008, will the market for luxury homes be able to sustain the continuous construction of slender buildings?
It seems to me that New Yorkers are constantly searching for a way to be different. The development of slender, but tall buildings seems to be another approach at this ultimate goal. Price also seems to be associated with the idea of different and special, with “some penthouses are reported in contract for more than $90 million,” as the website states. As more luxury apartments are built, how large would this market be able to grow? At what point in time will New Yorkers realize the prices they are paying are much higher than the average American?
The building of luxury homes in slender buildings is another feature that will emphasize the difference between the top 1% and New Yorkers in the middle-class and lower. While architects are expressing a form of art through their unique designs, I believe the uses of these buildings will have to be more than just luxury homes in order to sustain profitability. On the other hand, these slender buildings do have better appearances, in that their outer structures are sleek, and glass-walls (occasionally with patterns). These details are, once again, associated with the idea of “luxury”. Today, these seem to be the standards for beauty and exclusivity.

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