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Beleaguered condo business is hurting, and experts say it hasn't hit rock bottom yet. Developers are turning to creative alternatives instead of simply taking a loss. Many investors who made money last market are returning to bulk.
Beleaguered condo business is hurting, and experts say it hasn't hit rock bottom yet. Developers are turning to creative alternatives instead of simply taking a loss. Many investors who made money last market are returning to bulk.
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Beleaguered condo business is hurting, and experts say it hasn't hit rock bottom yet. Developers are turning to creative alternatives instead of simply taking a loss. Many investors who made money last market are returning to bulk.
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Скачайте в формате PDF, TXT или читайте онлайн в Scribd
By CHARLOTTE often then restrict themselves. CUTHBERTSON “The architects just then follow a (SRFK7LPHV6WDൠ checklist.” Not one to follow a checklist, “How do I develop a design Mayne tends break norms rather concept? I don’t.” than follow them. Architect Thom Mayne de- “If it’s actually disgusting to cided early on not to worry about you, it’s actually very impor- aesthetics. Instead, his work is tant—everybody needs buildings steeped in solving problems, they absolutely despise in the putting together an incredible city–that’s what cities are about, group of solutions right?” to create build- ings that are like Paris’ Phare Tower organisms. The Phare Tower in Paris is “Whether we curvaceous—a departure from like it or don’t the angled, blocks of steel that like it, who have been more indicative of THE MAN: Thom Mayne at the cares? Does it Mayne’s work. Due to be fin- Center for Architecture on March operate in an in- ished in 2012, the tower will be 5. CUTHBERTSON/THE EPOCH TIMES teresting way? the tallest skyscraper in the city, Does it take you some a few centimeters shy of the Eiffel place in your brain? We should Tower’s top point. The roof will Near the end of the interview he be focused on issues that are of be full of turbines that run gen- explained why it was there. Made some substance that represent a erators for electricity, giving it a in Italy—a sure sign of quality. connective tissue,” Mayne said. shock of “hair.” Old style comfort built into a He was speaking at the “Land- “The Paris building is soft,” modern-looking shoe. Prada— marks in 21st Century American Mayne said. “I had an amazing an instantly recognizable brand. Architecture” function in the response to this building. You’ve Mayne was perhaps trying to New York Center for Architec- seen all that harder stuff. People sum up his work, his values—the ture on March 5. think it’s because I’m angry.” Prada of architects. The 65-year-old is intent on The restrictions for architects The Federal Building looking for new ways of solving are many, Mayne said. Archi- The 2005 winner of the Pritz- problems. tects are “completely [bound] ker Prize has begun a collection “Architecture is not singular, by the perception of culture and of edifices in different cities that it is integrated. Any architect particular state of history. One personify a movement that is knows you are putting together can be full flat out, go for it. And more about function than form. multiple problems. And if you right now it’s in China, Kuala The Federal State building in San can succeed at it you are dealing Lumpur... and it’s absolutely po- Francisco, completed in 2007, with something that has incred- litical, cultural, social,” he said. was designed to consume less ible complexity that deals with “It’s why architecture is lo- than half the power of a standard 15 problems or 100 problems cated in certain places of the office tower. The building has no … and it makes architecture world. It starts with that psycho- air conditioning, rather relying unachievable.” logical state ... the notion of fail- on an intricate system of a steel The new Cooper Union for the ure doesn’t exist.” screen, opening windows, undu- Advancement of Science and Art Thom Mayne was born in lating concrete ceilings, and glass in New York’s Manhattan is an- Waterbury, Connecticut. He re- fins to create natural ventilation. other of Mayne’s recent projects. ceived a Bachelor of Architecture “This was a gutsy building. I The plans include a glassy exte- from the University of Southern wanted some sort of invention, rior. “It was a real mark for me to California (1969), and a Master and that non-repeatability,” build on a little block in the mid- of Architecture from the Harvard Mayne said. dle of Manhattan. It’s really an University Graduate School of Despite its inherently energy- experience for me to build here. Design (1987). saving nature, the building failed It’s a symbol. Like all architec- Thom Mayne founded architec- the Leadership in Energy and En- ture in history. I am very proud ture company Morphosis in 1972, vironmental Design (LEED) cer- of it,” he said. based in California and now New tification that is designed to rate York. buildings on their sustainability. Quality and Modernity With Morphosis, Mayne has “We did this building and it A little anecdote best sums up been the recipient of the 2005 was super-green. And we be- Mayne’s view of his work. Pritzker Architecture Prize, 25 came greener than green because In bidding for the contract for Progressive Architecture Awards, we out-greened the green guys,” the San Francisco Federal Build- 75 American Institute of Architec- Mayne said. He is supportive of ing, he took a woman’s shoe ture Awards and numerous other the LEED program, he said, but to the two-hour interview and design recognitions. THE ARCHITECTURE: The Phare Tower in Paris is Mayne’s ‘soft’ building that includes turbines on the roof a set of rules means architects placed in on a stack of books. Source: Morphosis.com to generate electricity. CHARLOTTE CUTHBERTSON/THE EPOCH TIMES
When Condominiums Are Just Not Selling
By CHRISTINE LIN Crain writes. “If a buyer loses his condos that aren’t selling. Why not (SRFK7LPHV6WDൠ or her job, the developer is offering kill two birds with one stone and to make mortgage payments for turn those condos into affordable NEW YORK—It’s getting up to a year at all three of its New housing units? Assemblyman Ha- desperate out there. “Dramatic York City luxury condos-North- keem Jeffries is advocating this 200K price reduction”, “Big price side, 5SL in Long Island City, idea. drop!!!”, “Huuuuggggee Price Re- Queens, and 303 East 33rd in Kips Jeffries has not penned any leg- duction” are some of the adver- Bay, Manhattan.” islation yet, but has tossed ideas tising cries in the Condos for Sale Units have also been repackaged around with senior administra- section of propertyshark.com, a by people who are aiming to sell in tion at the Housing Preservation multiple listing website. bulk. Eric Anton, is a principal at Department and the State’s Divi- The beleaguered condo busi- Eastern Consolidated, an invest- sion of Housing and Community ness is hurting, and experts say it ment services firm. He said sell- Renewal. hasn’t hit rock bottom yet. While ing condo units by bulk is a choice Some options they are looking unsold condos are languishing in that more developers are turning at include refinancing developers’ the market, everyone is looking for to as they find it more difficult to existing debt to reduce outstand- a way to save the units from pro- unload their last stock. ing liabilities on the building to longed vacancy. Selling units in bulk is not the point that it could be sold or something new. It was popular in rented at a lower price, bonds from Developers’ Woes the early 90s. Many investors who the City and State, as well as en- Developers are taking conces- made money last market are return- couraging banks to refinance the sions in general, but many are ing to bulk, Anton said. “They’re properties. turning to creative alternatives in- calling us saying, you know what, In his district in Brooklyn, there stead of simply taking a loss. we want to jump back in, because are vacancy rates of up to 50 per- As reported by Crain Business we made a lot of money when we cent, Jeffries said. Many develop- magazine, developer Toll Broth- bought on the down cycle,” he ers as well as some of Jeffries’ col- ers is using creative tactics to said. “There are many foreign in- leagues have expressed interest, lure buyers to its New York City vestors that like that business, be- particularly in areas such as Fort condominiums. cause it’s easy to manage because Greene, Harlem, and Bedford- “On top of recent price cuts of you don’t need to run the building, Stuyvesant, where a crop of con- as much as 37 percent at its new you just operate your units within dos have sprung up recently, ac- Williamsburg luxury condo One the building.” cording to Jeffries. Northside Piers, the big Horsham, Though Jefferies will try to keep PA.-based developer is now offer- The Option of Repurposing developers’ interests in mind, their BUYING IN BULK: Bulk sales of unsold condominium units are becoming increasingly popular as developers ing home buyers the safety net of There is a need for affordable profit is not ultimately the point, look for ways to unload stock. GRAPHIC BY CHRISTINE LIN hard-times mortgage insurance,” housing in the city, and there are he said. “Out interest is not to sub- sidize developers or provide a soft The idea has backing by City building boom. est possible price, and make these landing, but to provide affordable Council Speaker Christine Quinn “These vacant apartments now homes affordable for middle class housing,” he said. “But if [a favora- and a few others in City govern- represent our best asset in the fight families to rent or buy. Using ex- ble outcome for the developer] is a ment. Quinn said in her State of for affordable housing. isting funds we’ll add thousands of Spacious and elegant byproduct, then I would say it’s a the City address recently, “Now So today we are announcing new affordable homes.” good exchange. I’ve got nothing against high-end a new partnership between the Other purposes than affordable Upper East Side restaurant. “Some developers may find development. In fact, this Council Council and the Administration, housing can be found for unsold themselves in default. In that case, approved much of it. But no one to turn these unsold apartments condos. Condos around the city Available For Large Parties the government should be able to could have predicted this. Thou- into affordable homes. Where de- have been converted into such es- Cucina Italiana step in and purchase the building sands of those homes never sold, velopers have units they cannot tablishments as hostels, schools, at a discount,” Jeffries said. left like tarnished trophies of the sell, the City will negotiate the low- and veterans’ homes. 1356 First Avenue At 73rd (212) 772-8800