Reply With QuoteNo, I live in Bensalem, PA, a suburb of Philadelphia.
Is 5th Ave really living up to it's potential?
I walked down 5th Ave last christmas and it was as booming and as vital as ever. However, aside from a retail and tourist destination, it really is a tad bit of a letdown as far as Manhattan addresses go. When you look at a panarama of Midtown, there is this huge canyon smack inbetween 6th and Park. That's 5th Ave. When you begin to think about how much people and even big corporations (imagine saying your headquarters was on 5th ave...it's enough to make anyone feel like JP Moragn!!!) would pay to have an address like that, it really does make me wonder why 5th Ave has never become the residental hub of Park or the corporate prestige avenue of 6th. Heck, even 7th is beginning to run with the big boys. So what's up?
No, I live in Bensalem, PA, a suburb of Philadelphia.
Propety is soo ridiculously expensive making it difficult to assemblage large plots of land, besides most sites are already-built out.
I can't wait until 9th/10th/11th are covered in 60-80 story towers of commerce. I'm not saying this is completely importaint for 5th ave or Manhattan, becasue with 9th/10th/11th and 3rd/2nd/1st waiting to become developed with buisness, Manhattan has plenty of room.
But as for residental, who wouldn't want to live there? I mean, we're talking 100 Million dollar penthoses. Someone payed 50 million in pounds (that's in excess of 100 million dollars) for a pad on the West End (London). So can you imagine a price for 5th Ave?
Originally Posted by Stern
Many buidlings sit on small plots. The ground floor retail can pay for the dirt, while the prestige sells the tower.
You will never find $100 million penthouses in NYC.
Why not? London had one bought, aren't they a little less affluent with all those taxes? Plus, there economy is much smaller than ours. I beileve I saw Greater London's GDP in the neighborhood of 250 Billion. I do know that NYC's is around 500 Billion.
Because you simply wont. For example a "$100 million" penthouse would be the combination of three cubes of 80 South Street. NYC hasn't yet reached the level of having 12 storeys homes.
Correct me if I'm wrong, but I believe if New York City were its own country, its GDP would be 20th biggest in the world. I don't think many cities can compete with that. As far as Fifth avenue goes, there are a lot of historical buildings that probably won't ever, and shouldn't, be demolished to make way for high rises: St. Patrick's Cathedral, Saks Fifth Avenue, the St. Regis Hotel, along with a couple of other churches in the mid to upper 50's. And I'm just talking about the area roughly north of 48th street. I agree that the southern portions of 5th should be built up, as they will be. You've got the new skyscraper on 42nd, the Graves condo, the new condo by KPF around 31st, plus I remember seeing some more scaffolding in that area tearing down some old crappy buildings. I think 5th will always have its place in New York City as the classiest avenue. I don't necessarily think it needs to add "corporate" to that title.
Fifth Ave in the 40's is EXTREMELY underutilized. On sites that should accomodate beautiful buildings with high end retail, offices and apartments, there are many rundown buildings with cheap stores. I find it inconceiveable that developers haven't moved in, though I believe that they eventually will. Some tatty sites have been redeveloped nicely, including 505 Fifth.
Fifth Avenue is considered far more prestigious an address for a business than Sixth Avenue. I'm not sure where you're getting your information from, AlexBallard.
I work on Fifth and I agree, from 50th to the park its nice with great buildings and incredieble retail, beloew that all the way down to 42nd and its not as nice, however as metioned the space on this ave is some of the highest and cant be assembled that easily.
Thats why Vornado was smart, they built there new office space at 640 on top of a building they owned, to save money
In full disclosure, I work on Fifth Avenue, as well.
Fifth Avenue in the 50s is one of the most expensive commercial real estate areas in the world. In the 60s-90s, it's one of the most expensive residential areas in the world.
I'm still unclear as to how this isn't "living up to its potential"?
The 50's, 60's, 70's, 90's (and other parts of 5th) are magnificent. However, a small stretch in the 40's is abominable and has dilapidated buildings and cheap shops. However, it is inevitable that this area will be redeveloped. Hopefully, soon!
Last edited by Edward; May 26th, 2005 at 10:44 PM. Reason: No need for quote
The hundred million dollar place was like a mansion, it was a house with land and was 10s of 1000s of sq. ft. To compare, if you combined a couple of UES townhouses, you could come close, if not exceed.
The most for an apartment was $45 million, I think in TWC and the one Murdoch just bought. There is a place listed for $70 million, I think, the penthouse of the Pierre or something.
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