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Correct. But just to make it hurt, here’s some math (excuse any mistakes...I did this really fast).
If you got the $100 million pad with a conventional mortgage (20% down, 30 years, current interest rates), you would pay (all in today’s dollars)… $20 million on Day 1 $4.6 million/year for years 1-10: - $200,000 for maintenance - $4,388,000 for the mortgage $5.4 million/year for years 10+: - Includes $960,000 in property taxes So, your monthly costs would be: - With property tax abatement: $382,400 - After abatement: $462,400 Let’s take the bigger one. Assuming you somehow had $20 million lying around to spend upfront, the monthly cost of holding that unit would require someone making minimum wage ($8.75/hour), to somehow work 88,080 hours per month, assuming you only paid taxes and housing costs. Let’s put that another way. In order to afford the monthly cost of this if you only paid taxes and housing costs, you’d have to make $4,816/hour working 40 hours/week. And finally, paying the mortgage over 30 years will actually cost you $156 million with interest. Carrying the unit for 30 years will tack on another $25 million in maintenance and taxes, for a total of $181 million. Let’s say you make the (respectable) salary of $100,000/year, and you pay your taxes like a good American, which runs you about 40%. With a take home pay of $60,000/year, it would take you over 3,000 years to earn enough money to buy this apartment. Think about how many times you’d have to redecorate in that timeframe (not included in cost estimate). |
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Maybe less than 40 in that case... let's see who saves up enough first, or better yet all forumers can pitch in :haha: |
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There is third option more down to earth, apply and get accepted for building manager position. Job description below is from One57 but we can expect something similar for this tower. Quote:
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I'm going to be very surprised if the parapet on this doesn't land somewhere between 1500 and 1550. ...of course the spire will have to be shortened if they insist on making deference to 1WTC's hideous spantenna :koko:
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The latest NB permit is for 1,490' feet. It remains to be seen if that measures to the HOF or to the top of the parapet. Also, that could easily be revised upward at this point. At a minimum, It's already taller than the 1,478' parapet height in Yimby's schematics.
Also, Yimby's schematic showed 93 floors, whereas the taller one most recently filed with the DOB has 92. http://a810-bisweb.nyc.gov/bisweb/Jo...ssdocnumber=07 |
Q2 is approaching so hopefully some details come out then. Would be a good time too. Hopefully then contruction really accelerates late summer to early fall.
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http://commercialobserver.com/2015/0...n-the-country/
BY LAUREN ELKIES SCHRAM 4/08/15 Quote:
https://nyocommercialobserver.files....7th-street.jpg |
"Dwarfed" seems like a bit of a stretch describing a difference of 30 feet.
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Even at 1500+ Nordstrom won't "dwarf" 432 by any stretch although it will be noticeably a bit taller. :) |
4.12.15
Crane is coming soon. https://farm8.staticflickr.com/7586/...6d8bff85_o.jpg https://farm8.staticflickr.com/7694/...aff97028_o.jpg |
the anticipation for the official rendering is killing me...
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http://a810-bisweb.nyc.gov/bisweb/Jo...ssdocnumber=01
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NEW RENDERINGS FROM YIMBY :cheers::djparty::banana:
http://www.yimbynews.com/2015/04/rev...-building.html |
Quite a sight. :slob:
Note: These are official Renderings http://www.yimbynews.com/wp-content/...-3-777x411.jpg http://www.yimbynews.com/wp-content/...t-Extell-2.jpg http://www.yimbynews.com/wp-content/...t-Extell-7.jpg http://www.yimbynews.com/wp-content/.../Penthouse.jpg |
WOW. Love the new texture, and that lighting scheme ain't bad either. :yes:
The interior, hosted by Yimby- http://www.yimbynews.com/wp-content/...t-Extell-5.jpg |
Well it's not the slick, broad stroke tower many were fingers crossed holding out for and early models (Barnett office) had suggested, but this design IS VERY New York. I think it will become a classic in time. I'm digging the hefty sculptural spire.
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Agreed the Nordstrom spire has some integrity, unlike the "bait and switch" spire at 1WTC which was unfortunately an aesthetic game changer.
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Still not a fan, but it's an improvement. Also, it looks so much taller than One57 ... :slob:
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