I'm involved in development. Developers are humans. They are not infallible. They don't always judge the market correctly. Even generally successful ones. Even in Manhattan. Neither do lenders (though they are usually decently protected if things go south). Failures have been strewn throughout these pages and elsewhere. Or sometimes, things just shift and there isn't time to recalibrate. As to this particular development, I think you are likely right and they have assessed correctly. We will see. It's still a trash building.
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Originally Posted by NYguy
These developers who have been in business for years have been in business for years because they know what the market wants, and how to go fishing in that market. New York developers in particular know what the market wants, and how it's divvied up. As the other Hudson Yards towers continue to draw tenants, and that space is taken, it's the other towers on the market that will have to fill in. The New York market is rich in tenants, and there is always activity. Every year there are a variety of needs to be filled. It's why ultimately, the new towers get built. At the same time, even older buildings with the larger floorplates are attractive to all sectors of the market.
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