Quote:
Originally Posted by Barbarossa
There needs to be a stipulation that the buildings can only be demolished once the developer has secured financing for their new development. If this had been done before the crash of 2008, then this city would have a lot more buildings today. The crisis of 2008 wasn't the last, and there will be far worse economic crises in the future.
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It's not that simple. Sometimes, a ready to build site is more attractive (to potential tenants). There's active competition in Manhattan and demolition can't always be done "overnight". Financing usually comes after the tenant. In terms of residential sales, timing could also be a factor.