PHILADELPHIA | Highrise Development Thread IX

[1487]

Originally Posted by iheartphilly

That's cheap...I have family in NYC-Tribeca neighborhood. A small 2-bedroom, 1 bath apt cost $4500.

The reality is the majority of college educated, professionals in NYC cannot afford a house and can't see a time when they will be able to and that is Philly's biggest positive attribute. Many of those folks do not want to go from Brooklyn to a quiet suburb, but they want a house and/or more space. They can do that here and live in an area that has many of the positives of a place like Brooklyn for 1/3 the cost. I know a lot of local people that visit New York a lot, I don't know many that seek to move there. Conversely, I've worked with quite a few people who lived and worked in NYC for years (or are from that area) who have settled in this area. I know an engineer who went to Temple and came from NYC and he never really considered going back because he has relatives up there who are struggling to get by and he knew he could save/have more down here.

[iheartphilly]

Originally Posted by 1487

The reality is the majority of college educated, professionals in NYC cannot afford a house and can't see a time when they will be able to and that is Philly's biggest positive attribute. Many of those folks do not want to go from Brooklyn to a quiet suburb, but they want a house and/or more space. They can do that here and live in an area that has many of the positives of a place like Brooklyn for 1/3 the cost. I know a lot of local people that visit New York a lot, I don't know many that seek to move there. Conversely, I've worked with quite a few people who lived and worked in NYC for years (or are from that area) who have settled in this area. I know an engineer who went to Temple and came from NYC and he never really considered going back because he has relatives up there who are struggling to get by and he knew he could save/have more down here.

True...a 200k salary in NYC doesn't go too far. I've seen it firsthand. Definitely a better value in Philly. But, as I know, each person values things differently.

[PhilliesPhan]

Originally Posted by Nightman

For those that haven't been there yet, I highly recommend going to Skygarten at 3 Logan Circle, 17th and Arch. I has amazing open air views from the 51 floor. You can see north, east and west views of the city and suburbs. Best part is there is no charge, just need to be 21. Sorry I can't figure out how to post pictures

Looks like I know where I'll be heading for my 21st birthday next month! Thank you for the suggestion!

[Milksteak]

Originally Posted by Nightman

For those that haven't been there yet, I highly recommend going to Skygarten at 3 Logan Circle, 17th and Arch. I has amazing open air views from the 51 floor. You can see north, east and west views of the city and suburbs. Best part is there is no charge, just need to be 21. Sorry I can't figure out how to post pictures

I had my wedding reception at Top of the Tower...it did not disappoint, and it really showed off the city to the Midwestern family members.

Although it most definitely wasn't free...

[Redddog]

Originally Posted by iheartphilly

True...a 200k salary in NYC doesn't go too far. I've seen it firsthand. Definitely a better value in Philly. But, as I know, each person values things differently.

It's an insanely better value. And in the end, you don't really give up much. I came from NY as well and the place we bought in Old City would have cost 5 times what we paid if it was in Brooklyn.

$200,000 doesn't even scratch the surface unless you're living in a rent-control situation or you were lucky enough to buy in the 1980s. Otherwise, it's Jersey and a 1hour long commute.

[1487]

Originally Posted by Redddog

It's an insanely better value. And in the end, you don't really give up much. I came from NY as well and the place we bought in Old City would have cost 5 times what we paid if it was in Brooklyn.

$200,000 doesn't even scratch the surface unless you're living in a rent-control situation or you were lucky enough to buy in the 1980s. Otherwise, it's Jersey and a 1hour long commute.

or Queens and an 1 long commute. I know someone who lived 1hr subway ride (or perhaps multiple rides) away from work because Queens was where he could afford a studio. And he said even there he had no parking spot.

[volguus zildrohar]

Originally Posted by gjrip

That looks simply magnificent.

Goodbye Caneris and UCross? Can't say we'd miss ya.

Also, with the new rendering I'm not 100% sure if that's a supertall. Maybe 900-1000ft -ish, but still absolutely marvelous.

Caneris is nothing special but I rather like UCross - that building's got character.



philadelphiabuildings.org

[Outta here]

Ok , here's the latest line of useless horse shit for your week end consumption .
I am unable to bring up the stats for July 1st. 2016 , so here is what I found .
According to the U.S. census report the population figures for July 1st. 2015 would
indicate Philly could have a city population of approximately , 1,609,000 by 2020 , I hope
there are enough middle and upper middle class positions to accommodate that kind
of increase . There is and always will be plenty of competition from more cities than
I feel like listing right now .... PS ; IMHO , upper middle class incomes are in access of six figures

[3rd&Brown]

Originally Posted by iheartphilly

That's cheap...I have family in NYC-Tribeca neighborhood. A small 2-bedroom, 1 bath apt cost $4500.

For Tribeca $4500 is a steal. It must be a rent stabalized apartment.

My best friend and her husband pay $8,000 a month for a 2 br 1 ba apartment in Tribeca. It's a nice building, but it's not glamorous. It's a mid-90s renovated office building that was converted into apartments. Think of something very generic like the Sterling but on Murray Street in Tribeca. $8,000 a month.

I lucked out. My NY place is rent stabalized and I pay under $2,000 a month. For a 2 br 2 ba. But it's in Crown Heights (which is newly "hip") but still 35-45 minutes away from downtown on a typical morning. Some days the subway commute is an hour plus. That's for a 4 mile ride on an "express" train that makes only 6 stops between where I get on and get off. I have a 7 minute walk at each end of my commute.

[iheartphilly]

Originally Posted by 3rd&Brown

For Tribeca $4500 is a steal. It must be a rent stabalized apartment.

My best friend and her husband pay $8,000 a month for a 2 br 1 ba apartment in Tribeca. It's a nice building, but it's not glamorous. It's a mid-90s renovated office building that was converted into apartments. Think of something very generic like the Sterling but on Murray Street in Tribeca. $8,000 a month.

I lucked out. My NY place is rent stabalized and I pay under $2,000 a month. For a 2 br 2 ba. But it's in Crown Heights (which is newly "hip") but still 35-45 minutes away from downtown on a typical morning. Some days the subway commute is an hour plus. That's for a 4 mile ride on an "express" train that makes only 6 stops between where I get on and get off. I have a 7 minute walk at each end of my commute.

Yep, it's rent stabilized and walking distant to the financial district.

[Larry King]

Originally Posted by 3rd&Brown

For Tribeca $4500 is a steal. It must be a rent stabalized apartment.

My best friend and her husband pay $8,000 a month for a 2 br 1 ba apartment in Tribeca. It's a nice building, but it's not glamorous. It's a mid-90s renovated office building that was converted into apartments. Think of something very generic like the Sterling but on Murray Street in Tribeca. $8,000 a month.

I lucked out. My NY place is rent stabalized and I pay under $2,000 a month. For a 2 br 2 ba. But it's in Crown Heights (which is newly "hip") but still 35-45 minutes away from downtown on a typical morning. Some days the subway commute is an hour plus. That's for a 4 mile ride on an "express" train that makes only 6 stops between where I get on and get off. I have a 7 minute walk at each end of my commute.

Even by new york standards, tribeca is totally overpriced

[Jawnadelphia]

[IMG]IMG_4419

Bok views...

[Insoluble]

Originally Posted by Outta here

According to the U.S. census report the population figures for July 1st. 2015 would indicate Philly could have a city population of approximately , 1,609,000 by 2020 , I hope there are enough middle and upper middle class positions to accommodate that kind of increase .

According to the Bureau of Labor Statistics, the city of Philadelphia added about 11 thousand jobs between 2014 and 2015. Compare that the the just shy of 6 thousand people added and it paints a slightly different picture than the dire one we often are presented with. This is the second year in a row that job growth in Philly outpaced population growth. Let that sink in a bit.

Many of those added jobs are high paying ones. The Professional and business services sector added 2k. Health and Education added close to 5k. I know there are some not so high paying jobs in both those sectors, but there are whole lot of high paying ones as well.
http://www.bls.gov/eag/eag.pa_philadelphia_co.htm

[Urbanthusiat]

Originally Posted by Insoluble

According to the Bureau of Labor Statistics, the city of Philadelphia added about 11 thousand jobs between 2014 and 2015. Compare that the the just shy of 6 thousand people added and it paints a slightly different picture than the dire one we often are presented with. This is the second year in a row that job growth in Philly outpaced population growth. Let that sink in a bit.

Many of those added jobs are high paying ones. The Professional and business services sector added 2k. Health and Education added close to 5k. I know there are some not so high paying jobs in both those sectors, but there are whole lot of high paying ones as well.
http://www.bls.gov/eag/eag.pa_philadelphia_co.htm

Further, the site notes that:

Total nonfarm employment for the Philadelphia-Camden-Wilmington, Pa.-N.J.-Del.-Md. Metropolitan Statistical Area stood at 2,896,900 in May 2016, up 58,600, or 2.1 percent, over the year, the U.S. Bureau of Labor Statistics reported today. During the same period, the national job count increased 1.7 percent.

In the greater Philadelphia metropolitan area, professional and business services had the largest employment gain from May 2015 to May 2016, adding 20,600 jobs. The Philadelphia area’s 4.6-percent growth in professional and business services employment was higher than the nationwide increase of 2.7 percent. While all four divisions added jobs over the year, the Wilmington division had the fastest rate of job growth, at 8.9 percent.(See chart 2.)

Education and health services employment increased by 13,400 since last May, the second-largest gain in the Philadelphia area. The local rate of job growth, at 2.2 percent, was slower than the national advance of 3.1 percent. Of the four local divisions, the Philadelphia division saw the largest increase for this industry, adding 6,400 jobs.

So, as a region we grew faster than the rest of the country, outpaced our fellow Northeastern metros (and Chicago), and are on par with the top 12 metros. Plus a pretty solid increase in high paying jobs. This is great news indeed.

[Outta here]

Double hit , sorry 'bout that .

[Outta here]

Originally Posted by Urbanthusiat

Further, the site notes that:







So, as a region we are growing faster than the rest of the country, and on par with the top 12 metros. This is great news indeed.

If that statement is fact ...... bazinga

[1487]

there is decent job growth in the city. Unfortunately, much of the data we see presented compares job numbers to 1970 as opposed to 10, 15 or 20 years ago. In comparison to 46 years ago Philly has a long way to go (but that's not really a fair comparison because population was much higher then) but the trajectory is upwards. Another thing is that CCD typically focuses it's metrics on private sector jobs growth, not overall growth. This means that the Eds and Meds jobs largely don't count and obviously non-profits in general aren't counted- even though some of them pay out some decent salaries.

[Arch+Eng]

$8,000.00/mo?

I would rather have a Mansion instead that I own. SMH.

[Knight Hospitaller]

Originally Posted by Arch+Eng

$8,000.00/mo?

I would rather have a Mansion instead that I own. SMH.

Buy something for half that and pay a driver to get you to Manhattan.

[jsbrook]

Originally Posted by 1487

there is decent job growth in the city. Unfortunately, much of the data we see presented compares job numbers to 1970 as opposed to 10, 15 or 20 years ago. In comparison to 46 years ago Philly has a long way to go (but that's not really a fair comparison because population was much higher then) but the trajectory is upwards. Another thing is that CCD typically focuses it's metrics on private sector jobs growth, not overall growth. This means that the Eds and Meds jobs largely don't count and obviously non-profits in general aren't counted- even though some of them pay out some decent salaries.

What do you mean by "largely" don't count? Of course, U of P and other large universities here are private, so I don't see why they wouldn't be included.

Meds and eds are carefully tracked even if not maybe in the data sets you are thinking of: http://billypenn.com/2016/01/26/why-eds-...-in-philly-and-what-could-end-the-trend/

The BSL tracks non-profits carefully in every geography and considers it in overall growth as far as I know.