Quote:
Originally Posted by IanWatson
Lol units in that building sell for US$5,000,000 to US$15,000,000. Definitely beautiful though!
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Certainly very different economics but the higher labour costs, land costs, fees, and markup will be a big part of the unit price in Manhattan. Then there's whatever premium interior and amenity stuff this building has.
I bet it would be possible to build a nice looking alternative with materials like real stone or glazed tile, but without the gratuitous premium materials and detailing. Another cost-cutting measure would be to allow a highrise on top with cheaper cladding. There'd still be the question of whether private buyers value this stuff enough and what else you need for the premium buyers which in Halifax may be paying $1M or so for a unit in a really good location. I'd guess it's hard to sell a condo where half of the money goes into a really nice looking outer shell.
Something like The Governor is maybe 15% of the way to The Fitzroy if the starting point is Garden Crest, built circa 2000.