SSG_SSG_BloodMoon t1_jdepjpk wrote on March 23, 2023 at 9:22 PM

Reply to comment by damnatio_memoriae in Historic Flatiron Building sells for $190 million at auction by Orener

You'll be able to afford one of the units that opens up when the city's wealthier residents do their hermit crab dance up to the flatiron building.

Guy moves into the Flatiron, guy 2 moves into that guy's old place, yaffa yadda yadda, you move into guy 10,000's old place

damnatio_memoriae t1_jdevepw wrote on March 23, 2023 at 10:00 PM

trickle down housing

maydaydemise t1_jdfp4y8 wrote on March 24, 2023 at 1:30 AM

You joke but it's a real thing

Now obviously boutique condo conversions like this have less impact than larger housing developments, but new supply is still a good thing

JetmoYo t1_jdggrzo wrote on March 24, 2023 at 5:36 AM

This presumes the higher end housing is actually going to NYC residents. And maybe Flatiron would. But some of the luxury market is functionally geared to foreign wealth sheltering and money laundering. I think that needs to be factored into NYC's luxury housing model as well.