Its now pretty much official that new construction in Gotham, unless already far underway, is at a standstill. That, coupled with the recent passage of the East Village "downzoning", has saved the LES any further indignaties of scale and saved MANY buildings, at least for another few years. Blessed Be!
That coupled with shrinking rents (as so many co-ops and condos are taken off the sales market and become rentals) and commercial rents would point to a new Golden Age in NYC - a la "Take Back The Night" - coming soon in 2009-10.
From todays nytimes.com, this satire has more than one correct prediction in it methinks..
http://www.nytimes.com/2008/12...ity/28drea.html?_r=1
quote:The number of hedge fund billionaires under the age of 30 is likely to decrease.
Whatever New Yorkers may think of this demographic class — studies show that people not in it tend to resent those in it — the disappearance of 20-somethings earning $500 million and up per year betting that United States industries will collapse could have a “dampening effect” on the New York economy.
In for a “rough go” could be $8,000 bottles of 1982 Château Pétrus, NetJets, the private aircraft fleet, Maybach luxury automobile sales, Emperor’s Club V.I.P. escorts, rentals of 40-foot long Hummer stretch limousines, $70 million Fifth Avenue pieds-à-terre and sales of $6,000 shower curtains, according to the Institute of Conspicuously Consuming Youths (ICCY).
