U.S. Economy


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    Introducing Ghost Skyscrapers… In New York City

    Late last month, New York Magazine published a lengthy and very important article titled: Stash Pad – Why New York Real Estate is the New Swiss Bank Account. The entire article is well worth a read, and left me shaking my head in disbelief the entire time. As someone who grew up in New York City, it’s a real shame to see the continued transformation of Manhattan into nothing more than an oligarch playground, or as I sometimes like to call it, “Disneyland for Wall Street.”

    One of the most shocking and disturbing revelations from that article was the fact that:

    “The Census Bureau estimates that 30 percent of all apartments in the quadrant from 49th to 70th Streets between Fifth and Park are vacant at least ten months a year.”

    One of the highlighted building in the New York Magazine article is the 1,000 foot ultra-luxury development known as One 57. We learn more about this beast from My FOXNY:

    Click to read the full story

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