Why New York’s Billionaires’ Row Is Half Empty

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The B1M

The B1M

2 yıl önce

Manhattan’s skyscrapers aren’t really built for people anymore.
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Full story here - theb1m.com/video/why-new-york...
Presenter - Fred Mills
Producer - Jaden Urbi
Camera Op and Video Editing - Aaron Wood
Motion Graphics - Vince North
Executive Producers - Fred Mills and James Durkin
Associate Producers - Liam Marsh, Adam Savage and Tim Gibson
US Travel and Logistics - Caroline Mills
Special thanks to Ryan Serhant, Matthew Soules, Samuel Stein and The Dronalist.
Additional footage from SERHANT., louisatalksbuildings, cody.boone, matalynnthayer, thevictoriashtainerteam, nilelundgren, nyconstructionphoto, Hey, it’s Kimberlee!, Periscope Film, Andrew M Cuomo, ABC News, CNBC, Municipal Art Society of New York, Streeteasy, Bloomberg, Euronews, Disney and OpenStreetMap contributors.
For more from The Dronalist visit - bit.ly/3dCW0iM
Ryan Serhant’s channel - bit.ly/3pPYClA
Kimberlee’s channel - bit.ly/33qCTZW
Matthew Soules’ book - bit.ly/3IKEBpi
Samuel Stein’s book - bit.ly/3m0UuOn
Additional research:
SERHANT. - bit.ly/3GEu64V
New York City Housing and Vacancy Survey - bit.ly/3EVCzjG
NYC IBO Report on One57’s 421-a exemption - bit.ly/3ykIH2t
The Accidental Skyline report - bit.ly/31Lczt7
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YORUMLAR: 22 000
@buba_Dukz Yıl önce
Wow! Wow! Wow! Just wow! They did it guys. They kept their promise. The half an hour video from the best channel for construction in the world just gave us the best treat of the year. I love you B1M. Your videos are spectacular. I can write almost an entire book about how much y’all have helped me in learning about construction projects around the world right here from the comfort of my home 📱 🛋 . You guys are the absolute best of the best . I’m sooooo grateful for rocking with y’all for over a year now I believe. Keep up the spectacular work mate 👏🏾🤍 🚧 And Sending loads of love right here from The Bronx NewYork City 😊
@Adamroable Yıl önce
It would be interesting to hear about projected maintenance cost for these buildings. I can't imagine what it would cost to reglaze the windows or do any other kind of upkeep. Also, local law 11 requires the entire exterior to be inspected every 5 years. This would require at least a sidewalk shed, if not scaffolding to be erected during the process. Also, there is all the special engineering on the inside, pumps, mass dampers, and a whole bunch of other things that I'm sure I have no idea of how they work... These systems would all have to be custom engineered, which means super expensive to maintain. 432 Park avenue is already bitterly embroiled in a lawsuit, I think this is just a tiny glimpse of the chaos that will surround these buildings going forward.
@asmodeus1234 Yıl önce
Settle down Bubs, can I get you his number?
@buba_Dukz Yıl önce
@@asmodeus1234 yup ☺️
@buba_Dukz Yıl önce
@@Adamroable It’ll be really interesting 😯
@kimtae858 Yıl önce
Post-irony at its finest when these comments get liked and pinned by the channel they're lampooning.
@rossmanngroup Yıl önce
The retail stores are empty the offices are empty, and billionaire's row is empty. Welcome to NYC!
@Komatic5 Yıl önce
Yoo Rossman, didn’t expect to see you here lol
@boboman67 Yıl önce
A symbol of our decade
@clickbaitcancer120 Yıl önce
Lmao! Your videos on NYC real estate is probably why this was recommended to me out of the blue...
@Komatic5 Yıl önce
@@willn8664 I’m aware of that but that doesn’t mean I’d expect him to be on every NYC-related vid lol
@strodey123 Yıl önce
I remember walking along the edge of Central park a few years ago, people sleeping on the benches in the shadows of these $100m empty apartments. The stark contrast in humanty.
@sirstretchy7365 Yıl önce
wow thats a little scary
@robertchen8297 Yıl önce
Not humanity, just USA. Based on purchasing power parity, USA is probably one of the worst countries in the world.
@adjudicator4766 11 aylar önce
@@robertchen8297 not even close but go off
@moonasha 11 aylar önce
I feel so naive. When I learned about these buildings, I was like, "oh cool they're adding more housing for people." How naive I was.
@TabithaElkins Yıl önce
Built in the 1930's, the Empire State Building was exhorbitantly expensive at the time and was almost totally empty during the years of the Great Depression. Eventually, the luster of renting there was worn down, the rents went down and businesses opened up. The same will happen to these buildings. When the owners get scared, they will convert the aparments to offices, just so they don't lose their shirts. NY is in a huge real estate bubble in the middle of a massive worldwide recession. The bubble will burst.
@walky240251 11 aylar önce
oh yes it will, he he he he he he !
@nevillewran4083 7 aylar önce
Would they be allowed to change domestic dwellings into offices? Apart from zoning laws, how would the service amenities keep up? The lifts, the water supply, power, garbage collection, the increased number of bathrooms needed.
@joefatalooch8057 4 aylar önce
They left NYC. And they wont return until the wokeness is gone.
@nevillewran4083 4 aylar önce
@@joefatalooch8057 Many were never _in_ NYC permanently, most were mega-rich who bought the apartments as investments or as an occasional stop-over accomodation. You could easily switch "wokeness" for any other gripe about the city- overflowing garbage, crime, noise, parking costs.
@jonathanbowers8964 4 aylar önce
​@@joefatalooch8057define "Woke"
@leomack4432 10 aylar önce
This is an incredible informative piece. As someone who sits on the co op board of a Riverdale building and watches our taxes increase I now want to look deeply into the tax cuts these buildings receive.
@SpeakerWiggin49 3 aylar önce
Hey, I'm interested in condominiums for my future home. What progress have you made looking into what and how the luxury buildings' tax cuts came about?
@bil8647 3 aylar önce
There is a class action suit against Park Tower- 432 Park Ave, by it's residents. Everything from the building vibrating to the elevators stopping whenever the wind blows over 10mph to leaks, the list goes on. The plans were pushed through the city planning commission, and it was never pointed out that it would cast a shadow right across central park.
@thea7826 3 aylar önce
would be a great painting, or photo, "The shadow of capitalism"
@panpsychism_ 2 aylar önce
I’m sure he’s a nice guy, but I would love to trim Mr Soules’ rat tails 8:48, just sayin’
@paulsuprono7225 10 gün önce
Shadow ... WOW ! 🤗 🇺🇲 👍
@BrickedUpBuilds 3 aylar önce
As a 23 year old who won’t be able to afford a house in the next 5 years with a stable career field and job outlook, this sure made me happy for the rich :))
@alexgunner1882 22 gün önce
Yes you could afford a home. But it won't be in a city and you would have to build it or fix it yourself
@WonderWhile 15 gün önce
@@alexgunner1882 If you cant afford a property in the city or the suburbs of the city where you work, the system is fucked. Stop apologizing for it.
@alexgunner1882 15 gün önce
@@WonderWhile "the system" can't cripple hard workers and wealth builders so much that they'd get outbid by time and money wasters
@JW77 Yıl önce
The one thing that amazed me the most when I moved to the US 10 years ago, was lobbying. I believe it's called bribery in the rest of the world.
@lynninfinite Yıl önce
@meenerman7693 Yıl önce
if only you knew how bad things really were
@ea7654 Yıl önce
@whogavehimafork Yıl önce
That would be correct.
@melodramatic7904 Yıl önce
When I finally understood what lobbying was my first thought was "how is this legal?"
@MagicDrawinggirl 11 aylar önce
This is INCREDIBLE content. I am an architecture student finishing my Masters and you guys really answered every possible doubt and situation around these buildings from all points of view... Amazing job!
@peterfiolet 7 aylar önce
Just go and marry then, jeeeeesh.
@jam1794 3 aylar önce
@@peterfioletlmao right!
@schaffy_ Yıl önce
It's scary to hear Melbourne mentioned. It's a wonderful place to live but we are rapidly heading towards the same housing inequality that will drain its beauty and accessiblity
@blackleague212 Yıl önce
just make sure some black people are able to live in Melborne, I heard that was a very racist town, not worth investing in.
@w2ttsy670 7 aylar önce
It’s unsurprising to see Melbourne mentioned. Docklands and south bank resi towers were definitely built with investors or land bankers in mind. A tower like prima pearl for example has three different zones in it depending on whether you’re an average resident or a premium owner (down to which lifts you can call). Then you have mid and lower rise builds around st kilda and Albert park with entire floor apartments that can be purchased as shells so that the owner can fit them out as desired. Nothing like the scale of NYC, but definitely a version of it. Just drive along the bolte bridge at night and you’ll see how dark the docklands precinct really is.
@bobf5360 4 aylar önce
@@blackleague212 what does the color of the residents in an australian city have to do with anything?
@blackleague212 4 aylar önce
@@bobf5360 because blacks are people too.
@Tom-yu9if 4 aylar önce
@@blackleague212what are you talking about? Large populations of Asian ethnicities live their with basicslly no racism
@crosslink1493 9 aylar önce
First time I've seen one of your videos, pretty impressive. Condo towers are somewhat similar here in Los Angeles, but more are company owned and used by top staff who travel here to work in their regional offices for a while. The real eye-opener are a lot of the skyscraper office buildings are practically empty. A lot of the corporations that lease them still pay the rent, and have reception staff, but the office and cubicle areas are practically vacant (maybe 5% of employees on site). I did find one exception, and that was a Japanese company whose employees work at night so they can communicate in real time with HQ in Japan, and they can avoid the heavy daytime L.A. traffic.
@computerguy1579 Yıl önce
This was a great video. I've never been to New York, and I didn't realize there were so many empty housing units in the luxury space. For those that understand how money works (usually the wealthy since unfortunately it's not taught in schools), but inflation chips away at the value of the dollars you have in cash in the bank. Therefore, to preserve wealth against inflation, you're going to want to hold that value in something besides cash (you always need a decent amount of liquid cash for things that come up -- the recommendation is usually 3-6 months worth of expenses), but everything beyond that should be put into something that at the very least grows with inflation. For the ultra wealthy that have so much money coming in they don't know what to do with, real estate is a common place to store cash because it is typically pretty stable in its price (real estate prices typically do not drastically move up and down -- not always the case looking at the last couple years and 2008 -- though these have been rare events in the overall world of real estate) and will typically at least keep up with inflation. Essentially, these condos are really a physical bank account for these billionaires which pays back more than keeping the actual cash in a bank. Developing more affordable housing may give a similar ROI, and if it's close enough to just owning a luxury apartment, the city could help make up some of the difference (instead of giving the tax incentives it currently does). There are plenty of developers out there who are interested in building more affordable housing (or just work in that market in general) who like to find investors to be able to make it happen). Maybe there could be something along those lines where the billionaires get connected with the developers building more affordable housing and encourage properties to be built that actually results in more people getting into homes. I haven't researched it enough to know if that is a viable solution, but I think it would be worth looking into. There are lot more details on how economics and money works that are hard to put into a TRshow comment, and while I'm very much a believer in capitalism and in saving and investing, I do think it would be great for the city to come up with a solution that can benefit more people (and capitalism in it's purest form is built to reward more wealth to the person who benefits more people with the greatest amount of value).
@veroniqueclaudettebriggs5059 Yıl önce
Interesting read, I learned a few things! Thanks
@frankisbored Yıl önce
Thank you for this info!
@Colleoleen Yıl önce
Explain how would developing affordable housing give a similar ROI as a billionaire condo?
@computerguy1579 Yıl önce
@@Colleoleen As I mentioned in my comment, I would have to research the market in New York to determine what kind of ROI could be reasonably expected for development in that area. Ultimately, you need to determine how much housing would go for. In short, when planning a project, a developer is going to look at how much they can pay for empty land in the area or how much they can pay for an old building they can repurpose into something like condos. Then they look at what they need to build and determine the costs that the project will be. The big thing with planning the project (and looking for a place to build) is what the city ordinances allow. Zoning laws will describe what kind of land use of allowed for a certain area. It's not uncommon for zoning laws to require certain looks for buildings in a given area, which often will increase the cost of a project and/or reduce the total number of housing units you can build, which directly affects the market. Then they look at how much they can sell each housing unit for. If the cost of land and the interest for carrying any loans for the project is less than what you can sell each unit for, then you've made a profit. Otherwise you've either broke even or took a loss. I don't know the New York market, but I know it's highly dense and therefore has a lot of demand and little supply. I also believe they likely have a lot of regulations that are specific to what a developer can build (mostly just guessing since typically larger cities have a lot more regulations on what gets built and how). So the cost of development is going to be pretty high. Without doing the research, I can't say what the ROI is for new developments in new York City. It may be that doing any new residential developments would result in a loss. My comment was about the fact that typically, investing in real estate is about buying it for a solid return which typically involves adding some kind of value to it. It can be a great place to store money if you have a lot of it and can pay cash. The prices are typically stable, and it often grows with inflation. However, if you want to protect your investment, you need to have insurance, and you don't ever get out of paying property taxes. So it still requires money to maintain. Three reality is that you would get a better return putting your money into an index fund rather than just sitting on real estate that doesn't produce any income. Especially if any of these billionaires are carrying a mortgage on it. I'm short, without more research, I can't make any claims about whether in this specific case putting money into real estate development for more housing still have a better ROI than just buying a billionaire condo that does nothing. City zoning can have a huge effect on this. But in general, finding a development project will give a higher return than just sitting on real estate that you haven't added any value to and that doesn't produce any income. I hope that makes sense and I didn't just ramble.
@kabirjavaid 3 aylar önce
This episode was enlightening, especially for someone who studies affordable housing. It's amazing how you connected billionaire housing to lack of affordable housing. What you have uncovered is the fact that billionaire housing developers bought off future development rights off of affordable housing development and concentrated all that housing into empty buildings. The air rights were not from buildings that were accommodating billionaires. The air rights belonged to properties that were accommodating people from middle class and even poor. Now, those development rights are embedded in empty buildings that belong to super rich. To make matters worse, They keep building more meaning more air rights belonging to middle class and even poor will no longer exist. Meaning no more future accommodation for these individuals. Thank you for your work.
@dan-bz7dz Aylar önce
Affordable housing in Manhattan?
@RedPandaStan Yıl önce
I like how this channel has gone from discussing and praising the architecture of billionaire's row to pointing out how fucking terrible it is for literally everyone. Character development.
@z.b.8168 Yıl önce
Do you know Mr Rainer Winkler?
@dengxiaopinggaming5500 Yıl önce
And it's definitely a great change of pace. This is fantastic journalism
@mstewart4431 Yıl önce
Its the difference of what money and capitalism can do vs done through loopholes. This video is brilliant.
@RyanNHoang Yıl önce
The more you look into it the more you hate it
@bradhendershot1744 Yıl önce
Wow, this was meticulously researched, detail oriented and even quoted sources. Excellent video from B1M! I have learned more from this video than probably the last 10 I've watched and it was formatted in a way that for some odd reason allowed me to retain nearly everything that was said. Remarkable, because I struggle with retaining information, how am I able to remember all of this then? It must be in his delivery, his technique or format, I'm not sure but that in itself is very interesting 🤔
@brittanycompton8451 Yıl önce
Memory is tied to emotion. You may have strong feelings about this video and can remember more of it due to that
@eagander 11 aylar önce
Fred is an excellent presenter, and he's HOT!
@jermaineishmael7225 Yıl önce
Have to say your videos are just incredible...they touch on all the right notes and cover all the pertinate issues involved in an intelligent and sophisticated way, you have a true love for architecture I know nothing about it but you have me engaged every time with these videos, well done to you and I'm sure u have a wider team supporting you good work all...👍🏿
@ellenchavez2043 3 aylar önce
I've seen this happen in rural communities as well. In the 2000s, real estate developers ( foreign and domestic) would entice a town , county with economic development of malls: if you build it they will come. Once the mall, with space for 2-3 large anchor stores were built. Around it grew restaurant rows of chain restaurants and fast food. By the time I got there in 2014+, the malls were dead and the restaurants has far more staff than customers. I could see communities hanging on by their fingernails, with no plans for existing structures. But the developers were seeing tax refunds on failing businesses. Much like Trump with the Atlantic City casino complex. As Reagan had proposed, America stopped making things and became a service economy. Unfortunately, it doesn't trickle down.
@jack8580 Yıl önce
It's very sad when a lot of these cities with the highest homeless rates have the most empty properties. There really is nothing else to explain that other than greed and lack of empathy for other humans
@kirkkeeling9436 10 aylar önce
What about the 60 low income homes they built?
@milkflys 8 aylar önce
@@kirkkeeling9436what about the 1.7 billion dollars that the city could have used to build affordable housing, but didn't collect because of the tax exemption that incentivized those mere 60 allow income houses in the first place? did you even watch the video? it explained this already.
@kirkkeeling9436 8 aylar önce
@@milkflys The city isn't the one investing that much money, the contractors build those big towers are. They want to stay in business and building an additional 60 homes is done out of charity. These "low income" properties don't upkeep them selves and are often unprofitable. You're literally complaining about people who house poor people because they didn't go out of business as a result.
@tommysalami420 3 aylar önce
​@@kirkkeeling9436 You understand wealth disparity? Anyone that invests in those properties have already swallowed all their morals. Money is just a game to those people while the poorest never get a chance to play. Its just a joke at this point but one that drives people to despair. If anything its the cities planners and lawmakers jobs that should be questioned as they aren't putting the people of the city first.
@VallartaOffroad Aylar önce
Wall Street and property developers are two of the most "generous" political donors, not only in NY; maybe it's not surprising they manage to get laws passed in their favour to the detriment of everyone else. Another great video
@nadiamariko Yıl önce
It’s heartbreaking to me that there are so many people living on streets freezing, starving, and struggling, while there stands so many buildings almost completely empty.
@SW-wf3gy Yıl önce
agree with you
@themaskmandhaka3717 Yıl önce
Lol..then do something
@sant1970 Yıl önce
You have a better system? I doubt it
@dumbassdumpling5025 Yıl önce
@@sant1970 yep, america actually has the least homelessness and poverty of other similar countries. we also have the best access to medical care and really good birth mortality rates :)
@KirstenNGlass 11 aylar önce
Ryan Serhant talking about capitalism being what it is and how great it is in the world and then being like "The people getting screwed are the middle class, and where do they go?" was so close to the point.
@tl8211 8 aylar önce
I was like "it's obviously right but judging by your vibes I don't think you understand what it means, mate".
@milhousevanhoutan9235 3 aylar önce
When he went on that little rant after his while "Capitalism is the way of the world" solliloquy I felt the overwhelming urge to try to throatpunch him through the screen.
@valebliz 3 aylar önce
Serhant is human waste.
@dan-bz7dz Aylar önce
Yeah, it's totally not the working class that gets screwed the most. Tough times for me, I can't afford a place with a swimming pool anymore
@sparkpenguin Yıl önce
i'm really pleasantly surprised by the presentation of this and research behind it. i love 'indie content' in the classic YT sense, but well-produced capital critical content on this level is really incredible. instant sub.
@stelazhou 4 aylar önce
New York is especially unique for its skyscrappers, and it is just crazy how the average rent price in there is high, and even higher for luxury apartments such as 220, One57, 111, 432 and more. The fact that the skinniest skyscrappers 111 has to raise the price crazily just to make all the construction effort worth is crazy, literally sky is the limit for the apartment rent in New York.
@bleueraijin Yıl önce
Really descriptive video on the problems, we are facing right now, housing. In my opinion, it was a bad idea to make housing like a commodity. It allowed many people to take advantage of this system and leave most people to either rent or be homeless.
@Supreme40x 3 aylar önce
Thank you very for this content and incredible insights by all perspectives - it’s very neutral and not moaning about a development or being jealous about rich people but also admiring the technology and what it does to New York‘s view … I think it’s a 360 view on the topic - not all of it is positive but great you pointed it out
@BlyGilmore Yıl önce
The scary thing is this move to own housing as an investment isn't just restricted to these ultra-wealthy properties like Billionaire's Row. More and more 'normal' homes are being scooped up as an investment at the detriment of people who'd actually like to live there.
@jamesgarrard8301 Yıl önce
It's especially bad in places with mainly R1, low density residential housing. Cities need to get more comfortable with mid and high density housing
@idirhhrin8876 Yıl önce
@Siamesebutter Yıl önce
Whilst I am in awe of the engineering know-how that goes into these new buildings, I am a slave to the architechture of the buildings from the 1920's..i feel that these new kids on the block just dont have the same beauty to them at the Art Deco Scene had....but regardless of looks and character (or lack thereof) it is sad to see so many of these spaces unused..there is nothing more upsetting to me than an empty building..especially when there are so many in need of a roof over their head
@malloryg4251 10 aylar önce
I was just thinking the same thing the other day, while watching Architectural Digest. New York is losing its soul and turning into one big monstrosity, like Dubai. A small handful of egotistical men are fighting over who can make the tallest, shiniest building. And they don't even care if anyone inhabits the living spaces!! The most incredible views in the world, and nobody is there to enjoy them. And people are literally homeless and can't afford a place to live. That's capitalism for you....
@whitneyjory8749 9 aylar önce
I agree. I love Art Deco. I’d buy an older apartment over once of these any day. I want a soul.
@aephraums Yıl önce
I love Serhart's BS on taxing the billionaires and why the 421 tax break is important because the rich are taxed on capital gains and income... The super-rich rarely pay income tax and the % cost of a rolls royce to their disposable income is like us buying a quart of milk at a bodega...
@rickpetrinack1540 2 aylar önce
Fred hi from Calgary, Canada, worlds away from the cities in this video. This episode is possibly one of B1M's very best. I absolutely love super tall architecture. However I'd see or read about them and the only rational for owning a unit is a status symbol. Kind of like developing a multi story high end mall in the heart of a major metropolitan city but only the anchor tenants are occupied and everything else is vacant but owned as an investment because of the value of the land. This episode explains it so well I've watched it numerous times. B1M is excellent have most of my team of PM's watching now as a group during lunch. Thanks.
@maxmad1078 10 aylar önce
I love the term Zombie Urbanism... it describe well this phenomenon. I worked in a new building in Luxembourg city, every condo was sold, but only one was occupied. If i remember correctly, the prices started at 3000000 X'D. Hahaha and they were soooooo small, ridiculous. But it is an investment not a place to live...sick. We're doomed X'DDDD
@adsfw1000 9 aylar önce
Have to say this is an incredibly well produced/presented doc. I have no searing interest in construction, but it was a damn good watch.
@thehoboman Yıl önce
The engineering that goes into these buildings is always fascinating, but the economic/societal side of things is definitely troubling.
@anthonyrios8566 Yıl önce
NO doubt these Buildings are Beautiful Architecture Works, Only for the Billionaires, Commoners, Working Class, Middle Class Need Not Apply. 🛸
@Falconlibrary Yıl önce
Welcome to the future. 16 million vacant houses in the US and two generations of Americans can't afford even one.
@suzpro8165 Yıl önce
@@anthonyrios8566 What are you paying for, really? One great big chunk of square footage, encased in sterile glass? Where are the breathtaking appointments, where are the things that make you go "WOW!!!" and where is the uniqueness of the residence itself??? Give me Sutton Place or The Village, any day of the week!
@lolollolol5654 Yıl önce
and the architecture is backward
@HK1_11 Yıl önce
The buildings are nothing crazy tbh
@NefruSimons Yıl önce
I love New York, it always had the atmosphere that call to my inner core something like "What are you doing? You should live here!", and its not for the money or succes, its for the architecture, landscape and atmosphere, this city have. When i watch videos about New York, i always feel like im watching home for some reason, the city speaks to me in a way. But its also true that the rent prices and and tax politics are incredibly bad at the moment, so there is no way i would be able to afford it. This video was amazing and plainly explained a major issue. Good job. I will be back for more.
@ZxSkyLineKidxZ 10 aylar önce
I do work in many of these buildings and I work around the client's that own these units. My job is Window Treatment. It's an amazing experience to see the finished product and the views. I'm not allowed to share photos and videos of what I see in these units. It drives me to work hard and makes me have similar dreams to these people that own these units. It's just insane. Just yesterday I was in 216 W58th on the 125th floor. The views were beautiful. The wind in the afternoon picked up and you hear the rumbling sound of it. The chandeliers in the unit all were moving slightly but you personally wouldn't feel the swaying.
@whitneyjory8749 9 aylar önce
Very cool! I hope you have keep some personal photos. I’m an interior designer so I’m very envious to check out those units and views.
@ZxSkyLineKidxZ 9 aylar önce
@@whitneyjory8749 it's a small world! Who knows, I may run into you one day doing a Drapery and Shades installation for one of your clients. I wish you the best!
@whitneyjory8749 9 aylar önce
@@ZxSkyLineKidxZ Likewise!
@helenmiles3866 3 aylar önce
Wow.. such a unique job with incredible views!. Are you allowed to share photos of just the views? .. while on a break? I bet lots if people would love images from the sights you brave guys see up there. .. safety first ; )
@GoranIsmov 5 gün önce
It is essential to differentiate between managing finances and building wealth, and the lack of education in schools may play a role in the difficulties people face in maintaining financial success. The examples you provided are relevant, and personally, I appreciate the lessons learned from navigating market crises. I tend to confront challenging situations rather than avoiding them, a perspective humorously echoed by my advisor.
@MayerFischer 5 gün önce
Similar to any other investment avenue, the stock market requires a substantial level of expertise to sustain profitability. While my approach has predominantly involved buying and holding stocks, my portfolio has been in a state of decline for a considerable period. Achieving substantial gains necessitates consistency and the periodic restructuring of your portfolio to adapt to market dynamics.
@ScottRich9 5 gün önce
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@EeveeFromAlmia Yıl önce
Honestly, you'd think that having empty investment housing just lying there when there is a massive homeless population in the same city wouldn't/shouldn't be allowed. It's sort of evil.
@MrRandomcommentguy 3 aylar önce
People should be able to do what they like with their money. I know that means we have to try not vomit when we see what stupid shit they do spend their money on, but you cannot tell people how to spend their money. That's also sort of evil.
@veera4516 3 aylar önce
Maybe put the homeless people in skyscrapers. Is the least system abusers can do.
@mattgaleski6940 3 aylar önce
@@MrRandomcommentguy We can and do tell people how to spend their money all the time. Building codes and zoning regulations are all ways of telling you how you can and can't 'spend your money', but I think most people would prefer to live in a world that has them than not.
@friedzombie4 6 aylar önce
I love how people just can't get their gold plated brains around the fact that the rich should subsidize the poor and that capitalism isn't the end game for economic theory.
@foobarFR 3 aylar önce
@friedzombie4 and basically "capitalism" isn't and should never be a "do what you want" card, especially in city planning.
@RGld-jg8rs Yıl önce
I live in Melbourne and definitely have felt this, in my building there are easily 200-300 apartments, but given the amount of neighbours I've encountered and mailboxes I've seen empty, I think no more than 100 are occupied. At one point for almost a month my roommates and I realised we were the only occupied apartment in our entire level
@archipiratta Yıl önce
Yeah, Aus rentals are messed up, especially in the bigger cities like Melbourne and Sydney
@josephdiscovers Yıl önce
You have had strict rent control laws in Melbourne - the end result of these laws is scarce housing for most people, indulgently cheap living for a few and an excess of luxury property as the city eventually makes exceptions for the top end of the market. The same thing happened in Stockholm, Cairo and Hong Kong. The chain of causation between rent control laws and this end result is very well understood by anyone with even a cursory knowledge of economics.
@againstthepods4316 Yıl önce
That’s so cool I love lonely buildings and’s streets I’m very emo like that
@toni4729 Yıl önce
There's nowhere to live in Brisbane, everyone from Sydney and Melbourn is moving up here and the rents are skyrocketing.
@againstthepods4316 Yıl önce
@@toni4729 why
@ocfos88 Yıl önce
I love how zero of the ultra-wealthy housing buildings refused to say anything when asked. It shows they're hiding a lot of shit.
@mikeciul8599 Yıl önce
Wow, Ryan Serhant is either really brave for agreeing to speak to you, or really clueless about how he sounds! Either way, I'm grateful that he did.
@armancz 7 aylar önce
From a perspective of a real estate agent in Prague the prices of these apartments are eye watering, the most expensive apartments in Prague atm are around 2,5-3m dollars, regular apartments are around 200-300k.
@microsoftsam_yt Yıl önce
Please keep in mind that these are condominium units owned by individual owners who use these units to launder money. There's a lot of NIMBYs who fight new development that would help ease our cities' housing shortage by claiming "most new apartments just sit empty!" because they saw a TikTok or video similar to this are are misconstruing the facts.
@FreshGuava161 Aylar önce
The city is suffering from a severe housing crisis, yet developers are designing towers with the very specific goal of having theses buildings stay empty. Finance will never cease to amaze me.
@GrinerB Yıl önce
That real estate guy justified rich people's ability to game the system by listing a host of taxes that normal people also have to pay while completely ignoring the benefits the rich people have that normal people don't have access to... Rich people having to pay sales tax on their nice shit doesn't provoke any sympathy out of me...
@TheAlbinoskunk Yıl önce
Lists a bunch of taxes that he knows full well his clients have offshore companies to avoid paying, and then sarcastically criticises the existence of tax itself. It's difficult to imagine someone more deplorable than that guy
@bobbowie9350 Yıl önce
Realtors are the scum of the earth
@marleychronic8530 Yıl önce
Ryan Serhant is his name, he has a tv show and deals with luxury real estate.
@JerryKosloski Yıl önce
You're just salty because he does more in one week than you do in an entire year.
@mtgrez 6 aylar önce
"New York City, once known for its iconic skyline and architectural landmarks, is rapidly losing its identity with the rise of the so-called "Billionaires Row" on 57th street. The influx of new skyscrapers, designed to cater to the ultra-rich, has transformed the city's skyline into a glittering metropolis reminiscent of Dubai. While some may argue that these towering buildings represent progress and modernity, others lament the loss of the city's historic charm and unique character. With each new addition to Billionaires Row, New York City seems to move further away from its roots, leaving many to wonder what the future holds for this once-iconic city." R.I.P. NYC
@BuildToInnovate Yıl önce
Looking forward to see what the future of New York has from the construction and innovation perspective.
@TheZchristina97 3 aylar önce
Imagine a world where many people are homeless and a handful of wealthy people are passing around unoccupied homes purely as investments like they're Birkin Bags. Insanity.
@X2yt 11 aylar önce
It's easy to understand billionaires in this sense. It would take a lot of mental gymnastics to decide that you don't want to live in a penthouse with a lot of spacious rooms, large floor area, privacy and everything you've ever wanted in a high rise apartment, and instead go live in basically an overgrown spike in the same area.
@richardli4628 3 aylar önce
I can totally understand this, my parents own a 4 million dollar penthouse in Toronto and me and my little sister go there every summer since a few years ago
@MrMarkOlson Yıl önce
It was SHOCKING to hear that NYC somehow decided it was a "good" thing to finance billionaires by making their ultra-luxury property tax rates lower than those of the middle class living in their own homes. Fix that inequity and there will be fewer empty living spaces, more options for regular buyers, and fewer homeless.
@cryingafrican6858 Yıl önce
Economic development. And since the billionaires that do live there pay the most to live there as well. Pretty sure they pay atleast 100x what the average person does.
@gideonkloosterman Yıl önce
@@cryingafrican6858 Why should they pay less % though 🤔
@gideonkloosterman Yıl önce
@@cryingafrican6858 also how does a city benefit from being an asset? that 169mil is mostly going to the guys that built the giant matchstick and from that point onwards there's barely any money rolling.
@cryingafrican6858 Yıl önce
@@gideonkloosterman less property tax because they’re trying to invite wealthy people into the city to boost economic prosperity. By that I mean a lot of wealthy people know New York City is a horrible financial investment, so if they can bring in more wealthy ppl they can tax more money off their profits, the wealthy will spend more money on housing and consumables. It’s like a business doing a discount to increases sales and volume. And look at it like this. Who pays more? A middle class person with a 10% tax rate on $850,000 or a rich person paying 5% on $10,000,000. I do agree apartments like these are kind of stupid, but understand that there will always be the poor. There’s absolutely nothing you can do about that. In fact I want to do philanthropy and create shelters when I go into business, but no matter what there’s always going to be more Homeless or starving people.
@suzettekitselman6914 Yıl önce
Thank you so much for this! Very well done, very informative. More please? :)
@moejuggler6033 3 aylar önce
Your videos never disappoint! This may have been the best work. Thanks~
@blah7983 3 aylar önce
More states need to pass laws that tax the hell out of unoccupied/not occupied by a longterm resident housing after a certain number of properties owned
@grumpystiltskin Yıl önce
It would be cool to see some engineering go in to making affordable, socially effective middle class homes. We are stuck thinking the century old brownstone is the best we could ever do. But building codes force you to use ancient tech and lots of steampunk labor. No new materials. No modern plumbing or electric. With today's manufacturing we could make valuable beautiful nontoxic firesafe housing at 1:10 the cost. But it's illegal to innovate. Every county in America has different rules enforced by the local mafia and building inspectors. You can't make a company supplying modern building supplies without bribing officials in every county.
@alexgunner1882 22 gün önce
Wow... Just wow. I'm honestly speechless, don't even know how to begin replying. Stunned
@jamesryan9825 7 aylar önce
This is a superb analysis of the socio-economic impact of high end construction and development.
@user-propositionjoe Yıl önce
As cool and well engineered as these buildings are, what they represent really lay bare the glaring problems with human society. If someone can buy a penthouse in NYC for 170 million just as an asset meanwhile people on the street can barely afford to get by you know something is seriously wrong with us.
@DoctorTauri Yıl önce
I present 21:04 to you
@herbertant4096 Yıl önce
It's not us, it's each individual problem, get it right
@ComanderSazabi2000 Yıl önce
@@herbertant4096 It's us, we live in a society. And societies have systemic societal issues. To deflect the problems in society on to individuals is disgusting.
@starventure Yıl önce
@@tristanwh9466 Human capital is not fair. We are not all created equal, and are never going to be equal. Somewhere along the time we are given a value by our peers and that’s what will decide what your status will be in terms of finances. One thing is certain, however. The poor are not always the fault of the rich, but the rich are always the fault of the poor.
@Wosiru Yıl önce
I like the new direction that is taking the channel, instead of speaking only engineering you also take a broader look at the impacts etc
@MugMan Yıl önce
21:05 Although this chad is not wrong, something tells me he doesn't understand how much the lower class makes and is taxed while also paying for things owned by the rich, or the fact of people with needs or disabilities/mental health simply are not able to afford the services they need while also making ends meet for bill, rent, and etc.
@seltexmx 9 aylar önce
Just found your channel. Thanks for a great, informative, non biased video.
@jonbeargenx Yıl önce
I haven't been in NY since May 2002, it looks like it's time to go again. I love architecture, and I just have this urge to go all the streets and soak it all up! Say what one will of the politics behind it, but it looks amazing!
@blackleague212 Yıl önce
Make sure you come up to the bronx and spend some of your tourist money in some BLACK communities.
@camthesaxman3387 Yıl önce
Eh, just about any European city has more beautiful and more interesting architecture than NYC.
@jonbeargenx Yıl önce
@@blackleague212 I was in Harlem last time, that OK with you?
@jonbeargenx Yıl önce
@@camthesaxman3387 I've been around a lot.
@blackleague212 Yıl önce
@@jonbeargenx Oh, well that is very good, I expect you to visit Harlem. The Demon King is from Harlem, and His writing will destroy Heaven, forever, Amen. His beauty will wash over all prophesies created by mankind. NYC is his gemstone, and Harlem is at His feet. You have earned a dark spiritual blessing on this day, Sir Bjømerud. A kiss of the Loa, and the charm of the santeria. How lucky are you!? Your soul be sealed and counted on this auspicious day. Amen æl dimm thaRR.
@joshuapatrick682 17 gün önce
when someone spends enough money to feed a small nation for a day on a few thousand square feet of real estate they keep empty it makes me know society is gonna be okay....genuinely shocked the uber rich don't actually just hunt human's on private islands like some horror film.
@dr.kinderman5290 Yıl önce
So basically, the amount of wealth that's been generated has become so great that there need to be things you can actually buy with it. So these units in these skyscrapers are used. The draw not being prestige or the unit itself, but simply being something valuable enough to represent the wealth you have. It's like a giant pile of money basically
@Kisamaism Yıl önce
A giant pile of money that is pegged to a real estate dollar, sure. And that's horrifically volatile. Which means even MORE money is spent padding the pockets of assessment agencies while ensuring "premium demand" (talking up the value within the real estate sector, buying up real estate to ensure scarcity, lobbying politicians to approve gentrification projects, etc.).
@uropod Yıl önce
kind of like nfts
@TechRedstone Yıl önce
not quite, its speculative investments actually. when wall st controls the value of the dollar, owning anything is better than owning a dollar.
@father3dollarbill Yıl önce
Imagine being a billionaire and knowing you could comfortably invest and keep making money and at the same time, help your city or your country. But not doing it, ever. Instead, just spend it in pleasure.
@darploin5071 Yıl önce
What needs to happen is the government needs to see some of those apartments from in those buildings and start putting low income people in them and making it mixed and then the government should see some bit more to put the prices to a point where middle class individuals can afford them and have mixed from low middle and high in the same building
@rationalthought846 11 aylar önce
Great episode- though some questionable premises. I did not see addressed what percentage of these luxury apartments are owned by non-US citizens? I suspect it is high as the rich in other countries want to protect their assets- I read somewhere foreign ownership of luxury apartments was as high as 30% in NYC- but would not vouch for the number. If true, were it not for foreign ownership many of these places might not have been built. The city and country might do well to make it more difficult for foreigners to own property. Also, as far as liquidity of real estate, as well as income inequality in general, I can guarantee it will drop a lot this year and next. All it takes is for the Federal Reserve to stop making money free and keep interest rates elevated. It will quickly solve a lot this concern. Also, the premise of real estate being made more liquid seems absurd. The fact that many units are unsold would prove this. I suspect if foreigners did not consider NYC and US a safe haven, and the Federal Reserve had not made money free over most of the last decade, these buildings would not have been built. Of course, the idea that NYC is losing billions of dollars while technically true is inaccurate. NYC collects more taxes per person than almost any other major city but wastes a lot of its money and can't even keep the streets clear of homeless and criminals and has a broken education system. I only bring it up for those who feel NYC needs more money- extra tax money is like giving a drug addict heroine to reduce his withdrawal symptoms ... it may make him, and you feel better, but it does not help. A simple look at NYCs budget will make that abundantly clear. The city has thousands of retiree's collecting $150,000+ per year in pensions. Must be nice. Regardless of my comments I found the episode interesting.
@arctr00perecho 3 aylar önce
Just as it was when this country was formed and even the earliest of civilizations, land has been one of the largest precedents to power and wealth. These skyscrapers being forms of compartmentalized land ownership, are no different
@olimpiamcconnal 11 aylar önce
Wow! Wow! Wow! Just wow! They did it guys. They kept their promise. The half an hour video from the best channel for construction in the world just gave us the best treat of the year. I love you B1M. Your videos are spectacular. I can write almost an entire book about how much y’all have helped me in learning about construction projects around the world right here from the comfort of my home 📱 🛋 . You guys are the absolute best of the best . I’m sooooo grateful for rocking with y’all for over a year now I believe. Keep up the spectacular work mate 👏🏾🤍 🚧 And Sending loads of love right here from The Bronx NewYork City 😊
@MrRed159 Aylar önce
L know❤🎉
@ObscEst Aylar önce
Serhant literally knows him and his ilk are causing suffering and he just shrugs it off, this is why we as workers must stand together and demand our fair share of what we produce, demand legislation that directly addresses wealth inequality and inequity, such as social housing or a UBI.
@koertdubois6781 Yıl önce
"Architecture as spatial financial form, not as shelter or cultural manifestation." Nailed it. Bless you guys.
@JN-er5yu Yıl önce
This statement speaks volumes as a recent Architecture school grad... definitely an interesting future ahead of us.
@melaniecotterell8263 Yıl önce
deciding how to develop these properties is a task I would not wish to undertake. No best choice with so much at stake. Get multiple proposals than eini meani miney moe?
@michaeld5888 Yıl önce
The problem is shown in the UK where the housing is used to a large extent as a money laundering asset repository for the funds pouring in to London which creates prices that bleed out in to the provinces. The middle classes cashing in buy in to the provinces for a second or primary home outbidding the locals and prices spiral leaving them homeless or with their parents until old age. The pressured limited housing stock in the UK coupled with its unsustainable population level is a major social disaster in the making.
@hairyairey Yıl önce
@@michaeld5888 Almost with you until you claimed "unsustainable population level" - the UK is nowhere near as densely populated as Hong Kong and others!
@Schwuanse Yıl önce
Unfortunately that is true not only for housing, food, fuel, toilet paper. Everything seems to become an investment destabilizing our world... :(
@pozspeakerau Yıl önce
Fred, WOW, a very very interesting and informative video presentation. I understand a lot more now about these remarkable buildings, and why I'll never live in PH75 @ 111, without owing an oil well or had field...
@thearvindkejriwalandaaptea4159 Yıl önce
Ancient India ,the highest building used to be temple and surrounded by houses of almost same sizes. This is perfect way to build a civilization. Spirtual people and grounded
@doronl7254 3 aylar önce
This channel gets so many views and likes. Way more than most channels. Such blatant inequality. They must be equitably redistributed among less viewed channels immediately.
@austinbarney8824 Yıl önce
Get rid of the ability for these entities to lobby for favorable laws, and these issues will go away. Lobbying is essentially buying off the politicians. It’s insane that we (the people) allow it.
@brad9529 3 aylar önce
Until you visit NY, you assume it's popular because it's NY, and it's huge. You don't realise how beautiful it is. It's such a lovely place to be. That's why it got so big.
@mauritsbol4806 Yıl önce
I have been watching 10 minutes of this. And i want to urge you. Please make more of this. This documentary style video is absolutely what i love about construction, how it is so integrated in human society and how it sometimes raises questions and issues. I think this should not be the only videos you should continue to make but pleaase make more of this. This was great!
@trainrover Yıl önce
mass hypnosis myst suit your sort.......
@Lee-fw5bd Yıl önce
I have no issue with these places existing or their purpose. I don't think it's bad or "telling" that luxury and excess exist just because some people are struggling. I just wish they looked better. If they're basically just status symbols with the same purpose as art, I wish it would be treated like it instead of being treated like a slightly better and more practical version of those Chinese ghost cities.
@Na0uta Yıl önce
I hate it when the rich try to justify not paying all their taxes. It always boils down to "I pay more taxes then a poorer person so I shouldn't have to pay all of it". It's the most bs response ever.
@evergreenaviation3672 4 aylar önce
In addition to the Plaza, Rissian Tea Room, and Carnagia Hall, Billionares' Row is also in close proximity to the New York Racquet & Tennis Club, a hot spot for upper-class new yorkers.
@vab120 Yıl önce
Real estate developers mostly aren’t billionaires. They thought wrong about how much real estate property billionaires were willing to have in their personal mix. Billionaires see everything as an investment. Ridiculously overpriced apartments are a bad investment.
@SleepyOx2023 3 aylar önce
This is a testament to how people can't work together collectively to widen the base of the building to its surrounding properties.
@thatcrazykid1393 Yıl önce
The overfocus on the hyper-wealthy seems to be a serious problem for the construction industry. Demand for regular homes is higher than ever and yet developers still aren't building enough of them.
@TheGeorgeous Yıl önce
Preach !
@josephdadey Yıl önce
There's just less money in doing the right thing. No one is interested.
@sabni8668 Yıl önce
No, demand needs to be backed by funding... I'd not get too preachy unless you want to disclose how much of your personal wealth you're gonna give up to contribute toward building regular homes for buyers with no money........
@hughmungusbungusfungus4618 Yıl önce
Thanks to restrictive building codes, it's not profitable to build new construction for affordable housing.
@buzzkillington3354 Yıl önce
@@sabni8668 so you just keep building houses for rich people who don't want them....
@BecomingBossC Yıl önce
Thanks for a well-produced, informative video!
@chrisstanford3652 10 aylar önce
Wow, New York has some interesting tax laws🤣 Laws like these make vanity architecture like this possible !
@93theproducer47 4 aylar önce
Absolutely fascinating. Great video you guys.
@hind6686 Yıl önce
I feel like there should be a regulation when it comes to selling and buying houses and we shouldn’t be able to just buy a house and sell it for a higher percentag the next year. It benefits certain people at the expense of other then not being able to afford housing.
@TJ-um8ce 10 aylar önce
Then talk to the government and ask them why they keep inflation going... people HAVE to sell their properties for more the next year cause the government inflates our dollar every year. That's not our fault.
@bebeusxl9842 5 aylar önce
So, let me get this straight. These people are willing to pay tens or hundreds of millions of dollars for apartments that they will never use, just for the sake of having bragging rights? And they keep wondering why most of us hate rich people.
@e.pluribusunum7916 Yıl önce
This was incredibly depressing, but I'm glad you did it. It's horrifying how much we've sacrificed to make rich people even richer. The idea of paying 200 million dollars for an apartment you'll never use while people are literally dying in the streets because they can't afford shelter is insane. Edit: my post keeps getting a lot of comments blindly defending capitalism. If you don't understand why this practice is problematic you are quite literally part of the problem.
@andrewbergamann7982 Yıl önce
This needs to stop.
@Falconlibrary Yıl önce
Welcome to the last days of the empire. Enjoy the spectacle while it lasts.
@BeyondDaX Yıl önce
Only the rich can stop the rich.
@jerricklittle3306 Yıl önce
@@BeyondDaX you make it sound like the rich are attacking you
@alipainting Yıl önce
From a design point of view, those buildings look scary. Did anyone see Towering Inferno? I understand the need being near to nature with a deck or garden. But I don't see just the view of Central Park fullfills that. It comes down to the owner NEEDING to be personally in New York or to park cash, but the ultimate value is in what the next person will pay. Kind of like Bitcoin. I recently revisited Manhattan. It wasn't much fun to walk around because of the scaffolding compared to back in the day.
@VerifyTheTruth Yıl önce
If They Constructed A Grouping Of Skyscrapers Integrated Together Into A Structural Network, Could The Entire Complex Act In Unison As A Distributed Core Of Expansible Support And Linked Reinforcements?
@kimleone5496 3 aylar önce
Faced with getting retired out of my job I hope you don't expect me to feel sorry for the billionaires
@bryduhbikeguy Yıl önce
When a studio apartment,@ 600 sq.ft.is $1200.-1800. a month,if you have 1st,last,and security deposit,and a 2 bedroom is $3-5k per month,it tells me that the people owning the towers may just own the rest of the neighborhoods.
@NSResponder 23 gün önce
I just looked up a unit at 11 west 57th listed at 54.6 million, and it's only 6500 square feet. That's beyond nuts.
@stevenmatthews2278 Yıl önce
Such a frightening concept: billionaire housing sits empty while poor families struggle to afford basic necessities and subpar housing. The system is broken, the loopholes are being exploited, and the rich are living in a reality unthinkable to the rest of us.
@KPCienega Yıl önce
Sounds exactly like the conditions in Venezuela for the working class
@bryanfarrow914 Yıl önce
@@KPCienega ........ if they get a U$ supported gummint. Send in more assassination squads.
@nicmainville9954 Yıl önce
@@KPCienega will be the same in the US if people continue to allow corporations to buy out the federal government, thanks Regan.
@BlackMan614 Yıl önce
Thank you Fed.
@robertbell525 10 aylar önce
It would be great to live primarily where everyone else has their second or vacation home. Peace and quiet, privacy, no neighbors around, you can do what you want, yet be in a great Hood.
@divinediva6320 Yıl önce
The Philadelphia area developers are producing skyscraper housing for the ultra-wealthy while the middle class and poor struggle in the housing crisis!
@N1ckelD1me 4 aylar önce
fantastic video! i live in new york and i have such a morbid fascination with these empty ultra luxury apartments.
@janemcginn9205 Yıl önce
In Washington DC they charge three times the amount of normal taxes if a building is occupied. Occupancy can be determined by the amount of water usage or lack there of. I think this is a great solution to everywhere especially New York.
@fucktheworld1207 3 aylar önce
A fellow Englishman 🏴󠁧󠁢󠁥󠁮󠁧󠁿 conquering New York.....keep up the good work, mate 👏🏻👏🏻👏🏻👏🏻👏🏻
@rikvermeer1325 Yıl önce
Here in the Netherlands, "big" cities are starting to incorporate mandatory self-habitation laws on housing. This is needed to keep a sane distribution between social housing, open market and rentals. I like the idea
@timdowney6721 Yıl önce
Also helps to reduce money laundering and tax evasion. Kudos to the Netherlands.
@boraxsopanic2670 Yıl önce
Holland looks like old crap. They take good care of their old crap. :) I love it there but when I get the urge to see the 21st century I look elsewhere.
@clintonflynn815 Yıl önce
@@truthvigilante2180 Uh, no.
@truthvigilante2180 Yıl önce
@@clintonflynn815 there’s absolutely no other way around it
@TheKnives777 3 aylar önce
Let’s keep manufacturing the most expensive things we can create to the point where no one can afford anything anymore and then we can all stand around together and watch it crumble, fun!
@BTA1991 Yıl önce
You would think that instead of keeping the apartments empty, they'd lower the rent down slowly until someone agrees to move in, because some money coming in is worth more than NO money coming in. It doesn't make sense at all.
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