Julio’s Musings Around Columbia County, New York

Even with the current economic turmoil, New York City continues to grow skyward as the photo of the luxury condo nearing completion near Madison Square Park testifies to. Not sure of the starting prices or the penthouse prices but I am sure the average will be in the multi-million range for both 1 and 2 bedroom apartments. This building was already skyward when the collapse of the economy became noticeable late in 2008 but there are many other large buildings financed and under-construction to keep those who enjoy straining their necks upward active for quite a number of years.
And who is going to occupy these gleaming new condo units high above “The City”? I don’t know but if the reports from the NY Times and other news outlets are correct, it appears Wall Street renumerated itself quite well this past year to the tune of over $18 Billion in Bonuses.
A sharp downturn from the colossal figure for 2007 but still enough to soak up quite a number of high-priced units coming on the market soon!

[tags]New York City, Julio Hernandez-Miyares[/tags]