73 North Market Street

[orulz]

The Citizen-Times has an article about a new proposal for an ultra luxury 13-story, 10-unit building on a tiny lot currently occupied by a pretty insignificant one-story building and a parking lot. This is just across the street from recently completed 60 Market Street.

There will be one unit per floor, at about 2300 square feet. The building will have a parking garage below, but due to its extremely small size, it will be designed to fit ONLY the "SMART" car. Even though it's only 10 units, it still comes to a very dense 142 units per acre, since the lot is only .07 acres.

Here's the kicker: the units will go for $2+ million, putting them into the vicinity of $1000 per square foot (This is the domain of Manhattan's Upper West Side). This is blatantly being marketed at folks buying, essentially, vacation homes. I just can't see that there will be a market for this. The filthy rich investment bankers who would have been able to afford this, generally don't have as much spare cash to toss around anymore. I don't expect this to get off the ground at all.

[rooster8]

This is just an absurd project. I almost spit coffee on my monitor when I read about it this morning. In the "best" of times this project would be unthinkable, nevermind the current situation we find ourselves in.

Best of luck to them. At the least we have another project for the abandoned project heap.