Housing the World's Really, Really Rich

Grumpy Old Guy
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Re: Housing the World's Really, Really Rich

#76

Post by Grumpy Old Guy » Fri Mar 15, 2019 12:53 pm

There’s only so much that people will take -- they’ll either go somewhere else or they’ll just get a hotel room.”
I cannot see the point in having fully equipped and staffed houses/apartments in many places around the world where you only stay for a short time. You would have a much more enjoyable stay, at lesser cost, by renting.

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Addie
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Re: Housing the World's Really, Really Rich

#77

Post by Addie » Sat Apr 06, 2019 8:16 am

New York Times
That Noise? The Rich Neighbors Digging a Basement Pool in Their $100 Million Brownstone

The extremely loud and incredibly expensive renovations that have shattered a formerly quiet residential block in Manhattan.


In the middle of West 69th Street between Central Park West and Columbus Avenue, behind some scaffolding and a green wooden wall, stand a few precarious inches of facade. It is a Potemkin-like sop to local landmark laws, all that remains of two brownstones from an earlier Gilded Age that were leveled unceremoniously last summer.

A few years from now, this remnant will be grafted onto a mansion that may well cost $100 million by the time it’s finally finished. But for now, all they’re doing is digging.

Every morning at 8 o’clock sharp, the jackhammering begins. All day long the drilling and banging and beeping go on. Only on weekends and the holidays of the politically potent — Christmas and Rosh Hashana, for example, but not Martin Luther King’s Birthday — does it cease. It was supposed to end last December, then in February, then this month. Now, they say, it could last all summer.

Manhattan has countless monuments to outrageous wealth, most recently and glaringly the $238 million penthouse that the hedge fund billionaire Ken Griffin just bought at 220 Central Park South. Lacking famous owners, a prestige address, a brand-name architect or coverage in tabloid real estate blotters, 48-50 West 69th Street has thus far been a study in inconspicuous consumption. But it reflects extravagance of a different sort.

This is about how the whims of a plutocrat can upend the lives of an entire city block, challenging the culture and the well-being of the people who live there. It’s about coming to terms with everyday existence in New York, where the rich run rampant and the rest of us have to deal with it.

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Addie
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Re: Housing the World's Really, Really Rich

#78

Post by Addie » Sun Apr 21, 2019 10:13 am

New York Times
How Luxury Developers Use a Loophole to Build Soaring Towers for the Ultrarich in N.Y.



Some of the tallest residential buildings in the world soar above Central Park, including 432 Park Avenue, which rises 1,400 feet and features an array of penthouses and apartments for the ultrarich.

But 432 Park also has an increasingly common feature in these new towers: swaths of unoccupied space. About a quarter of its 88 floors will have no homes because they are filled with structural and mechanical equipment.

The building and nearby towers are able to push high into the sky because of a loophole in the city’s labyrinthine zoning laws. Floors reserved for structural and mechanical equipment, no matter how much, do not count against a building’s maximum size under the laws, so developers explicitly use them to make buildings far higher than would otherwise be permitted.

The towers benefiting the most from the zoning quirk have all sprouted during the past half-decade: enormous glass and steel buildings with lavish condominiums that sell for millions of dollars. Many line the blocks around Central Park, some of the most expensive and coveted real estate in the city, and have become second homes for Chinese billionaires, European tycoons and out-of-state hedge fund investors.

But the proliferation of these buildings is provoking a backlash amid a broader debate about affordable housing, megaprojects for the ultrarich and the city’s identity. Now, officials are seeking to rein in developers by proposing rules that would apply unusually large mechanical spaces toward a building’s height limit.

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Sluffy1
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Re: Housing the World's Really, Really Rich

#79

Post by Sluffy1 » Sat Aug 24, 2019 7:37 pm

SOLD.
Los Angeles property listed for $1bn sells at $100,000.
https://www.theguardian.com/us-news/201 ... r-lot-sold.
Addie wrote:
Mon Jul 30, 2018 7:47 am
LA Times
Billion with a 'b': Prized Beverly Crest acreage aims for $1,000,000,000



On a summit above Beverly Hills, a sweeping 157-acre property touted as the city’s finest undeveloped parcel is hitting the market with L.A.’s first-ever 10-figure asking price: $1 billion.

It’s being branded as “The Mountain,” and fittingly so. The undeveloped acreage sits at the highest point in the 90210 ZIP Code, and it’s — by a mile — the most expensive listing in the history of Los Angeles.

For reference, a 120-acre plot owned by Microsoft Corp. co-founder Paul Allen is on the market in the same Beverly Hills Post Office area for $150 million. Last year, handbag tycoon Bruce Makowsky made waves when he listed his four-story mega-mansion in Bel-Air for $250 million.

Aaron Kirman, the listing agent, calls it “the crown jewel of Beverly Hills,” noting that the potential is unparalleled. Views stretch from downtown Los Angeles to Catalina Island, and the closest neighbor is half a mile away. Disneyland, at roughly 85 acres, is a little more than half the size of the property.

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RTH10260
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Re: Housing the World's Really, Really Rich

#80

Post by RTH10260 » Sat Aug 24, 2019 8:57 pm

Sluffy1 wrote:
Sat Aug 24, 2019 7:37 pm
SOLD.
Los Angeles property listed for $1bn sells at $100,000.
https://www.theguardian.com/us-news/201 ... r-lot-sold.
► Show Spoiler
reported price has a twist:
The upshot: the Hughes family trust reacquired the property for a nominal $100,000, and with it an estimated $200m in debt that has accumulated since the whole saga started.

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