Will I ever be able to rent in Manhattan (and do I want to)?
Desperate Art Galleries Give Up as Chelsea Rents Double : Bloomberg
Ok. I’ll admit when I saw this my first reaction was “OH BOO HOO. Pretentious art gallery has to move back downtown while I can barely afford my “four bedroom” loft (complete with five people) in Bushwick.” Sorry art dealers of Chelsea, I’m just not feelin’ your pain here.
But this did get me thinking: If high-end art dealers can’t afford $30,000+/mo for rent (WTF THAT’S HALF THE COST IN WHICH I GREW UP), then who the hell can?
It’s my understanding that most of this space will now be rented to the types of businesses that can afford it: Starbucks, Duane Reade, luxury boutiques, and some lavish condos. What I’m really not getting here is who on earth can afford these pricey apartments?
I see this happening all over the city. In Brooklyn, it’s gentrification (and it’s a damn shame), but what is this going on in Manhattan? Manhattan rent is already beyond exorbitant already. Can the “1`%” of the world afford multiple NYC condos while the rest of us continue to be pushed to the fringe of of the city? Are they just going to take over Manhattan and make it into a high-rise resort island for the uber-rich?
This bubble has gotta burst at some point right?
Feel free to jump-in at any time and explain this nonsense…
