The Wall Street Journal reports that the seven-year long boom in luxury apartment development is about to fizzle out. Since early 2010, U.S. apartment rents have risen more than 26%—a pace much faster than either inflation or income growth. This pattern began to slow last year, when rents rose...
San Francisco's Millennium Tower has been sinking at a rate of two inches per year since it was completed in 2008, which is about ten inches more than the builders had anticipated the building settling for its entire lifetime. Not to be boring, the tower is also tilting slightly to the northwest...
As luxury condominiums go, 152 Elizabeth Street displays an unusual rigor and finesse: this is not an exercise in overindulgence, but in refined balance. With its 32,000 square feet split between seven individual residences, Tadao Ando's floor-to-celling windowed, burnished...
Almost two-thirds of homes in the Tower, a 50-storey apartment complex in London, are in foreign ownership, with a quarter held through secretive offshore companies based in tax havens, a Guardian investigation has revealed.
The first residents of the landmark development arrived in October 2013, but many of the homes are barely occupied, with some residents saying they only use them for a fraction of the year. — The Guardian
The kind of wealth that turns a home into a status symbol—and an underused status symbol at that, with occupancy rates of only a few weeks a year—is not easing London's housing crisis. As the city's housing rates push actual citizens to decamp to cheaper suburbs or simply leave the area...
Rem Koolhaas said Zaha Hadid Architects could survive the death of its founder if it feeds on her architectural DNA. [...]
“I think there is a model these days where fashion houses survive by working on the DNA of their founders,” he said.
“It is a model that is becoming more and more current and it could work in architecture too, I think.” — building.co.uk
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"Students are the advanced guard of creating that activity, that buzz. They help make it easier to persuade other businesses and investors there is something going on here.”
Not everyone is convinced. [...]
“Universities are now aping the private sector by building this top-end stuff, so a lot of students feel priced out. You can’t blame private companies, but universities have a got a different role. They should try to provide affordable options and not act like property developers.” — theguardian.com
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"Concerned about illicit money flowing into luxury real estate, the Treasury Department said Wednesday that it would begin identifying and tracking secret buyers of high-end properties."
"The initiative is part of a broader federal effort to increase the focus on money laundering in real estate." — The New York Times
No, these images aren't for an upcoming Lego kit design or a fantasy-genre video game, although they might as well be. They're Mark Foster Gage's concept for a 102-story ornamental skyscraper nicknamed "The Khaleesi", proposed for 41 West 57th Street in NYC's Billionaire's Row.Interestingly...
Pritzker Prize-winner Álvaro Siza has been selected to design an "ultra-luxury condominium" in Manhattan, his first U.S. project. Deemed 611 West 56th Street by developers Sumaida + Khurana and LENY, the structure will rise 35-storeys in New York's Hell's Kitchen, enough for approximately...
The Ponte saga is a classic South African story. Once a Jacuzzi-filled playground for the segregated white elite in the apartheid era, then falling into chaos in the 1990s as the wealthy fled to the suburbs, then the object of failed luxury-condo schemes, the tower is now undergoing a renaissance as an icon of Johannesburg’s urban revitalization. [...]
The hollow core began to fill with garbage and rubble – several stories high. — theglobeandmail.com
When it opens to guests in 2018, 'Blackadore Caye, a Restorative Island' will feature the trappings of many luxury resorts, with sprawling villas, infinity pools and stunning sunset views. But the 'Restorative' in the title refers not just to the impact the island might have on visitors, but to the island itself. Blackadore Caye has suffered from overfishing, an eroding coastline and the deforestation of its mangrove trees, and the partners mean to put it back to rights. — The New York Times
After co-purchasing the unpopulated Blackadore Caye off the coast of Belize for reportedly $1.75 million in 2005, actor Leonardo DiCaprio recently revealed plans with Delos chief executive Paul Scialla and lead architect Jason F. McLennan to build an eco-conscious resort dubbed "Blackadore Caye, a...
At the corner of Elizabeth and Kenmare Streets at the edge of NoLIta, demolition work began in early March to make way for a seven-story condominium, Mr. Ando’s first stand-alone project in the city, although he has designed a restaurant (Morimoto in Chelsea) and residential interiors in Manhattan.
Sales are expected to begin in April, with prices [...] likely to rise to more than $30 million for the four-bedroom penthouse, according to Mr. Steinberg. — nytimes.com
A cash shortage in Rome could see the city’s fascist-era Square Colosseum sold to the fashion house Fendi, despite calls in the Italian capital to keep the building in state hands.
More than 70 years after the Palazzo della Civiltà del Lavoro was built under the orders of Benito Mussolini it could soon be reinvented as a home for luxury goods. — theguardian.com
Two decades after civil war blew the Lebanese capital to rubble, the city centre boasts immaculately rebuilt streets lined with Gucci and Prada stores – but the whole place is strangely deserted
[...] the resulting place feels less souk than Duty Free airport lounge. It is a monotonous world of more swanky high street brands, from Burberry to Tag Heuer, staffed by idle shop assistants awaiting the promised customer footfall that has yet to arrive. — theguardian.com
The idea is always that a building like this in a particular light merges with the sky. The building is on a very small site, and has a very small footprint. There was a requirement from a planning point of view, which we fully supported and were actually happy about, that we had to provide a plaza on the ground floor. And that’s actually why the building toward the base, it pulls in its belly and it slopes so that the urban space is adequate and a required size. — nytimes.com
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