All articles tagged with #luxury apartments
A viral TikTok video claims that Jeff Bezos had a section of Fifth Avenue closed for furniture delivery to his penthouse, showcasing a crane hoisting furniture to his luxury apartment, sparking jokes and speculation about billionaire extravagance.
Core Redevelopment transformed the abandoned Bush Stadium in Indianapolis into the Stadium Lofts, a luxury apartment complex with 138 units, for $14 million. The project, which preserved many original stadium features, was completed in under two years and has been fully leased since its opening in 2013. The developers also built an additional 144 apartments in the adjacent Stadium Flats.
A man dressed in pajamas jumped to his death from the roof of the 750ft Deutsche Bank Center in New York City, before crashing through the front of the Mandarin Oriental Hotel. The victim was sliced in half upon impact and died at the scene. The incident occurred at the prestigious address in Midtown, where celebrities like Jay-Z and Gisele own apartments. The investigation is ongoing.
A record number of American renters, totaling 21.6 million households, are spending at least one-third of their income on rent, with some paying up to 50% of earnings on apartments, according to a Harvard study. The growth of luxury buildings and a lack of affordable options have contributed to the rising housing costs. The share of construction for high-priced apartments has increased, while the availability of lower-cost housing remains limited. Historically low rental vacancies further exacerbate the lack of affordable choices for households. The trend of luxury rental expansion is expected to continue, making it challenging for middle-income renters to find affordable options.
RMS Companies, the developer behind several luxury apartment properties in Connecticut and New Jersey, is also responsible for the building that partially collapsed on Lafayette Street in New Haven, injuring eight people. The building, called 188 Lafayette, is a 112-unit residential complex with three levels of parking garages and seven stories of residential space. RMS Companies owns more than 30 apartment buildings in the region. The company's president and CEO, Randy Salvatore, had no comment following the incident. The city has already started its review to ensure the permit process was done properly.
Three property investors bought an abandoned high school near Pittsburgh for $100,000 and spent $3.3 million converting it into 31 luxury apartments. The renovation retained much of the school's original design, and it took 18 months to complete. The investors initially considered using the building for a recording studio or renting it out to sports teams, but ultimately decided on a residential complex. The building's size limited them to using only 20,000 square feet for the apartments.
The Manhattan apartments used as the settings for the homes of fictional characters Roman Roy and Kendall Roy on HBO’s “Succession” are currently on the market. The four-bedroom duplex is on the market for $38 million, Roman’s Chelsea townhouse from Season 2, listed for $22.5 million, and his brother Kendall Roy’s Upper East Side penthouse from Season 4, listed for $29.5 million. The brokers for all three listings are leaning into the show’s addictive love-to-hate watchability as they try to persuade buyers to pluck the trophies in a sluggish housing market.
Despite a housing recession, more than 400,000 luxury apartments are expected to be completed in the US in 2023, with much of the new stock built for upper-tier customers. Market-rate rents for new apartments can easily be multiple thousands of dollars monthly, making them unaffordable for moderate-income Americans. Builders blame the high cost of housing on the large amount of regulation in the housing sector, with 40% of the cost of multifamily development being in regulation. The Biden administration has announced a housing action plan to shore up housing supply within five years, but it may not have a material impact on prices for some time.