Is it more profitable to lease the space for banners as opposed to lease the apartments to tenants?
Land value tax solves this
The tiny holdout building in the middle of Macy’s is back in view
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Re: The tiny holdout building in the middle of Macy’s is back in view
#22That building looks horrible, do people live there?
You know your facade sucks when it looks better with a giant billboard covering it.
Re: The tiny holdout building in the middle of Macy’s is back in view
#23Re: The tiny holdout building in the middle of Macy’s is back in view
#24Re: The tiny holdout building in the middle of Macy’s is back in view
#25Earlier quoted context omitted.
There are several such buildings in NYC in prime real estate areas that are kept empty in order to prioritize billboard revenue.
Source? My understanding is this is no longer true
One Times Square is no longer fully empty (besides ground floor retail) you’re right that it is now just almost entirely empty as they’ve added an observation deck and a small visitors center/museum about the building as of January this year.
Some other buildings in Times Square keep several floors empty to use for signage instead, a minimum of which is actually mandated by the city.
Re: The tiny holdout building in the middle of Macy’s is back in view
#26Is it more profitable to lease the space for banners as opposed to lease the apartments to tenants?
Land value tax solves this
Not really. looks like they pay nearly $2mil a year every year right now already. You can look up Block 810 Lot 40 here: https://a836-pts-access.nyc.gov/care/search/commonsearch.asp...
Re: The tiny holdout building in the middle of Macy’s is back in view
#27Is it more profitable to lease the space for banners as opposed to lease the apartments to tenants?
Yes, think about the less overhead from dealing with people and building issues. Take a look at the Times Square too.
Re: The tiny holdout building in the middle of Macy’s is back in view
#28a farm. in manhattan sigh
Why do you think "sheep meadow" in Central Park is called that?
Do you think Manhattan has always been skyscrapers?
Re: The tiny holdout building in the middle of Macy’s is back in view
#29Re: The tiny holdout building in the middle of Macy’s is back in view
#30Is it more profitable to lease the space for banners as opposed to lease the apartments to tenants?
Land value tax solves this
Land value tax is an evil concept. Having to pay for land you already own is insane. Also, people already pay property tax, why should there be an additional tax.