Actually, that’s not entirely correct. It’s week-old second-city syndrome news. But July is always a terrible month in this corner of the internet, post-count-wise, so mildly stale news is preferable to no news at all. Right? Of course. Away we go.
The hottt real estate outrage around these parts is damned developers who are too afraid of losing tons of money to sink tons of money into building projects around town. The Globe has made Vornado, co-owners of that hole in the ground downtown, the prime objects of said outrage. The paper has taken to complaining that these New York-based fat cats are sitting on nearly $2 billion in cash, but they won’t sink a couple hundred million into Downtown Crossing. Why? Because they’re from New York, and so they hate us and want us to suffer. Obvs.
This past week brought even deeper-cutting outrages. The Observer chronicled something like a dozen luxury developments that Extell Development is queuing up in Manhattan. There will be hotels. There will be tons of condos. It will all cost lots of money.
Meanwhile, over in Kendall Square, Extell (with their development partners Equity Residential) is embroiled in a streetfight (legally speaking) with a bunch of Harvard and MIT professors. The profs had plunked down deposits on a 180-unit condo building, but they haven’t been able to close because Extell got cold feet, and is now trying to flip the development from condos to rental apartments. Their argument? Nobody wants to be hawking luxury condos right now.
Around these parts, at least.
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