Pied-à-Neighborhood

(The New York Times) The question of who, if anyone, lives in the multimillion-dollar condominiums being built across Manhattan grows more intriguing with every new tower crane that hoists glass slabs and concrete blocks hundreds of feet into the sky.

New Yorkers want to know: Who are these people who hide behind limited liability companies while shelling out a fortune for a condominium — who see the apartment as an investment or even just a vanity play, and who are too busy sunning in St. Bart’s or skiing in Gstaad to actually show up and shop at the local market or pay for tickets to a Broadway show?

Many well-heeled New Yorkers are frustrated that while a large share of their income goes to taxes of all kinds, their non-New Yorker neighbors down the street pay a comparatively minuscule amount in property taxes. And an evening stroll through Midtown is starting to feel like the Wild West after the gold rush, with buildings like the Plaza — officially the Plaza Pied a Terre Hotel Condominiums — sitting mostly dark. It wouldn’t surprise some of us to see tumbleweed blow by the Apple cube on Fifth Avenue.

As it turns out, this is not just hyperbole.

Almost half the apartments on a stretch of Park Avenue are empty most of the year. Credit Joshua Bright for The New York Times

And for those of you interested....

I wrote my first Times Insider, where I briefly laid out how I came to the story. Take a read here

Source: http://www.nytimes.com/2014/10/26/realesta...