By: Ilana Siyance
After the tragic events of 9/11, there was a renaissance effort to rebuild, better and stronger. The ambitious plans included adding condo towers in the financial district. At the time, luxury condos were hotly in demand. Since then, however, the market has become saturated with supply, and a number of lofty residential projects were left undone.
As reported by the Wall Street Journal, one such project was at One Seaport at 161 Maiden Lane. There were plans, with luxury apartments being pre-sold, to construct a shiny 57-story glass building along the East River in the Financial District near the Brooklyn Bridge. The building, conceived in 2010 during a market boom, was to boast breathtaking views, and a health club with a floating glass-edged infinity pool.
The residential skyscraper topped off in 2018, with completion expected in the following year. One duplex apartment at the building was sold for $4.6 million, with a total of 99 contracts sold. A four-bedroom penthouse in the building was asking $18 million in presales. Today, four years later, construction is on hold, just a concrete skeleton of the planned tower stands. Those who purchased at the tower did get back their deposits, but are still holding on to their dream apartments. Construction was stalled some 19 months ago, with a lawsuit by the construction manager alleging that the tower is slightly leaning to the North, off the vertical. The developer, Fortis Property Group, maintains that the building is safe, but work at the site is halted with construction difficulties and developer infighting.
Besides for this tower, another unfinished shell of a skyscraper is at 125 Greenwich Street. The shiny glass facade of the 912-foot-tower stands tall, but deathly vacant. There were 273 posh apartments on 88 floors planned, with amenities including a lap pool, a sauna and a massage room. Presale prices started at $1.2 million for studios. Launched in 2017, the proposed building, designed by famed architect Rafael Viñoly, has been stalled, and is awaiting foreclosure. As per the WSJ, one of the developers was indicted on criminal tax fraud. The lender then imposed a deadline for preselling $100 million worth of the apartments, which the partners failed to meet. Construction is halted with no plans to continue till a new owner is found.
At 45 Broad Street, a roughly 1,115-foot tower was planned across from the New York Stock Exchange. In April 2017, developer Madison Equities held the groundbreaking ceremony. Now, some five years later, the lot is still vacant. The developers were not able to secure the necessary construction loan to start working with.
