That's what made me laugh when Pam Liebman said that the city should be thanking the buyers for how much money they're spending, and acting like the amount of taxes they already paid was SO MUCH that we should be thanking them. Like no, they buy the apartments, visit it maybe once a year, if EVER, and then sell it. They add fuck all to the local economy in the long term.
@@SummerSausage1 It means our economy values making apartments that lie empty instead of creating affordable housing for people that actually need it. We're using up all of these resources and efforts just for their bank accounts instead of actual human beings with material needs. It also inflates the cost of nearby housing for normal folk who could otherwise afford to actually reside nearby.
Shocker: a realtor who makes a living selling apartment’s to the worlds richest people is defending them against paying taxes on $50 million dollar homes they leave vacant for most of the year.
hahahaha my thoughts exactly! As if she would say anything but "the rich know what's best for all of us"... Complete "Parasite" logic and I do mean in reference to the Korean masterpiece film and the class struggle concept behind it...
the city likely gets an extra $100 million a year in property tax compared to about $1 million for the previous building. It also 3x the units. Even if they sit vacant its still more efficient
Anyone else think a big part of the B1M's success is attributed to Fred's smooth and soothing voice? Another thoroughly researched and fantastically presented video, back in the Big Apple, which provides endless content it seems!
After having a solid 18-month crush on Fred & the B1M team, I was over the moon to have a chance to work with them on telling the wildest story I've encountered in all my years on the real estate beat. Rare to find one building that has it all, and rarer still to get to bring it to life with the best crew! 🥰
V kind of you@@stickynorth The first TRD link in the video description should take you to the story. And yes, I love the suit too! The color's a bit out there but I don't have Fred's guns so...
When telling about billionaires' row, everyone always forgets about the first what I call bookend... The former Times Warner Center, now Deutsche Bank Center, back in 2003 (when I visited) was the cat pajamas.. 2003 and a $40M penthouse sale? um hello?... not understanding why we talk about 15 CPW but skip over the Deutsche Bank Center? And the camera view showing the 'row' in this video, the first major building in the shot on the left was the Deutsche Bank Center. I know currently, 15 CPW has more of a premium on its units when they come up for sale, but there was a time when units of 15 CPW the penthouse, even, was purchased for around 30M and completed after Deutsche.
@@a.kaiser8965 Related's TWC is an important building in the history of the NYC luxury market, but it's not the birth of Billionaires' Row, which refers to a 2010s phenomena focused on ultra-luxe new developments clustered around 57th St. One57 is the first one of these. TWC, 15 CPW, and the others have a different pedigree, from an earlier time.
Congrats on the massive amount of growth you have gone through in just the past 2 years watching (you're now at 3M subscribers and pushing sponsor deals with AMD!)! Always love hearing the videos on NYC, the content always combines history with modern-day construction!
Bear in mind it’s in a city that has seen not one, but two, skyscrapers completely destroyed and thousands killed. I want to say New York is defiant, and the people definitely are, but the residents of these buildings are not New Yorkers.
@@lifevest1 Even those that worked on the 102nd floor of the WTC tower could get seasick on a windy day, the swaying of the building. Imagine the swaying of these pencil thin towers!
From what I remember when I worked in retail, most buildings and structures for stores and shops throughout the five boroughs are owned by Vornado. You cannot miss their logo as the "default" placeholder on a glass panel. One of the bane of what I heard back then, the rent they offered to stores and boutiques was very expensive even if the brand and company were well off. Most of the shops around the department store I used to work closed due to the rent.
We need to normalize a simple lifestyle and stop normalizing debt. Huge SUVs, huge houses and private universities are simply not necessary. I live within my budget and I sleep better at night knowing that if I lose my job tomorrow, ' be fine. I didn't buy the biggest house. I bought the one I could comfortably repay
Yeah can being frugal be sexy please? recently mentioned that I'm frugal to a young woman and she gave me the weirdest look... Being financially responsible is looked down on
I wish I could find it, but I remember reading a study once that claimed financially insolvent men had 1.5-2x more sexual partners than their financially solvent counterparts.
I think people should also seriously look into investing of some kind. Something that brings money back to your pocket, real estate, stocks, whatever can bring back value to their bank account rather than draining it. Obviously investing has its risks but so does just having money in depreciating assets or straight up liabilities.
Big house suv. Bruh you got people driving Honda civics, living in a 1 bedroom apartment and not a luxury one at that living paycheck to paycheck. The median rent is 2000. A lot of financial professionals especially the one I work with Samuel Peter Descovich agree that one should not spend more than 30% of their gross income on rent. That means you need to make a minimum of about $80,000. Interesting considering the median income is $54,000.
Found his website easily. It was like the first thing that came up when I searched his name. I'll surely touch basis with him to see what the best step is for me to take right now. THANK YOU!!!
What I love about this channel is that you never shy away from discussing the social issues involved in construction. It's important to understanding why the boundaries in construction exist, and that pushing those boundaries isn't always a good thing. Thank you for your amazing work!
I am glad that some social issues are mentioned, but I think saying they are discussed is a reach. This is a tricky channel to get a hold on, its somewhat about construction, but not in any detail, same with design and engineering and planning. But I'm always glad to see a new video announced.
I've always been fond on NYC architecture, but i have always seen billionaire's row rather desolate and empty with all of the supertall buildings being half-empty bc they are ONLY for the wealthy. This sums up the fact that power like this can potentially destroy everything as it did with billionaire's row. Such greedy people
@@de_da_oo u never lived at these super tall apartments, let alone visited. Neither did I as it is my opinion on some research that I found. Let me rephrase this... the towers in billionaire's row looks extremely desolate and it RUINS the NYC skyline and the ppl are mainly there bc it is RIGHT NEXT TO CENTRAL PARK!!!
@@lukazupie7220 I normally think of those people as people who are greedy and power hungry bc of their unimaginable wealth and the WEALTH GAP IN THE WORLD, for example, Elon Musk, Donald Trump, Jeff Bezos, Kim Jong Un, and a few others, and bc they have the most money, many people think of them and often ask, "what's the point of having this much money if u have a short life?". Overall, most would be greedy and power hungry bc of their wealth and actions. Look at John D. Rockefeller documentaries to learn more about what I mean by GREEDY AND POWER HUNGRY for those type of people
You like a comment referring to these people as psychopaths and yet have no problem making multiple videos on these projects profiting from their 'psychopathy'? What does that make you then but a hypocritical shill
I'm not, and in fact: I've been passionate about architecture for about 20 years now, having a whole family heritage in large architecture projects. But that doesn't mean I can't be disappointed about how the world is ran at the moment...
If you don’t have those people on the ground who help keep the city alive by working. We wouldn’t even have a New York City. I LOVE the city but they have to find a better answer for rising rents. Great video. I hope we get some videos of anything going on in Toronto. Been very interested with that city.
This channel is quickly growing to be one of my favorites, especially in the last 12 months. And living here in NYC as a journalist, these real estate skyscraper stories hit different.
Still have to be honest, 432 Park is the biggest eyesore for me, but Central Park Tower is at least aesthetically pleasing. I find it ironic that the most nondescript tower is the most expensive and desired.
I suppose this is an unpopular view but I actually find 432 to be striking and rather good looking. 220 CPS and other Robert A.M. Stern designed buildings remain my favorite modern residential builds though with their respect for New York's vernacular architecture of the past. By contrast, I can't stand the appearance of Central Park Tower and Steinway; they look far too stark and damage the skyline in my opinion.
Idk i think 432 is really cool. Sure its not abstract or beautifull but its just a really cool tower. Kinda like when you built lego as a kid and tried to make as tall a tower as you could.
The demise of "billionaires' row" shouldn't be a surprise. New Yorkers call the area "midtown," and it's not really a neighborhood that people with money want to live. The developers made a killing selling overpriced units to foreigners who were none the wiser, and now those folks have wisened up and are trying to sell.
Fred and the B1M did a video on Billionaire's Row previously. Most buyers of these properties never intend to live in them. These buildings are merely places to hold money (figuratively speaking).
@@markmartindale7215 it's such a shame. At least the massive co-ops and townhouses of the UES are actually used as primary homes. To take up that much space and not even use it in a city with a housing shortage as severe as NYC's should be criminal...
Those foreigners knew exactly what they were getting into. It was just a way to squirrel away money by placing it into an asset. That was one of the reasons it upset so many New Yorkers. In an area already tight on living spaces, a whole apartment building was built, that was left vacant to just be an investment for the rich.
Back in 2015 when I visited New York for the first time (also my first time ever in the US), I went up the Empire State Building, and found my view toward the central park obstructed by a piece of pencil-shaped eyesore. I asked a staff and she told me it’s some expensive apartment, “isn’t it looking great?” “It certainly is unique.” was my only reply, as my English was too poor to came up with an euphemism for “an absolute piece of garbage”
this is like the perfect euphemism still lol, if you aren’t aware (not trying to patronize just explain, sorry if you know) the avoiding of answering the question along with the calling of it “unique” definitely would’ve gave the impression you thought it was ugly
Our skyline tells a story of eras. Right now (as I see it) we’re seeing the US’s second Gilded Era, as represented by absurd structures like those on Billionaires row. Interesting nonetheless but also completely absurd. When I imagine the great structures of 10 years from now, I picture a new generation of bridges, public buildings, experiential buildings and more middle income housing to a massive degree. Because this is what will be needed to keep the metropolis alive as working remotely becomes an ever increasing norm. Cities like New York will have to be more creative to keep us, the regular people who make it what it is. Here.
Yeah, I thought it comical when the head of the real estate brokerage said that the uber wealthy are who make the city (NYC) what it is... I always figured it was the gritty, indelible people and history of the place. Not a handful of people that 99% of people in four block radius of 220 CPS will ever even meet.
34 billion. Dollars. That's about 350 billion Swedish kronor. Unimaginable numbers. I mean I would personally settle for just ONE *million* I'd be super happy with that. Damn. Some people got it good.
His $238M penthouse purchase is proportional to me spending about $300 on something lol. His purchase of the US constitution is proportional to me spending about $55 on a video game, which I’ve only done a couple times. Or he could buy a $500K Lamborghini, and that would be proportional to me spending 60 CENTS on a mini candy bar. Or he could buy my dream bike, the Yamaha R1, and my proportional cost would be me spending a couple of pennies. It would be equivalent to the gas cost of me riding 0.25 miles on my fuel efficient GZ250.
Funny how Pam describes it as “willing to spend […] money” and not “willing to PARK their money”. We all know billionaires never intend to live in these places, they’re just places to park dirty money to launder later when they sell to the next billionaire.
I heard my city being mentioned and came running. NYC is a city of contrast. The rich are so high up and the destitute live stories underground. So much money is being wasted on vanity projects instead of the infrastructure we need to keep running
Those vanity projects made NYC. Without them, we'd be Philly or at most Boston. It's their money and can do with it what they want, just as we are free to spend our money as we see fit. God bless America. Ask why millions are willing to die to get in and go as far to become outlaws/illegals to do it.
Just wondering, what do you like about NYC if it isn't the opulence and excess. Sure I can see why it would grate a person, but without it, your city would look short and unimpressive, like most cities. Without it, you city wouldn't have all the world class restaurants, theatres, museums, musicals etc that it does. Without it, your city wouldn't have the funding to maintain Central Park, the NY Subway, or you bus system which is faaaaaar better than any other in the US. So I ask, what would your city be if you got what you wanted, what would it be without this thing you hate so much? Would you still love the way that you do without these things?
@@mamotalemankoe3775 I'm not sure where you're getting the idea that I hate my city. I don't like that there are thousands of homeless people everywhere, some who just need a little assistance to get back on their feet. I don't like that the subway is falling apart while these monolithic stations are being built with the same money. I like the convenience of living here. I can get any food or item I need in less than 24 hours. I like having several methods of traveling around the city. I like the bright lights. And I love working in Manhattan. But I can say this city mismanages money. The interests of the common people will always be superseded by lobbyists or wealthy moguls . They provide nice things, yes. But there's a large chunk of the population that will never benefit from them
Great video, loved the longer format. Feel free to make your videos as long as you like, they're totally fascinating. Thank you so much for this excellent content!
This has some drama and suspense that is something closer to a Hollywood movie experience! It's a nice touch to high-quality documentary content of B1M. Nicely done!
First RUclips video I've ever seen where I didn't know the difference between the story and the advert. This was clever as hell. I think it's his voice.
Wish more of this video was about the construction, which is what I come to this channel for. It was essentially a small afterthought in the video and you spent almost the whole video talking about social issues and billionaire drama. Hope this channel doesn't keep going down this road looking for drama over focusing on engineering and infrastructure.
The funniest part was when the luxury real estate agent tried to explain why we shouldn't hit the ultra wealthy with an additional tax. Certainly no conflict of interest there. She definitely doesn't have a vested interest in New York remaining an appealing place for the ultra wealthy to buy luxury real estate. The luxury real estate agent is definitely an unbiased unrelated party with no stake in the argument at all. We can certainly take her word at face value. No further fact checking required
As fascinated as I am by billionaires row, it serves no purpose. All the ppl who live in NY paying all that money for rent and we have a hand full of buildings that are just sitting there empty or ppl taking up space. People don’t even live in these buildings, they just invest them and sell them later. It’s dumb. It looks nice but not even regular millionaires or ppl who make 6 figures can live there. So what’s the point?
Robert A.M. Stern, who designed this building, might be my favorite architect at the moment. His respect for the vernacular architecture of NYC is so evident in this art deco and neoclassical inspired design compared to the frankly forgettable glass facades of its peers. His other work in the city is just breathtaking as well.
I mostly see his work mostly as "fitting in" without doing anything particularly interesting. An Art Deco design done by him is mostly facade treatments not carried into the interior. A good description of his work is "polite." He did have a hand in designing a modern glass tower in Paris. It's called the Tour Carpe Diem. Have a look.
@@Urbanhandyman agreed, Stern doesn't add anything to culture of architecture, it's all about commercial success. One credit I would give to him, is he designs very practical, livable spaces. I, actually live in our of his buildings (a far smaller and cheaper one that are typically profiled) on a very busy street intersection and it's pretty good. Noise is controlled well because he doesn't go for that all-glass look and floorpans are flowing well
220 CPS is a classy looking building. As B1M explained, placing the core on the side opposite Central Park required more support on the Central Park side. The two sturdy triple-wide columns on the Central Park side contribute to 220 CPS's distinctive facade.
@@Urbanhandyman Have you seen the lobbies of RAMSA's New York high rises? I assure you the architecture on the exterior carries through to the interiors in semblances of luxurious spaces. Not everything new has to be glass curtain walls and kooky forms.
Awesome video, but you didn't mention a massively important feature of 220 Central Park, and that is.... Art Deco. 220 Central Park doesn't just echo art Deco, it duplicates it in the most accurate & extraordinary way; ~ Art Deco monumental style straight from the glamourous architecture of the 1930s ~ External colour is period correct ~ 1930s stepped capital so typical of the era. ~ A visually appealing building that will not date. 220 Central Park isn't merely a glass box built solely to make profit, but a building whose style is deeply revered & respected. I've designed, drawn & have just completed physically building a period correct late Edwardian / early Art Deco building that ticks all the period correct boxes, and although at a smaller scale, people are as just as awe struck at my work as those who've bought apartments at this brand new Art Deco Luxury monument apartments. Well done for producing this Art Deco masterpiece
Well I'll never live in one... but more on my level: I've always been amazed that sewers in these areas can handle all the extra water & waste from all these builds. Over the last 100 years, there must be 1000x more to get rid of. Has it all ever been re-dug / re-built? 🤨
Modern buildings have advanced sewer systems including vacuum toilets which flush with only half a pint of water (or less ) . These systems also have much smaller outlet pipes and do not need large and heavy water tanks and supply pipes.
Excellent video. Really scary to hear the amounts of money going around when the vast majority struggles to find a place they can afford. At some point the gap becomes so deep it causes an unstoppable rift...
It would have been important to mention The Dakota on the UWS as it was more or less the first “co-op” building in the city and ushered in the era of high-end multi-family residential buildings - whereas previously single family homes were the standard of luxury and multi-family for the working/poor. It’s also one of my favorite buildings in the city.
I had to Google what a co-op building is. My understanding is that you buy a share of the company that owns the building, and they let you live in a unit in exchange. I‘m confused why this makes a unit more valuable. You have less control over you living space and can never make any upgrades or renovations. I don’t get it. Can you explain?
Loved this long form video! I’m not even in the architectural field but I’ve loved your videos since high school. This one was a beautiful story and a striking one! Appreciate you guys always bringing moral purpose and discussing real issues within complex architecture topics. Well done once again!
I could listen to you read the proverbial phone book, although in reality, they really don't exist anymore. Point being, you have The Most soothing voice for narration . . . EVER! Your dulcet tones are both soothing & amazing. Well done! 💙
Company i work for built all the 1st floor windows and doors. You couldn’t imagine the costs associated, but the materials and quality demanded it. I was flying there every other week. Was hoping it would end up a video on here some time. Pleasure to see.
I’m a massage therapist who lives in New York City and I massage a lady who lives in this building let me tell you this building is so underrated her apartment is pretty small her view overlooking all of Central Park is absolutely the most stunning point of owning an apartment in that building, there’s also a super exclusive restaurant on the top But the real problem lies and the fact that it’s all just for show. The elevators are all electronic. They go down as far as they go up and they go up I believe 90 floors or something like that? But the lobbies a really good way to explain it they spent over $1 million decorate in the lobby but when you go into it it just looks like the same Pinterest absurd stuff that you see in every rich person’s apartment. nothing is truly luxurious nothing is truly glamorous there’s no cashmere or leather made out of fetus skin or something like that… 😂. The age of decadence has gone.
The single reason 220 sold as well as it did, while all the other "billionaires row" properties aren't is because of the architect. The building behind and to the side? It still hasn't sold it's penthouse. And that's because Robert A M Stern is probably the best residential architect in North America. The architecture and spaces in 220 are vastly superior to anything else on or near the row.
I find this trend sickening. It is a total lie that these absurdly overpriced properties are "in demand" they are not. Most of these properties are empty because the world's billionaires use them as investments, a place to shelter their ill-gotten fortunes, not a place to actually live. This is sickening because this highly valuable real estate could be used to develop much needed affordable housing for the working class people that actually make this city function. This absurd display of greed and entitlement of the wealthy exemplifies all that is wrong with America and much of the world, and it's why the USA is in rapid decline. Of course, this has been enabled by corrupt governments, like NY city and state leaders who are owned by real estate developers, which means the economic and cultural decline we are experiencing was utterly inevitable, given the blatantly corrupt relationship between gov't and business at all levels.
@@WANDERER0070 Maybe a few, but that is so not the point. A HUGE part of the problem is people like you who want to become one of them, instead of realizing how broken any system is that allows billionaires to exist at all. That kind of wealth gives more power than any one person should have. Just look at how completely our government has been corrupted by corporate power as the proof.
If you look at the graph at 8:22 it looks like there were a couple years in 2016-2019 where the middle class started to regain some of the wealth from the top 1%... which ended when Covid hit and the top 1% gained massive wealth from the virus. Makes me wonder what caused the middle class to be able to gain wealth in 2016-2019ish?
Imagine buying one of the apartment high up in the air and believe that you are so high that it gives you own peace. But then you start noticing daily these drones flying up in air and filming everything about new tall building what has just been built.
I walk by that building to go to class everyday (my housing is on the same street being 58th) and these buildings always confused me as all four are within sight distance, but they look terrible, and absolutely no one lives in them. It feels more like a real estate scam for wealthy oligarchs from Russia, eastern Asian countries, and the Middle East to buy them so they permanently have money in the US in case they ever have to flea their home country. They are honestly such a waste of space for the area which in general has some gorgeous old buildings and with rent already being sky high in the area and hotels/ NYC athletic club + so other random businesses there with Columbus circle it would have been nice to actually see some more regular housing go up as it’s quite weird to me but not that many people actually seem to live around here even though almost every building is over 15 stories.
I’ll also add that one of the four towers is four doors down from me and quite literally speaking I have never seen anyone go into it or any of them for that matter. For living on “billionaires row” the streets are quite dirty and it doesn’t feel like the billionaires playground that everyone says it is
It’s unfortunate how what would be considered Engineering and architectural marvels are now used for vanity more than anything else. Look at Dubai and their ultra-tall skyscrapers that look like it could be out of a dystopian science-fiction movie. New York City isn’t much different now since it has one of the highest rates of inequality out of any major city in wealthy countries. These skyscrapers on Billionaire’s Row would be much more respected if they didn’t sit completely empty majority of the time while majority of New Yorkers who aren’t making a six-figure salary are struggling to make ends meet.
I would love to be a city worker sitting behind the counter when one of those “billionaires “ comes in and says, “do you know how much money I spend in this city?” just so I could look them straight in the eye and say “no where near enough to have that attitude!” I have customers at the restaurant where I work who talk about how much money they spend in our establishment. They don’t seem to realize that it takes a hell of a lot more than their patronage to keep our doors open.
Another epic episode from an amazing channel. Work like this is why you've achieved 3 million subscribers. Congratulations to the Team! I think we'll be hearing a lot more about this building in the future.
“Having it all” would mean for me: An orchard, a large garden for canned goods, a stream for fresh water that isn’t prone to flood, a few cows and goats for milk and soap, a few loyal friends and family, a pickup truck, a woodshop and tools for making things. A close hardware store for lumber, tools, screws and nails. A mason building supply store for stonework, drainage tile, building block and brick. Perhaps 4 seasons with a short winter. A smaller home I can heat cheaply. A few guns for defense and hunting. A few natural bodies of water for recreation. Neighbors that do honest work with their hands, believe the Bible, and limit government intrusion.
Luxury real estate may well be a supposed safe bet but a lot of these places stay on the market for years, sometimes decades before they realise even half of their exalted pricetags.
It's amazing just how much the skyline of New york has changed since I lived there almost 30 years ago, when hardly any skyscrapers were built in the prior 20 years. But the biggest change has happened in just the past dozen or so years. I'm sure it would have changed even more and there would be more housing were it not for onerous regulations and the cost of building in Manhattan, not to mention lawsuits, which is a lot of the reason why the cost of housing in the city is so high.
As much as I love these videos, about buildings etc., that makes your eyes go 😳😲 and jaw hit the floor, I would very much love to see your take on the classic architecture that's growing around the world, with people being tired of living in cold, ugly houses....now want more beauty in their lives! Excellent video, as always! 👍🏻👌🏼👏🏻🥇🏆
A 33 million dollar condo in NYC would pay more than 400k a year in property tax. The building will also employ skilled people who can maintain and manage the building, adding jobs to the economy. When considering what the wealthy are paying as their "fair share", consider that as well.
It actually is magic. Each building has a series of tiny wizards located throughout the structure working in shifts round the clock to keep the building standing. Most people don't know that.
Fun fact half of the residences who used to live in the old building are now homeless and the building that replace it is half empty Thanks B1M for not even mentioning let alone glossing over what happened to people who got kicked out
One can't help but admire the astounding engineering that goes into structures like those along Billionaire's Row and elsewhere in the world, and that the B1M has been good enough to expose the "common man" to these wonders. Now how's about exploring those wonders that are designed to benefit the "common man"? I don't mean bridges and tunnels but everyday things that are designed to make life less difficult for those who aren't billionaires or even millionaires. As you pointed out in this video, there are too few of them with too much money, and too many of us without much money at all. Isn't there any astounding engineering for the too many of us?
@@systematicrisk No doubt, but how does that involve construction as is what the B1M focuses on? Your comment, although appreciated, is irrelevant to the comment I made.
Well who will pay for incredible building projects if billionaires or corporations don’t? That’s what this channel covers. They are the ones who build things. It’s nice to see small projects too but this is a channel about BIG things.
Idk if its just me but i get some weird feeling about all those rich and important people talking about the buildings and how they desperetly say how good and genius the buyers and owners are...
I enjoy B1M videos in general, but this piece was a lot of fun! It's like a well written uber-family drama series compressed into 30 minutes. Well done.
As a New Yorker who lives at ground level, I can tell you that these buildings are hated by most of my fellow New Yorkers as symbols and for their distorting effects on the rest of the real estate market. They use up all the media oxygen, and shame on the media. The real story that would interest me is how to build new housing that is affordable to a teacher, firefighter, or nurse. Those are the people who make cities like New York livable. What technologies and regulatory frameworks can be created to let those people who cure, care, and educate be able to afford to live in New York? We don't need super talls. We need the missing middle.
Well said. These ugly bulildings ruin the atmosphere of our cities and they have absolutely no use for tackling housing shortage. All about laundering dark money.
I’m a New Yorker and I love them. They are symbols of human achievement. So not all New Yorkers. Resentment or wealth will get you nowhere. The developers, architects, and residents have every right to build projects with their own money. New York City will always be a place that is expensive. It’s called supply and demand. If builders were allowed to build high more often that would create more supply. Must billionaires build everyone and their brother a house before they are allowed to build their own, no mater how opulent? This is an evil philosophy and it’s what’s wrong with people now.
@@benjackson103 You live in a gilded age inspired fantasy land. NYC might be an expensive place but you still need middle and low income earners for your businesses to function. If everyone is the boss then tell me, who's going to do the work?? Your beloved billionaires' row is nothing without essential workers such as shopkeepers, garbage collectors, janitors and security personnel. And guess what? Those people deserve to live in humane conditions too. Pissing contest of the tallest building is hardly a sign of human achievement. What's human achievement is living equitably in peace and harmony.
What to expect as B1M, a respected journal that covers ultra engineering/construction projects, enters the realm of the gossip columns ?? It's not just another stellar & rivoting history of Billionaires Row: This report covers new ground, just as professional and well-researched as ever. First-rate drawings, maps and animations. As the reputation of the narrator has spread, he accesses all the best experts, happy to go on camera and discuss pertinent details otherwise lost to perpetuity.
Billionaires do not contribute to the local economy as much as you would think. They always light where they get the biggest tax breaks. If not, then they have the means to easily pick up stakes and move to the next place that offers the best opportunities for paying less taxes.
The backlash was not about demanding that the rich pay a higher property tax than the average American, but that they at least pay the same tax rate. The problem was the "421a tax abatement" that allows the new owners to pay drastically less taxes on their apartments for at least a decade. So those super rich people have a MUCH lower property tax rate than the average American and that of course was quite controversial. The owners of CPW 220 alone save millions of dollars per year from that 421a tax abatement and that in a city which needs every Cent to maintain ist old infrastructure. I never understood why people in New York City want Central Park views. The other side with skyline views is much more exciting. And a sniper could hide in the park at night at shoot those rich people. Are those windows all bulletproof? What you should have mentioned are the fake windows that even come with fake lights at the southern facade of the building where the core is located. They did not want a blank wall there, so they opted for those fake windows.
The thing is these billionaires don’t even live in what they purchase. It’s just a way to hold their cash so it doesn’t decrease in value
That is true.
That's what made me laugh when Pam Liebman said that the city should be thanking the buyers for how much money they're spending, and acting like the amount of taxes they already paid was SO MUCH that we should be thanking them. Like no, they buy the apartments, visit it maybe once a year, if EVER, and then sell it. They add fuck all to the local economy in the long term.
good idea
ok, and?
@@SummerSausage1 It means our economy values making apartments that lie empty instead of creating affordable housing for people that actually need it. We're using up all of these resources and efforts just for their bank accounts instead of actual human beings with material needs. It also inflates the cost of nearby housing for normal folk who could otherwise afford to actually reside nearby.
Shocker: a realtor who makes a living selling apartment’s to the worlds richest people is defending them against paying taxes on $50 million dollar homes they leave vacant for most of the year.
hahahaha my thoughts exactly! As if she would say anything but "the rich know what's best for all of us"... Complete "Parasite" logic and I do mean in reference to the Korean masterpiece film and the class struggle concept behind it...
Another shocking revelation? Oil execs don't believe in global warming and cigarettes DON'T cause cancer according to Philip Morris... ;-)
the city likely gets an extra $100 million a year in property tax compared to about $1 million for the previous building. It also 3x the units. Even if they sit vacant its still more efficient
@@randomname4411then the wealthy owners should do something useful with the units and offer them up to low income families.
She also left out the huge tax cuts, abatements and deferments these developers get from the state . Like the 30 billion dollar one Hudson Yards got.
Anyone else think a big part of the B1M's success is attributed to Fred's smooth and soothing voice? Another thoroughly researched and fantastically presented video, back in the Big Apple, which provides endless content it seems!
I’m envious of his full head of hair, personally
Fred is a huge reason why I watch these; love his British accent and he is very reassuring; it is almost ASMR like for me
What you say is the most important, surely?@@clearlisted
And the abs. Don't forget the abs.
Yes, except when a contributor has a horrific vocal fry 🤮
After having a solid 18-month crush on Fred & the B1M team, I was over the moon to have a chance to work with them on telling the wildest story I've encountered in all my years on the real estate beat. Rare to find one building that has it all, and rarer still to get to bring it to life with the best crew! 🥰
Great interview. I'm definitely going to seek out a copy of your book! Your suit was BOSS, btw!
V kind of you@@stickynorth The first TRD link in the video description should take you to the story. And yes, I love the suit too! The color's a bit out there but I don't have Fred's guns so...
When telling about billionaires' row, everyone always forgets about the first what I call bookend... The former Times Warner Center, now Deutsche Bank Center, back in 2003 (when I visited) was the cat pajamas.. 2003 and a $40M penthouse sale? um hello?... not understanding why we talk about 15 CPW but skip over the Deutsche Bank Center? And the camera view showing the 'row' in this video, the first major building in the shot on the left was the Deutsche Bank Center. I know currently, 15 CPW has more of a premium on its units when they come up for sale, but there was a time when units of 15 CPW the penthouse, even, was purchased for around 30M and completed after Deutsche.
you did well in the interviews.
@@a.kaiser8965 Related's TWC is an important building in the history of the NYC luxury market, but it's not the birth of Billionaires' Row, which refers to a 2010s phenomena focused on ultra-luxe new developments clustered around 57th St. One57 is the first one of these.
TWC, 15 CPW, and the others have a different pedigree, from an earlier time.
Congrats on the massive amount of growth you have gone through in just the past 2 years watching (you're now at 3M subscribers and pushing sponsor deals with AMD!)! Always love hearing the videos on NYC, the content always combines history with modern-day construction!
These videos feel like top budget BBC documentaries. From the footage to the presentation and narration!
Maybe it's just because I grew up in an earthquake prone country, but the idea of living in a super slender skyscraper outright terrifies me.
It terrifies most people (including me).
Bear in mind it’s in a city that has seen not one, but two, skyscrapers completely destroyed and thousands killed. I want to say New York is defiant, and the people definitely are, but the residents of these buildings are not New Yorkers.
As someone with vertigo and a fear of heights, you couldn’t PAY me to be live there!!!
@@lifevest1 Even those that worked on the 102nd floor of the WTC tower could get seasick on a windy day, the swaying of the building. Imagine the swaying of these pencil thin towers!
NYC is a Rock. When you look at Central park you can see where glaciers from the Ice age scrapped down to the bedrock...
From what I remember when I worked in retail, most buildings and structures for stores and shops throughout the five boroughs are owned by Vornado. You cannot miss their logo as the "default" placeholder on a glass panel.
One of the bane of what I heard back then, the rent they offered to stores and boutiques was very expensive even if the brand and company were well off. Most of the shops around the department store I used to work closed due to the rent.
Most of retail space is owned by one company? That's just gross.
@@Shinkajo So far your reply was the only one sticking to the context the rest seem to be bots talking about something else.
@@--Paws-- yeah there is a lot of this sort of spam going around. Just report them.
@AmarachiLovington-ft3cz that's next level bullishit marketing here xD
We need to normalize a simple lifestyle and stop normalizing debt. Huge SUVs, huge houses and private universities are simply not necessary. I live within my budget and I sleep better at night knowing that if I lose my job tomorrow, ' be fine. I didn't buy the biggest house. I bought the one I could comfortably repay
Yeah can being frugal be sexy please? recently mentioned that I'm frugal to a young woman and she gave me the weirdest look... Being financially responsible is looked down on
I wish I could find it, but I remember reading a study once that claimed financially insolvent men had 1.5-2x more sexual partners than their financially solvent counterparts.
I think people should also seriously look into investing of some kind. Something that brings money back to your pocket, real estate, stocks, whatever can bring back value to their bank account rather than draining it. Obviously investing has its risks but so does just having money in depreciating assets or straight up liabilities.
Big house suv. Bruh you got people driving Honda civics, living in a 1 bedroom apartment and not a luxury one at that living paycheck to paycheck.
The median rent is 2000. A lot of financial professionals especially the one I work with Samuel Peter Descovich agree that one should not spend more than 30% of their gross income on rent. That means you need to make a minimum of about $80,000. Interesting considering the median income is $54,000.
Found his website easily. It was like the first thing that came up when I searched his name. I'll surely touch basis with him to see what the best step is for me to take right now. THANK YOU!!!
What I love about this channel is that you never shy away from discussing the social issues involved in construction. It's important to understanding why the boundaries in construction exist, and that pushing those boundaries isn't always a good thing. Thank you for your amazing work!
I am glad that some social issues are mentioned, but I think saying they are discussed is a reach. This is a tricky channel to get a hold on, its somewhat about construction, but not in any detail, same with design and engineering and planning. But I'm always glad to see a new video announced.
@@shopshop144it’s about the “stories” around the world’s most remarkable construction.
I've always been fond on NYC architecture, but i have always seen billionaire's row rather desolate and empty with all of the supertall buildings being half-empty bc they are ONLY for the wealthy. This sums up the fact that power like this can potentially destroy everything as it did with billionaire's row. Such greedy people
You can invest and give it to the poor people ?
What do you mean by empty and desolate? There are plenty of ppl at the street level, and I never noticed the emptiness above
@@de_da_oo u never lived at these super tall apartments, let alone visited. Neither did I as it is my opinion on some research that I found. Let me rephrase this... the towers in billionaire's row looks extremely desolate and it RUINS the NYC skyline and the ppl are mainly there bc it is RIGHT NEXT TO CENTRAL PARK!!!
@@twoelectrik let me ask u something... what do u think of billionaires in general?
@@lukazupie7220 I normally think of those people as people who are greedy and power hungry bc of their unimaginable wealth and the WEALTH GAP IN THE WORLD, for example, Elon Musk, Donald Trump, Jeff Bezos, Kim Jong Un, and a few others, and bc they have the most money, many people think of them and often ask, "what's the point of having this much money if u have a short life?". Overall, most would be greedy and power hungry bc of their wealth and actions. Look at John D. Rockefeller documentaries to learn more about what I mean by GREEDY AND POWER HUNGRY for those type of people
If only all those resources (engineers, money, political will, etc) should be used for the greater good instead of a few billionaire psychopaths... 😔
You must be new here
You like a comment referring to these people as psychopaths and yet have no problem making multiple videos on these projects profiting from their 'psychopathy'? What does that make you then but a hypocritical shill
I'm not, and in fact: I've been passionate about architecture for about 20 years now, having a whole family heritage in large architecture projects. But that doesn't mean I can't be disappointed about how the world is ran at the moment...
Billionaire’s row is dystopian, and it’s a sign something failed in American policy/leadership a long time ago
Hell I wouldn’t have such a problem with it if New York infrastructure wasn’t in such bad shape
If you don’t have those people on the ground who help keep the city alive by working. We wouldn’t even have a New York City. I LOVE the city but they have to find a better answer for rising rents. Great video. I hope we get some videos of anything going on in Toronto. Been very interested with that city.
Supply and demand. They need to make it easier to build here. To much regulation and red tape.
@@benjackson103 you'll never have a city of billionaires only. get over it.
This channel is quickly growing to be one of my favorites, especially in the last 12 months. And living here in NYC as a journalist, these real estate skyscraper stories hit different.
Still have to be honest, 432 Park is the biggest eyesore for me, but Central Park Tower is at least aesthetically pleasing. I find it ironic that the most nondescript tower is the most expensive and desired.
central park tower and the steinway look cool but 432 is so ugly
220 Cetral Park South has this Art Deco design feeling. I find it more pleasant
Isn't 432 Park one of the prime reasons that NYC isn't on the top 10 best skylines in the world for almost all the websites over the past 5 years?
I suppose this is an unpopular view but I actually find 432 to be striking and rather good looking. 220 CPS and other Robert A.M. Stern designed buildings remain my favorite modern residential builds though with their respect for New York's vernacular architecture of the past. By contrast, I can't stand the appearance of Central Park Tower and Steinway; they look far too stark and damage the skyline in my opinion.
Idk i think 432 is really cool. Sure its not abstract or beautifull but its just a really cool tower. Kinda like when you built lego as a kid and tried to make as tall a tower as you could.
The demise of "billionaires' row" shouldn't be a surprise. New Yorkers call the area "midtown," and it's not really a neighborhood that people with money want to live. The developers made a killing selling overpriced units to foreigners who were none the wiser, and now those folks have wisened up and are trying to sell.
*WRONG.*
Fred and the B1M did a video on Billionaire's Row previously. Most buyers of these properties never intend to live in them. These buildings are merely places to hold money (figuratively speaking).
@@markmartindale7215 it's such a shame. At least the massive co-ops and townhouses of the UES are actually used as primary homes. To take up that much space and not even use it in a city with a housing shortage as severe as NYC's should be criminal...
well you're free to build your own building and sell the units for whatever you want
Those foreigners knew exactly what they were getting into. It was just a way to squirrel away money by placing it into an asset. That was one of the reasons it upset so many New Yorkers. In an area already tight on living spaces, a whole apartment building was built, that was left vacant to just be an investment for the rich.
A phenomenal video, and I appreciated the compassion for the non-"helicopter people." That "Thank you Steve" actually made me gag out loud,
The buildings dont even have any helipads
Back in 2015 when I visited New York for the first time (also my first time ever in the US), I went up the Empire State Building, and found my view toward the central park obstructed by a piece of pencil-shaped eyesore.
I asked a staff and she told me it’s some expensive apartment, “isn’t it looking great?”
“It certainly is unique.” was my only reply, as my English was too poor to came up with an euphemism for “an absolute piece of garbage”
this is like the perfect euphemism still lol, if you aren’t aware (not trying to patronize just explain, sorry if you know) the avoiding of answering the question along with the calling of it “unique” definitely would’ve gave the impression you thought it was ugly
@@mattyice2889 Or at least reflects some sort of contrary opinion, and leaving it at 'unique' is the polite way of avoiding controversy.
@@MarinCipollina thank you for explaining it better than i was able to at the time. this is what i was attempting explain
Our skyline tells a story of eras. Right now (as I see it) we’re seeing the US’s second Gilded Era, as represented by absurd structures like those on Billionaires row. Interesting nonetheless but also completely absurd. When I imagine the great structures of 10 years from now, I picture a new generation of bridges, public buildings, experiential buildings and more middle income housing to a massive degree. Because this is what will be needed to keep the metropolis alive as working remotely becomes an ever increasing norm. Cities like New York will have to be more creative to keep us, the regular people who make it what it is. Here.
Yeah, I thought it comical when the head of the real estate brokerage said that the uber wealthy are who make the city (NYC) what it is... I always figured it was the gritty, indelible people and history of the place. Not a handful of people that 99% of people in four block radius of 220 CPS will ever even meet.
I absolutely concur. This second 'Gilded Age' is far from healthy. Where's Theodore Roosevelt when you need him?
Rome fell, and all things must pass.
They, like myself, do not care if you live or die.
@davidnelson7719 obviously you do. You brought it up when none of us did. Plus, I highly doubt Uber gazillionaires are commenting on RUclips. Loser.
34 billion. Dollars. That's about 350 billion Swedish kronor. Unimaginable numbers. I mean I would personally settle for just ONE *million* I'd be super happy with that. Damn. Some people got it good.
I would settle with a 100 thousand or even 50 thousand, these amount of money on one person is unethical
@@hammamboutafant3659
How?
@@hammamboutafant3659 How so? Do you think they should give it away?
unethical from the view of communists, who killed so, so many millions@@hammamboutafant3659
His $238M penthouse purchase is proportional to me spending about $300 on something lol.
His purchase of the US constitution is proportional to me spending about $55 on a video game, which I’ve only done a couple times.
Or he could buy a $500K Lamborghini, and that would be proportional to me spending 60 CENTS on a mini candy bar.
Or he could buy my dream bike, the Yamaha R1, and my proportional cost would be me spending a couple of pennies. It would be equivalent to the gas cost of me riding 0.25 miles on my fuel efficient GZ250.
Funny how Pam describes it as “willing to spend […] money” and not “willing to PARK their money”. We all know billionaires never intend to live in these places, they’re just places to park dirty money to launder later when they sell to the next billionaire.
I don't think Sting has dirty money
I heard my city being mentioned and came running. NYC is a city of contrast. The rich are so high up and the destitute live stories underground. So much money is being wasted on vanity projects instead of the infrastructure we need to keep running
Those vanity projects made NYC. Without them, we'd be Philly or at most Boston. It's their money and can do with it what they want, just as we are free to spend our money as we see fit. God bless America. Ask why millions are willing to die to get in and go as far to become outlaws/illegals to do it.
Morlocks and Eloi
who makes the rich their money ?@@kwacou4279
Just wondering, what do you like about NYC if it isn't the opulence and excess. Sure I can see why it would grate a person, but without it, your city would look short and unimpressive, like most cities. Without it, you city wouldn't have all the world class restaurants, theatres, museums, musicals etc that it does. Without it, your city wouldn't have the funding to maintain Central Park, the NY Subway, or you bus system which is faaaaaar better than any other in the US.
So I ask, what would your city be if you got what you wanted, what would it be without this thing you hate so much? Would you still love the way that you do without these things?
@@mamotalemankoe3775 I'm not sure where you're getting the idea that I hate my city. I don't like that there are thousands of homeless people everywhere, some who just need a little assistance to get back on their feet. I don't like that the subway is falling apart while these monolithic stations are being built with the same money.
I like the convenience of living here. I can get any food or item I need in less than 24 hours. I like having several methods of traveling around the city. I like the bright lights. And I love working in Manhattan.
But I can say this city mismanages money. The interests of the common people will always be superseded by lobbyists or wealthy moguls . They provide nice things, yes. But there's a large chunk of the population that will never benefit from them
Great video, loved the longer format. Feel free to make your videos as long as you like, they're totally fascinating. Thank you so much for this excellent content!
Love starting my day with The B1M!!
@@Iris-lh7rf shut up
This has some drama and suspense that is something closer to a Hollywood movie experience! It's a nice touch to high-quality documentary content of B1M. Nicely done!
First RUclips video I've ever seen where I didn't know the difference between the story and the advert. This was clever as hell. I think it's his voice.
This is why I'm holding out for trillionaire's row 📈📈📈
😅😂🤣
Wish more of this video was about the construction, which is what I come to this channel for. It was essentially a small afterthought in the video and you spent almost the whole video talking about social issues and billionaire drama. Hope this channel doesn't keep going down this road looking for drama over focusing on engineering and infrastructure.
What a phenomenal video. Thank you so much for this great flood of knowledge, Fred & crew! 🙏
The funniest part was when the luxury real estate agent tried to explain why we shouldn't hit the ultra wealthy with an additional tax. Certainly no conflict of interest there. She definitely doesn't have a vested interest in New York remaining an appealing place for the ultra wealthy to buy luxury real estate. The luxury real estate agent is definitely an unbiased unrelated party with no stake in the argument at all. We can certainly take her word at face value. No further fact checking required
As fascinated as I am by billionaires row, it serves no purpose. All the ppl who live in NY paying all that money for rent and we have a hand full of buildings that are just sitting there empty or ppl taking up space. People don’t even live in these buildings, they just invest them and sell them later. It’s dumb. It looks nice but not even regular millionaires or ppl who make 6 figures can live there. So what’s the point?
One of your best videos of 2023. Excellent animations and editing.
Robert A.M. Stern, who designed this building, might be my favorite architect at the moment. His respect for the vernacular architecture of NYC is so evident in this art deco and neoclassical inspired design compared to the frankly forgettable glass facades of its peers. His other work in the city is just breathtaking as well.
I mostly see his work mostly as "fitting in" without doing anything particularly interesting. An Art Deco design done by him is mostly facade treatments not carried into the interior. A good description of his work is "polite." He did have a hand in designing a modern glass tower in Paris. It's called the Tour Carpe Diem. Have a look.
@@Urbanhandyman agreed, Stern doesn't add anything to culture of architecture, it's all about commercial success. One credit I would give to him, is he designs very practical, livable spaces. I, actually live in our of his buildings (a far smaller and cheaper one that are typically profiled) on a very busy street intersection and it's pretty good. Noise is controlled well because he doesn't go for that all-glass look and floorpans are flowing well
@@UrbanhandymanMost project by big firms don't carry anything into the interior unfortunately.
220 CPS is a classy looking building. As B1M explained, placing the core on the side opposite Central Park required more support on the Central Park side. The two sturdy triple-wide columns on the Central Park side contribute to 220 CPS's distinctive facade.
@@Urbanhandyman Have you seen the lobbies of RAMSA's New York high rises? I assure you the architecture on the exterior carries through to the interiors in semblances of luxurious spaces. Not everything new has to be glass curtain walls and kooky forms.
Awesome video, but you didn't mention a massively important feature of 220 Central Park, and that is....
Art Deco.
220 Central Park doesn't just echo art Deco, it duplicates it in the most accurate & extraordinary way;
~ Art Deco monumental style straight from the glamourous architecture of the 1930s
~ External colour is period correct
~ 1930s stepped capital so typical of the era.
~ A visually appealing building that will not date.
220 Central Park isn't merely a glass box built solely to make profit, but a building whose style is deeply revered & respected.
I've designed, drawn & have just completed physically building a period correct late Edwardian / early Art Deco building that ticks all the period correct boxes, and although at a smaller scale, people are as just as awe struck at my work as those who've bought apartments at this brand new Art Deco Luxury monument apartments.
Well done for producing this Art Deco masterpiece
It’s 6:55 here in New York and what a way to start the day👏🏽
Thought NYC never slept?
@@TheB1M😂😂
It's crazy to think a human owns 53 billion USD
Well I'll never live in one... but more on my level: I've always been amazed that sewers in these areas can handle all the extra water & waste from all these builds. Over the last 100 years, there must be 1000x more to get rid of. Has it all ever been re-dug / re-built? 🤨
Constantly being dug and rebuilt. It's NYC.
Modern buildings have advanced sewer systems including vacuum toilets which flush with only half a pint of water (or less ) . These systems also have much smaller outlet pipes and do not need large and heavy water tanks and supply pipes.
@@DylanLandro LOL Has he ever been to NYC ?
Excellent video. Really scary to hear the amounts of money going around when the vast majority struggles to find a place they can afford. At some point the gap becomes so deep it causes an unstoppable rift...
It would have been important to mention The Dakota on the UWS as it was more or less the first “co-op” building in the city and ushered in the era of high-end multi-family residential buildings - whereas previously single family homes were the standard of luxury and multi-family for the working/poor. It’s also one of my favorite buildings in the city.
I had to Google what a co-op building is. My understanding is that you buy a share of the company that owns the building, and they let you live in a unit in exchange. I‘m confused why this makes a unit more valuable. You have less control over you living space and can never make any upgrades or renovations. I don’t get it. Can you explain?
Loved this long form video! I’m not even in the architectural field but I’ve loved your videos since high school. This one was a beautiful story and a striking one! Appreciate you guys always bringing moral purpose and discussing real issues within complex architecture topics. Well done once again!
Well done Fred and team.
Absolutely loving the additional detailed information provided in a longer form video
I could listen to you read the proverbial phone book, although in reality, they really don't exist anymore. Point being, you have The Most soothing voice for narration . . . EVER! Your dulcet tones are both soothing & amazing. Well done! 💙
Company i work for built all the 1st floor windows and doors. You couldn’t imagine the costs associated, but the materials and quality demanded it. I was flying there every other week. Was hoping it would end up a video on here some time. Pleasure to see.
Very clever to integrate the advertising into the actual theme of the video. I did not even had to skip it. Very clever.
amazing video.
Cities should be focusing on the needs of the people who grow the city, who build the city, who make it a great place to live.
I’m a massage therapist who lives in New York City and I massage a lady who lives in this building let me tell you this building is so underrated her apartment is pretty small her view overlooking all of Central Park is absolutely the most stunning point of owning an apartment in that building, there’s also a super exclusive restaurant on the top But the real problem lies and the fact that it’s all just for show. The elevators are all electronic. They go down as far as they go up and they go up I believe 90 floors or something like that? But the lobbies a really good way to explain it they spent over $1 million decorate in the lobby but when you go into it it just looks like the same Pinterest absurd stuff that you see in every rich person’s apartment. nothing is truly luxurious nothing is truly glamorous there’s no cashmere or leather made out of fetus skin or something like that… 😂. The age of decadence has gone.
2 videos in the same week? Count me in!
Haha, you're welcome 🙌
One of your best presentations yet, in my opinion. Your closing statement alone was worth my time. Thank you.
Choosing to live in a concrete jungle and then paying the worlds highest property prices to still get a glimpse of nature..
The single reason 220 sold as well as it did, while all the other "billionaires row" properties aren't is because of the architect. The building behind and to the side? It still hasn't sold it's penthouse. And that's because Robert A M Stern is probably the best residential architect in North America. The architecture and spaces in 220 are vastly superior to anything else on or near the row.
Im a fan of b1m! Always happy to see new vids
Wow what a treat - two new B1M vids in one week (not counting the previous hour long combined vids of older vids)! Feels like Christmas came early!
Wow. Eye-watering sums of money for exceptional engineering!
Excellent video. We need more at this length of time
I find this trend sickening. It is a total lie that these absurdly overpriced properties are "in demand" they are not. Most of these properties are empty because the world's billionaires use them as investments, a place to shelter their ill-gotten fortunes, not a place to actually live. This is sickening because this highly valuable real estate could be used to develop much needed affordable housing for the working class people that actually make this city function. This absurd display of greed and entitlement of the wealthy exemplifies all that is wrong with America and much of the world, and it's why the USA is in rapid decline. Of course, this has been enabled by corrupt governments, like NY city and state leaders who are owned by real estate developers, which means the economic and cultural decline we are experiencing was utterly inevitable, given the blatantly corrupt relationship between gov't and business at all levels.
You dont think any one got rich in honest way ? 😊 mind you they all were born into rich family s already no doubt.and money makes more money 😂
@@WANDERER0070 Maybe a few, but that is so not the point. A HUGE part of the problem is people like you who want to become one of them, instead of realizing how broken any system is that allows billionaires to exist at all. That kind of wealth gives more power than any one person should have. Just look at how completely our government has been corrupted by corporate power as the proof.
This is amazing, incredible video, well done everyone
In the world, "The richest 10% of people control a whopping 76% of the wealth." That is an amazing statistic!
If you look at the graph at 8:22 it looks like there were a couple years in 2016-2019 where the middle class started to regain some of the wealth from the top 1%... which ended when Covid hit and the top 1% gained massive wealth from the virus.
Makes me wonder what caused the middle class to be able to gain wealth in 2016-2019ish?
We need more rich people
@@eugene8524so you're saying we need more sociopaths.
No, I am saying that we need more rich people@@Ryan-093
Imagine buying one of the apartment high up in the air and believe that you are so high that it gives you own peace. But then you start noticing daily these drones flying up in air and filming everything about new tall building what has just been built.
@@Iris-lh7rf You will SIT down and be quiet.
I walk by that building to go to class everyday (my housing is on the same street being 58th) and these buildings always confused me as all four are within sight distance, but they look terrible, and absolutely no one lives in them. It feels more like a real estate scam for wealthy oligarchs from Russia, eastern Asian countries, and the Middle East to buy them so they permanently have money in the US in case they ever have to flea their home country. They are honestly such a waste of space for the area which in general has some gorgeous old buildings and with rent already being sky high in the area and hotels/ NYC athletic club + so other random businesses there with Columbus circle it would have been nice to actually see some more regular housing go up as it’s quite weird to me but not that many people actually seem to live around here even though almost every building is over 15 stories.
I’ll also add that one of the four towers is four doors down from me and quite literally speaking I have never seen anyone go into it or any of them for that matter. For living on “billionaires row” the streets are quite dirty and it doesn’t feel like the billionaires playground that everyone says it is
It’s unfortunate how what would be considered Engineering and architectural marvels are now used for vanity more than anything else. Look at Dubai and their ultra-tall skyscrapers that look like it could be out of a dystopian science-fiction movie. New York City isn’t much different now since it has one of the highest rates of inequality out of any major city in wealthy countries. These skyscrapers on Billionaire’s Row would be much more respected if they didn’t sit completely empty majority of the time while majority of New Yorkers who aren’t making a six-figure salary are struggling to make ends meet.
To sum it down high towers don’t equal a city.
At least, no much money one has, the birth to death ratio is still exactly 1:1
Need to make it easier to build so costs come down. The harder it is to build, the less likely you see affordable units.
I would love to be a city worker sitting behind the counter when one of those “billionaires “ comes in and says, “do you know how much money I spend in this city?” just so I could look them straight in the eye and say “no where near enough to have that attitude!”
I have customers at the restaurant where I work who talk about how much money they spend in our establishment. They don’t seem to realize that it takes a hell of a lot more than their patronage to keep our doors open.
Excellent video, I've learned a lot !
Another epic episode from an amazing channel. Work like this is why you've achieved 3 million subscribers. Congratulations to the Team!
I think we'll be hearing a lot more about this building in the future.
“Having it all” would mean for me: An orchard, a large garden for canned goods, a stream for fresh water that isn’t prone to flood, a few cows and goats for milk and soap, a few loyal friends and family, a pickup truck, a woodshop and tools for making things. A close hardware store for lumber, tools, screws and nails. A mason building supply store for stonework, drainage tile, building block and brick. Perhaps 4 seasons with a short winter. A smaller home I can heat cheaply. A few guns for defense and hunting. A few natural bodies of water for recreation. Neighbors that do honest work with their hands, believe the Bible, and limit government intrusion.
Always happy to see a new B1M video!
Not me. It means I'm going to be 33 min late for my next task.😅
Me too !!!
Luxury real estate may well be a supposed safe bet but a lot of these places stay on the market for years, sometimes decades before they realise even half of their exalted pricetags.
It's amazing just how much the skyline of New york has changed since I lived there almost 30 years ago, when hardly any skyscrapers were built in the prior 20 years. But the biggest change has happened in just the past dozen or so years. I'm sure it would have changed even more and there would be more housing were it not for onerous regulations and the cost of building in Manhattan, not to mention lawsuits, which is a lot of the reason why the cost of housing in the city is so high.
Excellent fantastic coverage!
As much as I love these videos, about buildings etc., that makes your eyes go 😳😲 and jaw hit the floor, I would very much love to see your take on the classic architecture that's growing around the world, with people being tired of living in cold, ugly houses....now want more beauty in their lives!
Excellent video, as always! 👍🏻👌🏼👏🏻🥇🏆
Totally agree. This video doesn't seem to fit with what I've come to expect from The B1M.
A 33 million dollar condo in NYC would pay more than 400k a year in property tax. The building will also employ skilled people who can maintain and manage the building, adding jobs to the economy. When considering what the wealthy are paying as their "fair share", consider that as well.
Nobody that "lives" there is actually paying 400k a year in property taxes.
It has always baffled me how just steal, concrete, and glass is holding up vertically against strong winds. Almost like magic.
@@Iris-lh7rf bro this is RUclips
It actually is magic. Each building has a series of tiny wizards located throughout the structure working in shifts round the clock to keep the building standing. Most people don't know that.
@@benjamindover4337 learn something new everyday look at that haha
Go eat a rocket@@Iris-lh7rf
“Any sufficiently advanced technology is indistinguishable from magic.”
-Arthur C. Clarke
Does anyone else feel queasy just looking at some of these buildings?
You have to admit that at least its a beautiful skyscraper and its very New York. Art Deco is 1000x better than blue glass boxes like Hudson Yards.
A lot of those buildings on billionaires row are half empty....
He has a video about it.
This channel is amazing and this video on 220 Central Park South, Billionaires Row is Astonishing.
This comes across as an episode where evidently we are supposed to fawn over these wealthy titans. Impressed with the crap they own. How repulsive.
The whole channel fawns over architecture, that is the point. Has he ever covered the intricacies of a mud hut on this channel?, not yet.....
Thank you for these deeply thoughtful videos you make.
In this day and age, this type of "investments" are mighty obscene.
This is proof-positive that human will never evolve beyond greed.
@@Iris-lh7rf -- all religions are wacko and useless, so please take your UNSOLICITED RELIGIOUS NOTE away from here.
I´ve been watching The B1M for some time and this may be my favorite video so far. What an amazing video. Thank you.
i'm a tech head. and fred, that was just a bit surreal watching you promote amd. good job and great video!
Fun fact half of the residences who used to live in the old building are now homeless and the building that replace it is half empty
Thanks B1M for not even mentioning let alone glossing over what happened to people who got kicked out
One can't help but admire the astounding engineering that goes into structures like those along Billionaire's Row and elsewhere in the world, and that the B1M has been good enough to expose the "common man" to these wonders. Now how's about exploring those wonders that are designed to benefit the "common man"? I don't mean bridges and tunnels but everyday things that are designed to make life less difficult for those who aren't billionaires or even millionaires. As you pointed out in this video, there are too few of them with too much money, and too many of us without much money at all. Isn't there any astounding engineering for the too many of us?
Consider the device you used to submit your comment. It is a wonder of technology that improves the life of the common man.
@@systematicrisk No doubt, but how does that involve construction as is what the B1M focuses on? Your comment, although appreciated, is irrelevant to the comment I made.
Well who will pay for incredible building projects if billionaires or corporations don’t? That’s what this channel covers. They are the ones who build things. It’s nice to see small projects too but this is a channel about BIG things.
@@Filboid2000 You asked about astounding engineering that benefits the common man. You did not limit the question to civil engineering.
@@benjackson103 One word: altruism.
Anyone else notice at 13:47 he was about to say "evict" and caught himself before rephrasing the sentence? That was quite funny to me.
yes! Because you can't legally evict them, you have to pay them a huge sum of money to go away- buyout
truth slip
i tried it and went nuts living in nyc. seems quite empty now. a good vid. i didn't know sting was that rich.
What an ode to division.
just want to say, you are the best dinner youtube chanel
Idk if its just me but i get some weird feeling about all those rich and important people talking about the buildings and how they desperetly say how good and genius the buyers and owners are...
I have watched a lot of B1M, and just wanted to thank Fred for all he does; love his voice and these videos are very enjoyable.
I enjoy B1M videos in general, but this piece was a lot of fun! It's like a well written uber-family drama series compressed into 30 minutes. Well done.
Brilliant! Love this channel 👌
I love how the tenants got a million and the douchebag rich guy walked away with 147mn
I like this longer form video style!
As a New Yorker who lives at ground level, I can tell you that these buildings are hated by most of my fellow New Yorkers as symbols and for their distorting effects on the rest of the real estate market. They use up all the media oxygen, and shame on the media. The real story that would interest me is how to build new housing that is affordable to a teacher, firefighter, or nurse. Those are the people who make cities like New York livable. What technologies and regulatory frameworks can be created to let those people who cure, care, and educate be able to afford to live in New York? We don't need super talls. We need the missing middle.
Well said. These ugly bulildings ruin the atmosphere of our cities and they have absolutely no use for tackling housing shortage. All about laundering dark money.
I hate when the media doesnt cover what i want. SHAME ON THEM!!!
I’m a New Yorker and I love them. They are symbols of human achievement. So not all New Yorkers. Resentment or wealth will get you nowhere. The developers, architects, and residents have every right to build projects with their own money. New York City will always be a place that is expensive. It’s called supply and demand. If builders were allowed to build high more often that would create more supply. Must billionaires build everyone and their brother a house before they are allowed to build their own, no mater how opulent? This is an evil philosophy and it’s what’s wrong with people now.
@@benjackson103 You live in a gilded age inspired fantasy land. NYC might be an expensive place but you still need middle and low income earners for your businesses to function. If everyone is the boss then tell me, who's going to do the work?? Your beloved billionaires' row is nothing without essential workers such as shopkeepers, garbage collectors, janitors and security personnel. And guess what? Those people deserve to live in humane conditions too. Pissing contest of the tallest building is hardly a sign of human achievement. What's human achievement is living equitably in peace and harmony.
@@ramochaiamen
Great video to wrap up the year!
What to expect as B1M, a respected journal that covers ultra engineering/construction projects, enters the realm of the gossip columns ?? It's not just another stellar & rivoting history of Billionaires Row:
This report covers new ground, just as professional and well-researched as ever. First-rate drawings, maps and animations. As the reputation of the narrator has spread, he accesses all the best experts, happy to go on camera and discuss pertinent details otherwise lost to perpetuity.
Thank you for sharing you observation here!😊😊 Nice!!😊
Billionaires do not contribute to the local economy as much as you would think.
They always light where they get the biggest tax breaks. If not, then they have the means to easily pick up stakes and move to the next place that offers the best opportunities for paying less taxes.
Quality of this video is mind blowing.
Facts i love how he completely glosses over the former residences who got kicked out and ended up homeless.
The backlash was not about demanding that the rich pay a higher property tax than the average American, but that they at least pay the same tax rate. The problem was the "421a tax abatement" that allows the new owners to pay drastically less taxes on their apartments for at least a decade. So those super rich people have a MUCH lower property tax rate than the average American and that of course was quite controversial. The owners of CPW 220 alone save millions of dollars per year from that 421a tax abatement and that in a city which needs every Cent to maintain ist old infrastructure.
I never understood why people in New York City want Central Park views. The other side with skyline views is much more exciting. And a sniper could hide in the park at night at shoot those rich people. Are those windows all bulletproof?
What you should have mentioned are the fake windows that even come with fake lights at the southern facade of the building where the core is located. They did not want a blank wall there, so they opted for those fake windows.
A blank wall looks better than fake windows.