This Bubble is SO Ready to Burst
Sept. 28, 2016 — More luxury condos coming to Billionaires' Row.
Just when you thought the air was leaking out of that over-inflated balloon known as the city's ultra-luxury condo market, yet another developer has decided to bring yet yet more condos to condo-saturated Billionaires' Row.
The latest entrant into this clogged field is the Feil Organization, which is declining to renew the leases of its artsy tenants in the landmarked office building at 140 W. 57th Street – directly opposite the supertall condo tower One57, the New York Post reports. The double-tall, north-facing bay windows in 140 W. 57, which was built in 1907, were originally intended to attract artists. They’re long gone, and now so are such commercial tenants as Hunter Boots, financial firms, and interior designer Brian J. McCarthy.
Coming soon: 80,000 more square feet of luxury condos on a street already glutted with the things. Or, as real estate appraiser Jonathan Miller gently put it, “I’d say this is late in the cycle in terms of conversion and development on Billionaires’ Row.”