New York is a Half Ghost Town

Welcome to New York City's Billionaires' Row, where the only thing taller than the buildings, are the egos of the people who live in them. These luxury skyscrapers on 57th Street in Manhattan were built to house some of the world's most affluent individuals, complete with opulent amenities and breathtaking views. But wait, what's this? Many of the units remain unoccupied?

Well, it turns out that many of the buyers are foreign nationals who only visit the city occasionally, leaving their units as fancy pieds-à-terre. So while the buildings may be grand, they're also ghost towns for much of the year.

But the high vacancy rate isn't just because of absentee landlords. Oh no, owning one of these units also comes with a high price tag that can be tough to sell, especially during a downturn in the real estate market. And let's not forget the ongoing pandemics which causes disruption on global economy and affecting the high networth individual decision on purchasing a property.

And let's not forget about the maintenance and common charges, which can be a real burden for these billionaires. Because let's face it, maintaining a palace in the sky isn't cheap.

Furthermore, many of the units are customized to the original buyers' tastes which can make them difficult to resell, if the original buyer changes their mind.

But it's not all bad news. The Billionaires' Row has also faced criticism for its impact on the surrounding community. The luxury towers have been criticized for blocking views and sunlight, and for contributing to the displacement of long-time residents. This means that, while the billionaires may have a fancy new place to call home, they've created a negative reputation in the area which may deter potential buyers.

In conclusion, the high vacancy rate on New York City's Billionaires' Row can be attributed to a combination of factors, including the high cost of ownership, the high maintenance and common charges, the use of units as pieds-à-terre, and the negative impact on the surrounding community. Additionally, the ongoing global pandemics also play a role on the current state of Billionaires' Row. So, while the billionaires may have a fancy new place to call home, they may want to consider the old adage, "an empty house is not a home" before they move in.

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