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IPFS News Link • New York

Manhattan's $1bn ghost tower? NY skyscraper with homes worth up to $60m...


A luxury New York skyscraper with apartments priced at as much as $59 million could be left empty as the coronavirus lockdown halts the construction industry.

Developers in the Big Apple fear the pandemic shutdown that has seen cities around the world deserted will put potential buyers off investing in properties.

Restrictions on social distancing have also seen construction on many sites grind to a halt.

It is feared the slowdown could see buyers pull out of agreed deals that are yet to be closed, and some deals that are already signed could be threatened by legal clauses that give buyers rights in the event of construction delays. 

One of the projects at risk of seeing a decline in interest is the 91-story, 1,420 feet high, 111 West 57th Street, which reaches around a quarter of a mile into the sky.

According to the Financial Times, many deals include an 'outside date' which allows buyers who have already paid to walk away with their deposits if a building is not complete by the deadline. 

111 West 57th Street is approaching its outside date within weeks, according to the Times, and will it kick in if an extension is not agreed.