Remnants of Tenements

Remnants of Tenements – New York, New York Today’s slice of New York City architecture is in stark contrast to yesterday’s post. These buildings share many of the characteristics of the tenements that once dominated much of Manhattan 100–150 years ago, although I can’t be certain these particular buildings were actually tenements. Regardless of their original use, these old structures can command surprisingly high prices, especially in such a desirable neighborhood. A nicely renovated apartment might sell for well over $1 million or rent for $4,000–8,000 per month. I was wondering why these old structures are still standing when there are opportunities for redevelopment. However, building in New York City is complex, and apartments might be rent-stabilized, limiting redevelopment. Some people appreciate the historic character of these buildings, and owners can earn attractive returns by renting them without taking on the enormous cost and risk of demolition and redevelopment. The…