Impressive designs. Logical plans. Delayed execution.
The New York Times reports that the city is racking up dozens of stalled residential multifamily projects, some of which may never be completed.
High taxes, zoning regulations, and even feuds between developers and neighborhoods have been some of the reasons for the stalling. Some developers insist that their projects would eventually be built, but that’s not a sure thing due to the weakening ultraluxury market and the possibility of downturn in the near future.
One of the most notable casualties is a 65-story condo near Madison Avenue from Turkish developer Nef. The 700-foot tower was slated to have crisscrossing beams, a steel-and-glass facade, and gardens with outdoor cinemas and whirlpool tubs. Nef announced the plan in 2015 but has never filed for building permits.