The Motley Fool Discussion Boards

Previous Page

Investment Analysis Clubs / Macro Economic Trends and Risks


Subject:  One57 (& J.W.Marriott) v. DeBlasio Date:  1/26/2018  12:27 AM
Author:  notehound Number:  530269 of 603887

Billionaires, Millionaires and Derelicts:

In one macroeconomic trend impacting the absolute most expensive Manhattan residential real estate per square foot, owners who live at the ultra-highrise condominiums at One57 (157 W. 57th St.), on New York's "Billionaire's Row," will be literally rubbing shoulders and standing cheek-to-jowl with 150 homeless people living in the back-to-back adjacent Park Savoy Hotel building at 158 W. 58th St. The front door of the homeless shelter will also be directly across 58th St. from the glass-door motor entrance of the newly renovated J.W. Marriott Essex House hotel.

...According to the city’s department of homeless services, the former Park Savoy Hotel at 158 W 58th St in midtown Manhattan will house 150 homeless people. It is scheduled to open in March, and backs on to One57, a 75-storey skyscraper on 57th Street...

“It’s not going to be a good thing cause you’ve got the Marriott and Hyatt hotels right here,” said the super at an adjacent building. “So it looks like there’s going to be a war with de Blasio. He doesn’t have to put the homeless here, he could put them all in the armory on 2nd Avenue...”

The moderately-pricey Midtown East Kips Bay and Murray Hill neighborhoods, which have been coping with city-sponsored homeless housing for some time, are adjacent to ground zero for another 300 adult homeless beds, as well.

Hotel Chandler, at 12 E. 31st St. off Madison Avenue, will be flipped into a 300-bed traditional homeless shelter for families – all over the age of 18.

The area is already home to the troubled 800-bed Bellevue Men’s Shelter on East 30th Street, the Mainchance Shelter on East 32nd Street, and seven other hotels with the capacity to hold more than 1,200 homeless individuals...

Having stayed in hotels all over Manhattan over the years, one of the things DW and I always try to do is find the best possible neighborhood in close proximity to whatever concerts, shows, or museums we have on our itinerary. The next time we visit, perhaps we should also check New York City's Department of Homeless Services to find out whether we will be next door to a shelter.

Whether or not tourists or residents have a natural affinity or an aversion to sharing space with homeless people, it is something for which one would like to have advance notice - so as to adjust one's expectations, manner of dress and general level of attentiveness.

Billionaire's Row and Skid Row have never been so close, despite the ever-widening disparity between their denizens' income and assets.

Copyright 1996-2020 trademark and the "Fool" logo is a trademark of The Motley Fool, Inc. Contact Us