Monday, August 18, 2008

Old & New in East Village

This is the skyline of East Village on Lafayette Street, just south of 8th Street. The blue glass building on the left is a new $5 - $12 million condo/coop building that sits on leased land. This is an interesting concept in residential real estate because the building does not own the land it sits on. At some point (way in the future), the lease on the land will expire and a new contract will have to be drawn up. How will that affect the prices of the apartments? Only the future can tell.

So how was your weekend? Did you do anything fun?

18 comments:

Alexa said...

And who can afford to live there in the first place? I remember the East Village of the late '60s, early '70s—now THAT was affordable real estate! Crappy, but affordable.
Hung out in Prospect Park with my daughters this weekend. They're always fun!

USelaine said...

I wouldn't trust that arrangement. Seems like the rug could be pulled out at any time.

I visited a ranch and played with their litter of border collie puppies! Cute overload!

Per Stromsjo said...

Nice composition, light and shadows.

It rained cats and dogs here so I had myself a blogging weekend. Perfect weather for that...

alice said...

This new one must be very luxurious, but my eye is attracted by these trees on the top of the old one...I guess a nice terrace!
This weekend, the weather was capricious but it has been possible to swim every day, not too bad!
And you, Ming, what have you done?

Belinda said...

I guess you'd be happy if you bought an apartment in the complex now and sold it in years to come!

I spent the weekend folding newsletters and stuffing envelopes. The upside? I watched 5 DVD's whilst doing it - have you seen The Kite Runner? Don't think I've ever cried so much watching a film. The book must be absolutely unbelievable!

Olivier said...

beau contrasme. j'adore ça dans NYC, ce voyage dans le temps quand on passe un bloc.

contrasme beautiful. I love it in NYC, this time travel when we pass a block.

citygirl15 said...

I believe the buildings in Battery Park also have a land lease from New York State.

The condos were given 10 year tax abatement, and from what I understand, the owner/shareholders are now paying extremely high maintenance fees on their apartments.

Virginia said...

Love the old new thing. It's fun to photograph. You caught the shadows just right. Moi? Not much, but did get to practice my portrait skills on a 7 week old baby ( see yesterday's photo) and that was a learning experience. What I learned: i don't like tripods.

Anonymous said...

I really like the contrast of old and new -light and shadows. I prefer the older buildings though-much more the NYC that I picture.

Spent the week-end entertaining the grand kids and swimming. Very hot in LA.

Doris

Terry B said...

Interesting contrast of the old and new--and scary prices on the condos. Yikes. This weekend we went canoeing on the Chicago River in the heart of the city. As you paddle along the tree-lined river and watch ducks and great blue herons and other wildlife, it's easy to forget you're in the middle of a bustling urban neighborhood.

Changes in the wind said...

The old has character and the new simply glitz...............

alex said...

There are so many contrasts in this city...each corner of the streets make you discover treasures...

Nice shot. Thank you.
(I enjoyed very much the little church placed between two buildings in Financial District, in front of Governor's Island ferry pier.Did you ever photographed this one ?)


This week end, I went to Chateauroux in the state called "L'Indre" and I visited old renaissance castles like Chenonceaux or Valançais.It was really amazing.

marley said...

Nice contrasts between thetwo styles. It'll be interesting to see what the future holds for this type of building lease.

Abraham Lincoln said...

This land lease thing is like we had in Baltimore, Maryland in row houses. At least the row house we lived in belonged to our landlord but the land it set on belonged to the city of Baltimore.

It must be more common on the East Coast than here in the Middle West.

Knoxville Girl said...

The glass building almost looks CGd in - unreal next to those heavy, down-to-earth older buildings.
I hosted my book club's meeting and dinner this weekend. On the menu: Pastis and Proust. We're a drinking club with a literary problem.

Anonymous said...

I have been glue to the Tennis
Olympics. Great pleasure!!!

Chris said...

Americans who want to build homes in Mexico actually lease the land there, too I think the lease is for 100 years or something like that.

We went driving and got to see dogs. . .That always makes a good weekend for me!!

Todd HellsKitchen said...

I love these old/new shots. I always try to take them myself when I can frame them properly...