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Originally Posted by photoLith
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So I'm guessing were going to be seeing an economic meltdown soon. Whenever supertalls start to be put on hold that usually is followed by a recession or maybe even a depression...
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With 1 Park Lane's case, I think it's more of a wait-and-see approach because there are several towers currently under construction around Billionaires Row, the high-end condo market there has become oversaturated and the Park Lane is a highly profitable hotel so why not rake in the money from that in the meantime and wait for the other developments to finish before making a move? The Park Lane is at a great location so when demand inevitably picks up again, it will be redeveloped and it will be very successful and sought after (maybe even more than 220 CPS down the street).
As we know, most proposed projects that are put on hold generally come back to life at some point in some form.
Like I said before, just because the Billionaires Row boom is winding down doesn't mean the construction boom in general is over. NoMad will be a hot place for development, downtown's momentum will probably continue as well. Hudson Yards remains another hot area and maybe Midtown East will be fully rezoned in the near future as well. Not to mention that Brooklyn, Queens and Jersey City continue to boom.
The billionaire tower trend will ultimately give way to a stronger emphasis on office construction which is greatly needed.