What's with all the commercial skyscraper sales? Slate's Daniel Gross says corporations "find themselves in the same position that elderly homeowners do.
"An asset they bought and paid for a long time ago has appreciated massively. But maintenance is a nuisance, and the old pile may have outlived its usefulness now that the kids are grown. At a time when incomes are no longer growing rapidly, the home office can be a huge untapped source of cash."A fine theory, but Gross's list of companies building skyscrapers in NYC is longer than the list of those selling, which leads us to believe that he's underestimated the corporate erection that rises when you build a great big phallus in the middle of the world's most important city.
· Psst, Wanna Buy My Skyscraper? [Slate via Archinect]
· The Other Metlife Shoe Drops [Curbed]