Chinatown's garment factories are under siege (down from 400 in 2000 to 150 today), and it's hard to know who to blame ? their cheaper and more efficient counterparts in China or their luxury-condo-developing neighbors. With the lifting of worldwide quotas for Chinese goods, and the monumental output from the mainland, it's not easy for the NYC factories to compete. And yet, these figures, presented in Saturday's Washington Post, make a compelling case that it wouldn't matter if they could:
At 129 Lafayette St., a former factory has been converted into a condo. When it was a factory, space rented at $10 to $15 a square foot. As condo lofts, it goes for $1,000 per square foot.Ah, America! Who cares if we produce anything? Our apartments are the sweetest!
· Manhattan's Chinatown Pressured to Sell Out [Washington Post]
· Chinatown Is the New Soho [Curbed]