Very interesting article, and I suppose very real article given the location of the rental property. With a limited amount of rentals available in Manhattan (that seemed to be the last one available in the location)it will come as no surprise the price. The convenience to ALL amenities come with a price and let's not forget it's NYC. It comes back to the economics of land use!
Indeed very interesting and eye opening article. It definitely illustrated the point that location and amenities enhance the value of a location.
Reading this article has left me in awe. I guess one can say, being the last one and in the location it is in increases the value. This reminds me of the case with mineral mining - the value of what's left in the ground increases.
I would buy one of those houses right now, only if I had the money. It is said that beauty is in the eyes of the beholder which maybe the same for land rents too, albeit in my opinion. As far as land rent is concerned, I certainly think the benefits to me would outweigh the cost if I could get the billionaire house built in 1887 for the rest of my life. Seriously though, those examples have really brought the concept of land rents to life and go further to illustrate that certain attributes certainly increase the value of properties as Diana said.
This article makes me upset that there are people wealthy enough to waste that much money on a rental property when that money could be spent somewhere else that is needed more and with greater benefits to society. This article definitely shows what people are willing to spend and the value placed on an object due to the design, location and rarity of the specific property. knowing that you have the last one of its kind increasing the value extremely high.
Yeah this definitely is a valuable property. The thing is with land rents and value just let there be say some problem with the area such as earthquake or it becomes flood prone and its value would decrease just like that.
When a resource becomes scarce there is usually an increase in its value.Hence, with limited rental properties available in Manhattan there will be huge price tags attached. In addition,the location of the property adds to the value.
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