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Extra resources for The New York Review of Book (April 2 2015)

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Moritz, Union’s natural resources, and the astransactions. This January, another dulegal battle because 220 would have Essex House) and touristy restaurants cendance of China’s state-controlled plex there fetched $90 million. blocked Nordstrom’s park views. The (Trader Vic’s, Rumpelmayer’s, Mickey capitalism. Together all these developPortzamparc’s tower of monetary lawsuit was settled when each party Mantle’s—which are now gone), forments radically altered standards of power stands two blocks south of agreed to shift its tower—Stern’s to the eign buyers consider it the golden core private wealth worldwide.

Like both One57 and price, which has limited sales in them the store, and condos on the uppercates the generally low architectural Nordstrom, 111 will have a glass curto an even smaller portion of the somost stories—unobstructed park views state of New York’s new housing for the tain wall, and its full-floor apartments called top one percent. If you buy a commence at 225 feet high, hence this super-rich. will all have views north to Central co-op, you buy shares in the building; if sequence—it will rise next to and over Park panoramas.

And 58 percent of New York City condominiums are paid for entirely in cash, which makes buyers more untraceable because no mortgage documentation is involved. As Story and Saul write: An entire chain of people involved in high-end real estate sales—law1 Princeton Architectural Press, 1995. yers, accountants, title brokers, escrow agents, real estate agents, condo boards and building workers—often operate with blinders on. As Rudy Tauscher, a former manager of condos at Time Warner, said: “The building doesn’t know where the money is coming from.

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