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Times Finds Out About Park Fifth

By Eric Richardson
Published: Monday, May 07, 2007, at 05:10PM

The Downtown News was talking about the Park Fifth project two and a half weeks ago (and so were we), but the Times just got the story out today. It's mostly the same information, but take a look at the included render. I certainly don't recognize that tree-covered spot where Pershing Square should be.

Update (Tuesday): A friend just pointed out a bit I had passed by when I first read this article:

The project is drawing its doubters from people who wonder whether there is a market for another huge housing complex downtown.

Adding downtown housing is a risk, market observers said. "There is a huge supply that far exceeds demand" at the moment, said real estate broker Stephen May of Downtown Residential Real Estate, who estimates that more than 400 units are for sale.

That's why so many of these buildings keep selling out, right? Seems to me that great buildings are selling fast and the ones with issues are going a bit slower, just like they should in any market.


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