Discussion » Statements » Rosie's Corner » The Millenium Tower is a ritzy ditzy building in New York City with rich tenants living in fancy dancy units. It is tilting/sinking. WHAT?
RosieG

The Millenium Tower is a ritzy ditzy building in New York City with rich tenants living in fancy dancy units. It is tilting/sinking. WHAT?

The building isn't made of steel. It is made of concrete. Which makes it VERY HEAVY. When the construction folks drilled down they didn't go down to bedrock which is what they should have done to anchor the posts they put in. While most buildings sink a bit (5" over time) they don't tilt. Who is to blame? Who pays for the fix? The fix will be to anchor posts in the bedrock which means drilling down a lot farther. How this can be accomplished with the entire building sitting on top of it I don't know. So  what would YOU do if you lived in one of them? No one will buy one so you can't sell yours. Would you just walk away from it and sue someone? Hang in and hope a resolution could be reached that would make it safe to live in? We're talking an investment of millions of dollars. Being rich isn't all sunshine and roses. :(

Posted - November 6, 2017
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Responses


  • 19942
    I saw that last night on 60 Minutes.  Now that the story is out, good luck trying to sell your apartment.  The one couple that did took a 3-4 million loss. 
      November 6, 2017 8:40 AM MST
    1

  • 113301
    It looked so jazzy snazzy and it costs an arm and a leg and your first-born grandchild to live there and I think there are 1000 units in it. I wonder if they can take that loss as a tax writeoff? Thank you for your reply Spunky!  :)
      November 7, 2017 8:00 AM MST
    1

  • 32664
    Yes, it is a loss. Just as making money on a sale is income and must be claimed.
      November 7, 2017 8:13 AM MST
    0

  • 1326
    Actually it's in San Francisco. If I was super rich, it might just be one of several homes I own. I don't feel too sorry for these individuals.
      November 7, 2017 11:12 PM MST
    0