Then you need to read this: The Thrill of Losing Money by Investing in a Manhattan Restaurant | The New Yorker
It is a wonderful read of a terrible experience.
Besides that, though, it is an entertaining but damning analysis of the restaurant business in cities like New York. (I imagine it is the same for most cities.) I think at some point there will be fewer and fewer fine dining experiences in cities, and the best food will come from places that are small and have very low overhead. And all those large spaces that were once filled with large restaurants will close.
If you still want to own a restaurant after all that, don’t say you weren’t warned! 🙂
(Image is of Prune, one of my favourite NYC restaurants. If fine dining is to have a model in the future, it is likely to come more from places like this, imho.)
The story of Bleecker Street’s Swerve From Luxe Shops to Vacant Stores in the NYTimes is one playing out in many cities throughout the world, though perhaps not as extreme as this. It’s a big problem when money comes flooding into neighborhoods and cities, disrupting the people that live there, and making those areas unlivable in some cases. Most people need somewhat stable places to live, but unstable social systems (capitalist or otherwise) can make that difficult unless other social systems (like local governments) come in and press back against such instability. As more of the world moves from rural to urban areas, the tools to make streets and cities livable need to be developed and put to use.
Anyone living in a growing city needs to read this piece. Recommended.
(PHOTOGRAPHS BY CHRIS MOTTALINI FOR THE NEW YORK TIMES)
Home prices in some of the city’s neighborhoods have not just climbed over the last decade, they’ve blasted off, landed on Mars and found water.
Why? Well, look at where the growth is, and then look at this map of the NYC Subway:
More than other factors, the price of real estate seems is tied to how easy it is to get back and forth from Manhattan.
That said, I’d be interested to know the story behind the areas of Manhattan that are stagnating.
NYC is never boring.
Source: New York Home Prices | New York Real Estate Price History
Is Eleven Madison Park the best restaurant in NYC? If you read this, Restaurant Review: Eleven Madison Park in Midtown South – NYTimes.com, you’d be inclined to think so. Regardless, it is excellent and worthy of considering a visit.
But what if you want to experience the place without having to go through the tasting menu? Worse, what if you don’t have a reservation. Well then, you need this: How to Eat at Eleven Madison Park With No Reservation and No Tasting Menu — Grub Street.
I can’t promise that will work, but it is worth considering if you want to casually experience some of the best Manhattan has to offer.
There is so much good about this piece by Zadie Smith that if I started pulling in quotes from it, I would essentially replicate it. It’s an effortless read, and yet even as I was reading it, I could feel how great it is. I had the feeling of racing down a high mountain on skis, exhilarated and impressed by the beauty and amazed how fast I am going and then it is done.
So, yes, I recommend you read: Find Your Beach by Zadie Smith | The New York Review of Books.
This nuclear reactor:
…sat in Kodak Park, in Rochester, NY, for over 20 years before being wound down in 2007. Facinating. The Democrat and Chronicle – (democratandchronicle.com) has the story on what it was like and what Kodak used it for, and why they finally had to shut it down.
New York City has a good problem to have: it’s getting increasingly more expensive to live there. In the second half of the 20th century, it had the opposite problem and the question was would anyone want to live in all but small parts of it. Those days are gone, so much so that Manhattan became too expensive for most, which partially led to people moving to Brooklyn. Now even Brooklyn is getting too expensive, according to this: Moving Out of Brooklyn Because of High Prices – NYTimes.com.
It’s not surprising to me: NYC is more desirable than ever to move to. Yet the parts of Manhattan and now Brooklyn that people find too pricey are not the whole city. I expect in a few years from now people will be talking about great spots in Queens and the Bronx and how they too are becoming more expensive.
Globally populations are leaving small towns and rural areas and moving to cities. Cities like New York will be the beneficiaries of this, and will grow accordingly. Assuming they are well run cities, they will find ways to accomodate newcomers, and the parts that were cheaper will rise in value.
I don’t see NYC getting cheaper any time soon. It will be more what parts of it people live in, and what the housing will look like. I expect you will see more high rises built in places where none were before, and more and more neighborhoods being gentrified.
Here’s to a growing New York.
(Creative commons image from picsbyfreyja)