By: Jason Maxwell
Submitted: 2011-03-22 01:06:21 | Word Count: 453
In our modern world nowadays, space has become one of the biggest problems. High-rise multi-billion building designs are now being made as a solution. We do not have those space-consuming one or two-story buildings as skyscrapers anymore. Besides the gigantic height, a skyscraper offers some state-of-the-art and most expensive amenities housing many successful business entities.
Unlike a piece of land and antiques that appreciate as time goes by, buildings or permanent structures do not. As a result of wear and tear, the monetary value of buildings tends to depreciate. Some which are not worthy of a major renovation are deliberately reduced to rubble through the use of explosives by authorities. But such general assumption does not apply to all.
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About 2 years ago, The Observer reported that the General Motors Building, strategically situated in the plush business district of Manhattans Fifth Avenue at 59th Street, was agreed by prominent real state magnates that indeed it is the most expensive or the most valuable building ever constructed in Manhattan. This is owned by Boston Properties, originally a showroom for the vehicles that General Motors feature is believed to value at the tune of more than $4 billion.
This was originally owned by Harry Macklowe. But he sold it to Boston Properties Mort Zuckerman and Ed Linde and two Middle East business entities, Goldman Sachs and Meraas Capital on June 09, 2008 at $2.8 billion, considered being the most expensive tower sale ever made in the history of real state firmaments. Less than two years later, the value of the said tower almost tripled. Of course, this is an exemption to the depreciation rule. Therefore a new trend is set and a new record is entered.
Why is this? Besides sitting on one of the most coveted spots in downtown Manhattan, the building houses many equally famous and reputable businesses tenants such as the top computer brand Apple, sports, entertainment and media magnate IMG Company and just recently, the technology Unaxis. Whats more to it? It is situated together with some of the most prestigious shops shimmering with power and wealth such as Louis Vuitton, Tiffany & Co., Gucci, Prada, Giorgio Armani and among others.
Needless to say, the location of towers all the more contributes to the general appeal why many businesses are attracted to it. The face value of properties can increase if it is situated along with wealthy businesses.
Author Resource:-
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