By: Jason Maxwell
Submitted: 2011-04-25 01:30:36 | Word Count: 430
Space has become one of the biggest problems as we are already into the era of modernization and state-of-the-art technology. High-rise multi-billion building designs are now being made as a solution. We don't see those traditional space consuming buildings anymore. Aside from its large height, a skyscraper offers some state-of-the-art and most high-priced amenities housing many successful business organizations.
Buildings or permanent structures do not unlike a piece of land and antiques that appreciate as time goes by. The monetary value of buildings has a tendency to devalue because of deterioration. Some which are not worthy of a major renovation are deliberately reduced to rubble through the use of explosives by industry experts. However, such general assumption does not apply to all.
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The Observer reported that the General Motors Building indeed 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.
The General Motors Building was originally owned by Harry Macklowe. For no apparent reason, 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, viewed as being the most expensive tower sale ever made in the history of real state firmaments. A few years later, the value of the said tower almost tripled. Certainly, this is an exemption to the depreciation rule. A new trend is set and a new record is entered.
Why? 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 only neighbor to a myriad of establishments and renowned shops glistening 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. Furthermore, neighboring equally wealthy businesses add more to the face value of properties.
Author Resource:-
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