In Manhattan they almost never tear down, but rather do extreme gut renovations on the framework of older buildings. As a result additional units don't get added (by building up for example), the existing units are just upgraded.
The reason for this is new buildings have to follow modern regulations which drops the usable square footage of properties considerably (for example, having the building X feet back from the street etc). In Manhattan where every square foot counts this is of course unacceptable. Old buildings are grandfathered into older, less restrictive, regulations.
The reason for this is new buildings have to follow modern regulations which drops the usable square footage of properties considerably (for example, having the building X feet back from the street etc). In Manhattan where every square foot counts this is of course unacceptable. Old buildings are grandfathered into older, less restrictive, regulations.
https://www.nytimes.com/interactive/2016/05/19/upshot/forty-...