When you look at the New York sky, you can really see the buildings that rise thin and tall like a 'pencil.' That's why people call these skyscrapers 'Pencil Buildings.' These buildings are narrow and stretch up to 400-500 meters, giving the impression that they are piercing the sky.

Notable examples include 432 Park Avenue, Steinway Tower (111 West 57th Street), One57, and Central Park Tower, and the area around Manhattan's 57th Street is known as 'Billionaire's Row.' It was once considered a symbol of wealth and success, attracting the world's richest individuals to this ultra-luxurious residential area.

When these buildings first appeared, they were truly a sensation. 432 Park Avenue has an unrealistic aspect ratio of 1:15, earning the nickname 'the world's slimmest skyscraper.' Luxury condos like 432 Park Avenue, One57, and Steinway Tower were once the 'stage for the pride competition' among the world's wealthy, but now some of them are being sold at a loss or have been abandoned due to maintenance costs.

For example, 432 Park Avenue was highlighted as "the tallest residential building in Manhattan" with flashy advertisements from the start. However, as residents began to move in, various issues emerged. There were reports of vibrations during windy conditions, burst pipes, and elevator malfunctions. Even ceiling cracks and noise problems led to a drop in property values, causing some investors to sell at a loss of millions of dollars compared to the purchase price. Some people listed units bought for $17 million at a fire sale price of $12 million, and a penthouse worth $28 million was traded for under $20 million.

One57 is similar. This building, known as 'New York's first super-luxury condo,' was purchased by Middle Eastern royalty and wealthy Chinese individuals, but it is not as popular as it once was. A Chinese investor reportedly sold a unit bought for $24 million for $17 million, incurring a loss of about $7 million. Among real estate agents, there are even comments that "One57 has now become a 'fire sale building' rather than a luxury one."

Steinway Tower (111 West 57th Street) is famous for being the world's thinnest and tallest building, but the situation here is similar. There are many complaints about vibrations in the building's exterior and noise from window gaps, and the number of listings is steadily increasing. Some units have dropped in price by over 30% and remain unsold, sitting vacant. Initially, billionaires from around the world flocked here, but now even they are turning away, citing 'too high maintenance costs and impracticality.'

Especially since there is not much demand to fill the void left by wealthy individuals from China and Russia, vacancies are increasing, and some properties are being sold for less than their original prices. Once referred to as 'palaces in the sky,' these places are now so empty at night that they are called 'ghost towers.'

Ultimately, these pencil buildings have hit hardest those who bought them as 'assets to show off' rather than 'homes to live in.' Investors who believed that New York real estate would always rise are now facing losses and are trying to offload their properties amid rising interest rates, market downturns, and urban exodus trends. On the surface, they still shine, but in reality, the 'real estate bubble in the high sky' has burst.

Nevertheless, New York's pencil buildings remain a symbol of the city. The Manhattan skyline feels so sleek and impressive that it resembles a futuristic city.

The reality that has now become a symbol of a bubble may show a facet of the New York real estate market. However, if one day all the lights are turned back on under the night sky, it will be a sign that New York has regained its vitality.