2 Real Estate Rumors About Iconic Buildings: True or False?
You might be a student of house flipping and real estate, or even a seasoned pro, but just like most industries there may be certain tales you’ve heard—stories that sound a little farfetched, but intriguing nonetheless. In a list published this month by The Close, a website dedicated to providing insights to real estate agents and brokerages, some curious real estate rumors are discussed. Are they true, or false? Here are a couple.
True or false: There’s a secret apartment atop the Eiffel Tower.
A room with a view?
Rumor has it that the designer and builder of Paris’s famed Eiffel Tower, Gustavo Eiffel, built a secret apartment near the top of the structure. As the story goes, part of Eiffel’s commission to design and construct the tower, which was completed in 1889, allowed him to carve out a secret 1,000 square foot apartment for himself. A pretty generous space, especially for those days.
That is, in fact, true. International VIPs, French aristocrats—even heads of state—frequently offered $1,000 for just one night in the city of love’s most exclusive residence. Although Eiffel never did rent his apartment, on occasion he entertained innovators like Thomas Edison and Nikola Tesla. Some truly high-minded thinkers.
True or false: The Empire State Building makes more money from observation deck visits than building rent.
Is a good renter hard to find?
Even before 2020, a year that has ushered in the current pandemic and a work-from-home/anywhere economy that’s decreasing demand for commercial real estate and rents, New York City’s iconic Empire State Building wasn’t bringing in much revenue from commercial rental space.
So it’s true that ticket sales to its observation decks currently outpace its income from commercial rent, and make up approximately 70 percent of the building’s operating revenue.
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