One of the most recognized rites of passage for adults in the Western world is financial independence. For some, that may come in the glorious form of the first paycheck or opening a bank account and setting up a direct deposit. For millions of Americans however, their first taste of financial independence will appear in the nightmares of their first student loan payment. According to recent reports, student loan debt in the United States is rapidly approaching $1 trillion, or greater than all other types of household debts. In regards to the Manhattan real estate market, more college and university graduates are now either moving back home or putting down a security deposit instead of a down payment.

Down in the far part of Midtown East, almost to the river, a new development site has gone on the market at 249-53 East 50^th Street. The listing agent for this piece of property is Ariel Property Advisors, the investment property sales firm founded in 2002. It’s 44,000 square feet big with 55 feet of frontage between Second and Third Avenue, and while there are currently three four-story buildings already built, the property will be delivered vacant. The president of Ariel Property Advisors, Shimon Shkury, recommends building condos. He said luxury condos in this part of town are going for over $1,100 per square foot, and will continue to rise. And what is he asking for such a profitable piece of property? Nothing. There’s no price. Rather this land, which will one day be full of luxury condos for sale, is being sold for whatever you’ve got.

With a distinctive brown-brick and glass facade, the 57-story high-rise condominium  Sheffield57 at West 57th Street and 8th Avenue seems to fit right in in the up-and-coming Clinton neighborhood. But this recent development has a quirky portfolio, and until being foreclosed in late 2009, was steadily heading downhill. The desperate behavior of the building's developers reflected the frustration of a bad market coupled with poor managment, as developer Ken Swigs hired a marching band with trumpets and tubas to drown out the the sound of renters protesting eviction. Later his partner would make headlines (and a court appearance) for throwing a metal ice bucket at him. But under new management, and with a new name, The Sheffield has drastically resurrected sales, which seemed at one time unthinkable.

In theory, newly constructed luxury condos in Manhattan have it all. Fitness-centers, roof-decks, yoga-studios, bowling alleys, pet spas; they really might as well be cruise ships. In reality, residents aren’t impressed. In many buildings these luxurious features just haven’t taken, and most of the time these rooms are more or less empty. Developers have been taken aback by the fact that providing extensive amenities packages in their luxury condos, and hence a new kind of lifestyle, isn't enough. So in response to this predicament, building managers are stepping up their game and hiring professional instructors, organizers, and “lifestyle managers” to provide programming for residents. Early results are encouraing: people are finally coming out of their apartments in order to participate in organized events.