urban real estate boom and bust - historical precedents?

And meanwhile, in my old hood:

http://online.wsj.com/article/SB10001424052702304782404577486924234813812.html

The locally well-known semi-illegal artist loft center at 111 first street that was torn down years ago has apparently still not been replaced with the Rem Koolhaas-designed skyscraper that was supposed to go in.

Let's put this here:

https://www.youtube.com/watch?v=_H2xmRseiDw

Dude originally asked $500 million, went bankrupt when no one wanted it, now it's a mere $300 million at auction. Just wtf across the board.

Always amazed at the crap taste of the uber rich - I mean, who would want to live in something that looks like the corporate headquarters of a bank or something?

Apparently no one!