Sales Begin at Brooklyn's Biggest Condo Conversion
While Starrett City’s uncertain future as a middle-class enclave has been grabbing media attention, condo sales have quietly begun at a neighboring former Mitchell-Lama. Sales began this week at East New York’s MeadowWood at Gateway, a sprawling rental complex that used to be known as Fairfield Towers. Nearly 1,000 units are up for grabs, making…
While Starrett City’s uncertain future as a middle-class enclave has been grabbing media attention, condo sales have quietly begun at a neighboring former Mitchell-Lama. Sales began this week at East New York’s MeadowWood at Gateway, a sprawling rental complex that used to be known as Fairfield Towers. Nearly 1,000 units are up for grabs, making the property Brooklyn’s largest condo conversion. According to a press release, the apartments are going for between $100,000 and $340,000, though they’ll be offered at a discount to current residents. Taconic Investment Partners and Apollo Real Estate Advisors purchased the complex last year and pledged to put $40 million into rehabbing it. (The condos are being sold by Fillmore Real Estate, which has yet to add the listings to its website.) In light of Starrett City’s possible shift to market-rate rentals, it’ll be interesting to see whether buyers jump at the option to own at a nearby property.
Starrett City’s Owners Look to Leave Mitchell-Lama [Brownstoner] GMAP
Photo from Taconicinvestments.com
I love the renovations that they are making to the buildings. I was actually considering moving to NJ but when I saw the condos I was very pleased. I close on my 1 bedroom unit in June and I think this is a good deal in Brooklyn. No more paying rent! Yay!
OK so the buildings are in close proximity to the Linden Houses. Ownership is ownership and appreciation is appreciation. A few years ago, Redhook was the up and coming hot spot. People who bought there didn’t take the advice of these naysayers. Redhook is still not where people thought it would be by now but most likely it’ll get there.
I don’t think anyone is looking to double their money in a few years but eventually, they will be able to “cash out” and move if so desired. At the end of the day, you will not find condos anywhere in Brooklyn with the same square footage for the prices at Meadow Wood. Before looking at Meadow Wood, I saw several places where I really wanted to buy and live in areas of Brooklyn that were glorified closets for upwards of $600K.
Long story short, I will never get back the $80,000 I’ve paid in rent here in Clinton Hill over the last 10 years.
I am closing on my 3 BR in Meadow Wood next week.
I am in the process of purchasing a two bedroom condo there……I am very happy with what i’m getting for my money….after doing much research i noticed many similar condos with less sq ft selling for way higher..at least I will have a place to call my own and a tax break to go with it..
As a sociologist studying race in America and what has been taking place over the last few decades I strongly believe it is wise for people of color that live in the surronding area to purchase, if possible. Aside from all the negative things that was happening in Bed-Sty., Fort Greene, Williamsburg and even Bushwick it appears that people of other races still desire to “own” property in these communities. Why? As people of color we must wake up and catch the vision and understanding that it is a plight to get certain people out of New York all together and make this a city for young, wealthy white folk. If people of color do not purchase the condos at Meadow, believe me someone will. The smae way they purchased in Fort Greene, Park Slope, Bed-Sty., etc. If you were and are living some place that is being challenged by drugs, crime and other issues and you managed to do it for 25 years, I don’t think an addition 2 or 3 years is going to hurt if you now own the place where the problem is. Look at it this way, live there, grow equity, then take the money and leave…I promise you, someone will purchase from you in five-years. I think all the comments were worth the read.
I was at the open house and I met two people who bought recently. I currently live at Starrett City and would love to own my own condo with a balcony. I am definitely going to buy an apartment. I have seen Btooklyn change so much over the years and now nothing in Brooklyn is affordable. I remember when no one wanted to live in Park Slope or Fort Greene and now all you see are young white people over there and blacks caanot afford it any longer. They saw the value in our community when we did not. If you do not take advantage of the opportunity now, unfortunately you will not be able to afford to live here in five or more years.
I have been living in Meadow Woods aka Fairfeild for 32 years. Its nice that they are fixing up the area but they have alot more to do before I would consider buying. The first thing is they need to get rid of the bugs and animals if you know what I mean. Second the laundry prices are to much and the need to put boxes in all the laundry rooms so tenants in the other buildings do not have to travel to the rent office all the way on the other end to purchase laundry cards. They do have one building at have the box to purchase the laundry cards but sometimes you can’t get in the building. It is also hard for older people to get to those places. I don’t think they thought out alot of things before the started to fix the area up. Also I think they need real security. They have these bootleg security people walking around I am scared of them more then the people in the area. As long as I have been living here I have never seen a shuttle van that pick people up and take them to the train station and to gateway mall. I think alot of these people posting these comment work at the sales office trying to make the place sound good, but im not im a real tenant with real issues. They would have to do a lot more for me to buy. Trust me when I say there more people moving out then moving in
I have been living in the MeadowWood condos for a number of years and am very happy with all thats been going on here. It upsets me when reading negative comments about MY community. Anyone who knows the area knows that with our without the neighborhood moving from renters to home owners the neighborhood is changing for the better.
One of the newest changes to MeadowWood is the free shuttle van that picks up at the development, bring you to the L, 3 and 1 trains and to Gateway mall. I work in Manhattan and frequently shop at Gateway Center Mall. For me, its been a wonderful convenience. On the days when its cold out I dont have to walk to the bus, wait 15 minutes or more to get to the train. I walk over to Flatlands get on the bus and in 15 minutes Im at my train.
Thank you for putting this service in place and I’ll be buying my apartment.
Hi All,
I went to Meadowwood yesterday and I loved it. The apartments are modern and beautiful. I loved the open kitchen with granite counter tops and the bamboo wood floors. The terrace is also very nice. I could actually picture myself living there. The area is not bad. It is close to shops and the building is going to offer shuttle buses to the L train and offstreet parking is $75.00 a month. I’m not sure if that is necessary. I did not find parking a problem. The lobby was okay.
They are offering several incentives to first time home buyers. You can actually purchase a studio with a terrace and pay less than 1,000 a month. I loved it. I do not qualify because I already own a home.
Single first time homebuyers should really consider this condo. It is a condo not a coop. I also love that.
I read negative comments about the area and some of the problems with the condo. I purchased my home over 5 years ago in Staten Island. My townhome is in a gated community around the corner from the “projects”. The buildings are privately owned. Anyway, I had some problems with my home when I moved in. It was very stressful for me because I was young and single. The problems were corrected over time. My development is quiet and I have a gorgeous view of the V. bridge. My property value has more than doubled. The newer homes are going for almost triple what I paid for my home. It feels good to be sitting on equity that is close to 200,000 and my mortgage is less than the average 1 bedroom. Think about it!
Don’t let anyone deter you because it is East NY. It is actually a nice area in East NY. It will appreciate over time and give you options. Homeownership builds wealth. Make sure that you can afford what you buy.
I lived there 30 years ago. It was a nice place for kids to play without having to cross streets and driveways, but muggings and break-ins started to become frequent. I’m sorry to hear the past owners let the buildings go to hell. But it’s simply money that talks. In order to improve the place, buyers have to pay. There’s no free lunch in the burbs either.