The Post has a story today examining the impact Atlantic Yards will have on neighboring communities, and most real estate industry people quoted in the article say it’s still unknown whether or not it will boost nearby residential values. Ofer Cohen, president of the commercial brokerage TerraCRG, says that while “no one knows exactly what will change yet,” retail space is in demand. Residential brokers aren’t as bullish, though: Brendan Aguayo, an agent at Aguayo and Huebener, says he hasn’t “seen developers trying to buy close to the stadium.” Aguayo, who has been marketing condos at a couple small buildings near Atlantic Yards, says that the project hasn’t kept anyone from closing on units, but buyers are still “concerned and unsure about what Atlantic Yards will bring.” Meanwhile, the story also touches on sales at Atlantic Terrace, where the developer says prices are going for around $550 a foot. Atlantic Yards Report notes that in a 2009 report by the consulting firm KPMG to the Empire State Development Corporation, the company determined that only a “modest inflation factor” would be needed for Forest City Ratner to achieve its goal of selling units for $1,217 a foot by 2015. That means, as Atlantic Yards Report notes, that “the Atlantic Terrace price of $550/sf would have to more than double across the street” in just a few years.
Court Vision [NY Post]
NY Post on Real Estate Around AY [Atlantic Yards Report]
A tipster tells us that a group of Chinese investors paid $18,500,000 for a big piece of property at 2300 Cropsey Avenue in Gravesend at a state foreclosure auction yesterday. The 45,688-square-foot property, which is sandwiched between Cropsey and Bay Parkway at 23rd Avenue, currently houses a six-story building with a demolished interior that’s zoned as […]
Fridays at 11, Brownstoner Upstate brings you a selection of properties within three hours north, and a little east or west, of New York City. Here’s a little something for those of us who are afraid of commitment (and property taxes): Four lovely rental properties, all in Ulster County, none exceeding $1,600 a month. And […]
A Look at Brooklyn, then and now. Beer helped make Brooklyn. Beer also enabled the German American community in Bushwick, Williamsburg and beyond become the most successful immigrant group in New York. At its peak, at the turn of the 20th century, Brooklyn was called the beer brewing capital of the country, with over fifty […]
A run-down but historic building at 71 Irving Place has been gutted and renovated and is back on the market. Last year, a section of the facade of the multifamily apartment building crumbled while it was for sale for $975,000. At the time, it was marketed as a gut renovation, not a teardown. The new owners, […]
The United States Postal Service and Community Board Two hosted a public hearing on Thursday evening about the relocation of two post offices: the Pratt Station Post office at 524 Myrtle Avenue and the Times Plaza Station Post Office at 542 Atlantic Avenue. Each location’s lease agreement will soon expire, at which point both property […]