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June 18, 2007
Market Rate Units on Sale at PACC's Dewitt Condos
We've made no secret of our displeasure at the fact that a salvageable brownstone was torn down to make way for the 16-unit building at 483 Washington Avenue (aka the Dewitt Condominium) so perhaps we're not completely unbiased when we express shock at the prices of the eight market-rate units that were put on the market with Brooklyn Properties two weeks ago. (The eight affordable units are being decided by application and lottery.) If you want to find something in the $500 per square foot range, don't bother getting on the elevator: The ground-floor unit's the only one that's close. By the time you get to the second floor, you're already north of $600. And for that swinging penthouse lifestyle? Get ready to write a check for almost $1,000 a foot. Compare Apartment 5B at the Dewitt where for $880,000 you get 1,257 square feet with Apartment 11M at One Hanson where for $896,000 you get 1,305 square feet (and much nicer common spaces and interiors to boot). We can see living here if you were one of the lucky folks to win the affordable housing lottery but these market-rate prices are absurd. We'll be quite surprised if anyone takes the bait at these levels.
The Dewitt [Brooklyn Properties] GMAP
From Subsidized to Market Rate Fraud? [Set Speed]
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Comments
"with Apartment 11M at One Hanson where for $896,000 you get 1,305 square feet"
maybe because you don't get 1305 sq ft? look at the floorplan, even counting interior walls, you get barely 1100 sq ft.
Posted by: Anonymous at June 18, 2007 1:10 PM
I thought this whole building was going to be affordable condos. I think less of the PACC everyday.
Posted by: Anonymous at June 18, 2007 1:56 PM
And how did you think PACC was going to make all of them affordable, anon 1:56? from generous cash donations like yours?
Posted by: Anonymous at June 18, 2007 2:01 PM
Why the hell would anyone buy a condo for a shitload of money and then have to share half the building with people who need a special program to afford housing?
Posted by: Jeremy at June 18, 2007 2:44 PM
Gee, Jeremy, I don't know, maybe some people perhaps like living in the City rather than a suburb because it is more interesting to be in a diverse community and don't immediately assume that people of lesser means are intrinsically bad, dangerous or what have you.
Posted by: Anonymous at June 18, 2007 3:07 PM
Hell, I wouldn't live in any of those condo bldgs either where you have people that only put 10% down and then depend on gov't handout on their taxreturns for mort. interest deductions. Just above welfare scum.
Very minimum is to live in good coop with 50% equity. Otherwise rubbing elbows with those people. What if one of their offspring wanted to date your daughter. Egads.
Posted by: Anonymous at June 18, 2007 3:53 PM
Sadly, I think Jeremy is probably right. At such high prices, there are likely few buyers who'd be interested. Mixed income housing is a good idea but it can be hard to sell if the market rate units are priced too high.
Posted by: lp at June 18, 2007 3:56 PM
Those prices are Crazy!!!
I just bought a 1000SQF 2-Bed in the Catheral Condos in Atlantic and Washington for $460k. At first I was kind of scared because I thought I paid too high, but at these prices I think I made a solid investment.
Posted by: Anonymous at June 18, 2007 4:54 PM
The maintenance seems awfully high for new condos in a brand new building. what's up with that? paying an underlying mortgage too?
Posted by: Anonymous at June 18, 2007 5:03 PM
I think the prices are too high. I wouldn't be worried about who my neighbors are but wouldn't you feel like a chump knowing you paid so much more than the guy down the hall whose unit is subsidized?
Posted by: Anonymous at June 18, 2007 5:34 PM
I wonder what the catch is for being a subsidized purchaser... limited equity? paying back the subsidy at the time of resale?... how does that work out fairly for all?
Just curious...
Posted by: bren at June 18, 2007 6:44 PM
Is "P 1-7" going for for $75,000 where the subsidized foks can park their cots in the basement! :)
Posted by: bren at June 18, 2007 6:47 PM
Although B'Stoner was dissing the look of the new building (and I did not see the previous old building that it replaced), I do not find this new project to appear that objectionable, compared to the Scaranos and the crazy Polish Belvederes going up elsewhere.
Posted by: Anonymous at June 18, 2007 7:06 PM
"I wouldn't be worried about who my neighbors are but wouldn't you feel like a chump knowing you paid so much more than the guy down the hall whose unit is subsidized?" poster 5:34pm
I would guess that in one form or another you all would be getting subsidized... 421a tax abatements, etc... right?
Posted by: bren at June 18, 2007 11:13 PM
That's right, because living in the city means you have to pay for the privelege of having entitled, bratty people tell you what color you can paint your limited common elements. Only an entitled brat demands housing in a neighborhood he can't otherwise afford. The rest of us take responsibility for ourselves and live where we can afford. I know, we're so suburban!
Posted by: Jeremy at June 18, 2007 11:37 PM
I'm in the anti-subsidized camp. Its nice to have diverse neighbors but you're creating an unhealthy environment by helping some buyers and not helping others. I can buy the argument for rentals (currently in building where 20% is allocated for lower income), but when you're committing hundreds of thousands of dollars, having Uncle Sam or anyone else help them along the way is dangerous.
These guys would have to live some place cheaper or make more money before considering that building. The 421 benefit was designed to keep the building boom going... anyone paying full price shouldn't be goaded into felling bad for it.
Posted by: blackberry at June 19, 2007 11:11 AM
I really can't imagine how it would be to live in that building for the eight subsidized folks...
I guess that "community" would be very
acrimonious, going by some of these posts.
But at these prices who is really going to need a subsidy if able to purchase.
The term "affordable housing" has become a cruel joke.
Posted by: bren at June 19, 2007 11:55 AM
also...it is so unfair that the "affordable housing: has most likely gone to chumps on daddies dime who have no tax records for themselves but rahter just graduated from Pratt and would like to hand out for a few years and paint before getting a real job. Very rarely do these units go to families who need them.
"lottery" for friends of PACC
Posted by: Anonymous at June 19, 2007 2:08 PM
also...it is so unfair that the "affordable housing: has most likely gone to chumps on daddies dime who have no tax records for themselves but rahter just graduated from Pratt and would like to hand out for a few years and paint before getting a real job. Very rarely do these units go to families who need them.
"lottery" for friends of PACC
Posted by: Anonymous at June 19, 2007 2:08 PM
also...it is so unfair that the "affordable housing: has most likely gone to chumps on daddies dime who have no tax records for themselves but rahter just graduated from Pratt and would like to hand out for a few years and paint before getting a real job. Very rarely do these units go to families who need them.
"lottery" for friends of PACC
Posted by: Anonymous at June 19, 2007 2:09 PM
Hell, I wouldn't live in any of those condo bldgs either where you have people that only put 10% down and then depend on gov't handout on their taxreturns for mort. interest deductions. Just above welfare scum.
Very minimum is to live in good coop with 50% equity. Otherwise rubbing elbows with those people. What if one of their offspring wanted to date your daughter. Egads.
Posted by: Anonymous at June 18, 2007 3:53 PM
The person who wrote this is obviously an idiot. I happen to be one of the people still in the running through the lottery. I've never collected welfare, always had a job and probably save a much larger percentage of my income then he/she ever will. The problem is I work in the arts, hence my paycheck isn't comparable to the financial guys who've driven prices up throughout this city. Am I mad about that? No. If you can't afford to buy you can rent. I'm lucky I found out about this and now I hope to buy my first home. And just because I don't make enough to pay market rates doesn't mean I'm not an even more upstanding citizen than those who can.
Posted by: Just Above Welfare Scum at June 21, 2007 1:29 PM
I just found out... I'M IN!
Posted by: Just Above Welfare Scum at June 21, 2007 1:37 PM
To add to my previous comments...
I've been chosen to receive one of the below market condos. I'm very happy to be a first time homeowner. I would imagine that while my apartment is being sold to me at a much lower price than the ones going for market value, I would also imagine that my apartment will NOT even approach the same square footage. 1200-1500 square feet? That's HUGE speaking in terms of most places in NYC. I'll be happy to find out my place is in the 800 square foot range. All I care about is that I'll now have my own space at an affordable price surrounded by people I hope will become friends of mine. Though, if Paris Hilton buys into this place (I think she can afford the market prices) I'll probably be looking to move away from the likes of her. Can you imagine winning a lottery and then finding out you have to live next to an inherited wealth piece of trash like her? EGADS!
Posted by: Just Above Welfare Scum at July 8, 2007 8:32 AM
To add to my previous comments...
I've been chosen to receive one of the below market condos. I'm very happy to be a first time homeowner. I would imagine that while my apartment is being sold to me at a much lower price than the ones going for market value, I would also imagine that my apartment will NOT even approach the same square footage. 1200-1500 square feet? That's HUGE speaking in terms of most places in NYC. I'll be happy to find out my place is in the 800 square foot range. All I care about is that I'll now have my own space at an affordable price surrounded by people I hope will become friends of mine. Though, if Paris Hilton buys into this place (I think she can afford the market prices) I'll probably be looking to move away from the likes of her. Can you imagine winning a lottery and then finding out you have to live next to an inherited wealth piece of trash like her? EGADS!
Posted by: Just Above Welfare Scum at July 8, 2007 8:32 AM
To add to my previous comments...
I've been chosen to receive one of the below market condos. I'm very happy to be a first time homeowner. I would imagine that while my apartment is being sold to me at a much lower price than the ones going for market value, I would also imagine that my apartment will NOT even approach the same square footage. 1200-1500 square feet? That's HUGE speaking in terms of most places in NYC. I'll be happy to find out my place is in the 800 square foot range. All I care about is that I'll now have my own space at an affordable price surrounded by people I hope will become friends of mine. Though, if Paris Hilton buys into this place (I think she can afford the market prices) I'll probably be looking to move away from the likes of her. Can you imagine winning a lottery and then finding out you have to live next to an inherited wealth piece of trash like her? EGADS!
Posted by: Just Above Welfare Scum at July 8, 2007 8:33 AM
Congratulations to Just above welfare scum. I hope more of our kind will get approved. Then we would not have to be subjected to the jeremys of the world and their dim witted daughters.
No one asked you self entitled maniacs to come into Brooklyn and try to change it into little Manhattan. We liked our neighborhoods the way they were. Where are all the hard working people who have lived in Brooklyn all of their lives supposed to go as a result of all of this "affordable housing"? Stay in the city. Do not come here to hike up our prices.
Posted by: anonymous at July 9, 2007 9:27 AM
I've been able to tour my assigned apartment and I can't wait to move in. The place is beautiful. I highly commend PACC for their choice in builders and attention to detail. I look forward to one day being able to give back to the community of Clinton Hill, be it in helping people the way I've been helped or something as simple as helping someone struggling up or down the stairs of the subway with a stroller.
Posted by: Just Above Welfare Scum at August 5, 2007 8:27 AM
RE: The DeWitt Condo, 483 Washington Avenue
I also have been selected for the lottery and absolutely thrilled to become a first time homeowner. But we need to set the record straight. Those selected through PACC’s lottery to purchase a unit are not receiving subsidies or are "welfare scum" as stated in a posting on June 18th or "entitled bratts" as also posted by another genius on June 18. Also, I do not have "friends" at PACC that pushed my application through. I applied, turned in my documents and hoped for the best and I got it.
Being born and raised in Clinton Hill, I have seen the gentrification of the neighborhood (liken almost to an invasion). It’s a challenge to find affordable housing in Clinton Hill, especially on a social worker’s salary (that’s because social workers deem it more important to work with those who society labels as “welfare scum”). And here’s another clue to ‘Jeremy’, ‘blackberry’ and the other individuals that posted insulting comments which displayed their ignorance and biases towards those purchasing a below market-rate apartment at 483 Washington - I do work and have an education, and from your comments, a better education than yourself. I also know an opportunity when it arises (such as the one offered by PACC) and I’m grateful for it.
Posted by: guest at August 15, 2007 4:15 PM
Anyone know what these affordable units were going for?
Posted by: guest at November 28, 2007 8:15 PM
anyone know what the affordable units sold for?
Posted by: guest at November 28, 2007 8:15 PM
commenter #1, how did you figure the square footage based on the floor plan for 11M? not all dimensions are given.
Posted by: guest at December 3, 2007 5:38 PM
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