Sales Begin at Brooklyn’s Biggest Condo Conversion

A little late to the party but at least they can up the rent on units they can't sell.

Posted by: guest at September 7, 2007 11:08 AM

Who or what is Fillmore?

Posted by: guest at September 7, 2007 11:51 AM

I live in a Mitchell lama building and I was wondering if all Mitchell-lama buildings will eventually be changed to coops or condos? I would like to buy mine whenever it happens.

Posted by: guest at September 7, 2007 11:58 AM

I believe that the ML law allows that after a period of time, developers can take buildings out of ML. Obviously the only do it when the market is up and they can cash out high.

Posted by: guest at September 7, 2007 1:15 PM

In answer to the 11:58am comment, not all ML buildings convert to coops or condos. Many become market rate rentals and tenants who had been paying lower rents are forced out. Plenty of New Yorkers have lost their homes of 20+ years when landlords have exited the ML program.

Posted by: guest at September 7, 2007 1:32 PM

Note to all bloggers. Whenever you write the words "press" and "release" back to back like that, please link to the press release, so we at least have the option of clicking through to read it for our selves.

Posted by: guest at September 7, 2007 2:53 PM

I saw one of their model unit! It's gorgeous! I think they are selling to cheap. They have a website Meadowwoodatgateway.com they also have an on site office which is open everyday there was so many people waiting to buy. I just put an offer and I'm awaiting for their approval. I've been looking to buy a condo for a year and nothing compares to this for the money.

Posted by: guest at September 8, 2007 1:49 AM

What are you stupid 1:49! Either you are stupid or you work for Fillmore. Of course nothing compares to this for the money. This project - yes Fairfiled Towers was and still is a glorified project. The occupants have to have jobs but before they got jobs they were on welfare and living in the projects. They brough the project mentality and their ghetto ass ways with them to Fairfield Towers. It is in East New York. Not near anything anybody with sense wants to be near and miles from a train station! A 3 bedroom isn't worth more than $125, 000.

Posted by: guest at September 8, 2007 8:06 PM

The people at Meadowood is asking for too much money. It's not worth the asking price.
I know some people living at MeadowWood who are not happy with conditions in their apartments. I feel bad for the poor people being pushed out because they can't afford to live there.I personally would not invest my hard earned money in that dump.The asking price is way way to high.

Posted by: guest at September 9, 2007 5:41 PM

Ok - to all the HATERS. The suburbs is a 2 fare zone too, but everyone runs there, paying at least 3 times the property taxes - give me a break - the same ills that exist in East New York exist in the suburbs and sometimes on a greater scale. The condo-owners who bought Fairfield (now Meadow Wood)in the 90's were told not to buy and now many have over $100,000 in equity - not bad at all.
I believe those who are once again saying don't buy keep renting do not want the working class to have anything - is it your fear that all the so called "minorities" will finally realize the "American Dream" of homeownership and become a financial and economic force that can no longer be ignored?
Your ignorance and failure to realize a great opportunity to own a property instead of just paying rent can only be attributed to one of two things: 1 Either you are scared that the people who will be empowered will become a threat to you or 2. You are a crab in a barrel.

Posted by: guest at September 9, 2007 9:51 PM

I've done some research - seems like the development was lucky enough to be purchased by a 1st class group of investors this time. Taconic seems to have a great track record - unlike the previous slum landlords. From what I've read, whatever these new investors do slowly but surely turns to gold.

Posted by: guest at September 9, 2007 10:05 PM

5:41 - You know some people who live here, etc as your story goes....... they're not happy? but they still live here? You wouldn't invest your hard earned money - so I guess you are telling your people to keep paying rent - how dumb is that? I LIVE HERE and I LOVE IT and yes I am young, highly educated, very well paid and tired of paying rent- so I will buy - and if the people you know follow your advise I don't knkow who's dumber you or them.

Posted by: guest at September 9, 2007 10:22 PM

OK, let's clear a few things up:

1.) Fillmore Real Estate is one of the oldest brokers in Brooklyn (operations since 1966). One of their offices is located at 9317 Avenue L, which makes it the closest large brokerage.

2.) Mitchell-Lama was a subsidy/rent-control deal offered by NYS and NYC in the mid-70's, when the city's economy was TRASHED. The ML provided subsidies to the landlords in exchange for reserving a percentage of units for rent-controlled tenants - in essence, assuring that low-income / working-poor people would have a place to live.
The subsidy has a limited lifespan, either 20 or 25 years (sorry, can't remember which). After that, the landlord HAS TO convert to ownership. And no, you can't renew, this isn't a Mets season ticket ;)

3.) What Taconic did with Meadowwood is convert to condos, but with the OPTION for all existing renters (market-rate AND stabilized) to purchase the units with a DISCOUNT ("insider price") AND a one-time subsidy from the city. Altogether, they're looking at $20,000 - $ 50,000 in discounts. Now, this is just an estimate (the on-site broker is under a confidentiality agreement), but still, $50K off... not bad!

4.) All the apartments that were vacant have been totally renovated. I was there today, and DAMN! You don't expect this in East New York - bamboo floors, designer furniture, new A/C, good appliances, and almost all the units have balconies. Granted, the buildings themselves still look VERY 1970's Stalinist Gothic, but inside, the reno units are pretty nice.

5.) Considering the current rent payments VS the mortgage cost after the subsidy + discount, it's very apparent that the vast majority of current renters will SAVE money by owning. A calculation done on an actual studio shows that the tenant-cum-owner will save about $300/month. Add the approximately-18-percent tax savings by being a homeowner, and it's a pretty sweet deal. Of course, the savings will vary according to the size of the apartment, the tenant's rent type (market / stabilized), and the type of mortgage, but still. Do the math *instead* *of* *assuming*, and you'll see that this is a GODSEND to all the blue-collar people living there.

6.) In response to "1:32PM" - well, if the landlord is a greedy bastard, OF COURSE they will want to keep the building as rental, and raise the rates. However, Taconic is a long-term-strategy group, and is counting on the cash flow from the sales to recoup the cost of capital improvements, then continue to get profit from the ongoing maintenance payments. They're in it for DECADES, not years like most slumlords.

7.) Regarding public transportation... The B13 bus connects to the A/C line (Euclid Avenue), the B6 connects to the 3 (New Lots Avenue) and has a transfer to the B15, which goes to the L train (New Lots Avenue). The Belt is right around the corner - it took me about 15 mins to get to Meadowwood from Gravesend.

8.) Last but not least, I was EXTREMELY impressed with what Fillmore is doing for the residents. First off, there are weekly seminars where they explain the different mortgage options, so people can understand exactly what they're getting into. How many brokers do you know that give you a freaking seminar, AND a personal consulation, before you buy? Exactly.

Moreover, since there was an issue with gas delivery this weekend (thanks a lot, Keyspan!), people in one building didn't have cooking gas - over the course of 3 days! What did Fillmore do? Well, the on-site sales manager organized a DINNER for everyone. When I walked in, my first thought was "WTF? Isn't this a sales office? Who are all these people and why is there food everywhere?". Well, as it turns out, unlike the utilities people, who don't give a damn, the Fillmore sales crew actually CARES about their clients - to the extent of FEEDING them when there's a need.
You know, when I get around to buying a house, I'd like to work with a broker whose people give a damn, and try to make it the best experience possible, including going "above and beyond" like that!

(damn, still didn't get the confirmation E-mail. Signed, "BrooklynGuy11229").

Posted by: guest at September 10, 2007 12:11 AM

This is one of the good deals available in Brooklyn, at least they are not claiming it's the Ritz Carlton or anything and don't charge 500k for a studio which is fresh breath of air in Brooklyn.

They'll be all gone soon enough and than people can go back to paying $675/SQF in the slope.

Posted by: guest at September 10, 2007 10:38 AM

I currently live in MeadowWood and intend to purchase my unit. For all the negative comments I've read, apparently those who have bad things to say are living in mansions. I cannot afford that type of lifestyle, but for the opportunity for homeownership, this is a bargain.

As for the comment posted by 8:06, you seem to be highly ignorant and disrespectful towards hardworking people who are striving to get a piece of the american dream. Before you criticize and put people down, walk outside, take a good look at the building you live in and if you don't have to drive through a long, tree lined driveway with an electric gate and pillars in front, then you need to wake up from that dream.

Posted by: guest at September 13, 2007 12:36 AM

There is no fool worse than a educated fool. Remember, all that glitter is not gold. Don't be fooled by Shit dressed up in a pretty dress, shit still stinks. Don't be fooled by their model apartments,trust me the other apartments don't look like that.
Go to the building of records and check their violations. Most people of color can't afford to buy, which is what they are hoping for. This is to attract People from Manhattan. Who lives in Manhattan? Does anyone care about the people in this complex who can't afford to buy. If these people are living on a fixed income can't afford to buy where do they go? I guess they and their children go to hell. I write this comment in good faith for people who will find themselves homeless. Do your homework before you put your name on the dotted line.

Posted by: guest at September 14, 2007 5:22 PM

Regarding 5:22 PM comment, I guess you do not live in East New York and Fairfield oops MeadowWood. I have been living here for 18 years! I have seen first hand what improvement they are doing, and I'm grateful! For many years we have been neglected and I know that they are spending 45 million in improvements and I had my lawyer & accountant whom read my prospectus book and they verify that these sponsors are real that is why they allocated millions of dollars in reserve for the next decade on this complex alone! They had over 4,000 of violation now they only have a few hundred which is being satisfied after the renovation is done-Do you have a prospectus? Do you know the history of this complex? Did you know all these years we had slum lords (no heat, elevator problem , gas leak and more) and I had to live in those condition? There are many people that lives here that always wanted to buy and have been here for over 25 years. I feel that having them buy the complex was a blessing and my neighbors and I are grateful! They have done my building elevator, roof, windows, boiler, roof fan, chimney, lanscaping, siding, security, cameras, gym, laundry area, parking lot, balconies and more! I know that my apartment is not fixed up but they are giving me the opportunity to buy my studio for $ 90,000.00 with all different grants and it's cheaper than renting! I've been renting all this time and I had a opportunity to buy my unit for $30,000.00 in 1990 but I listen to people like you and regret it to this day! If you do not personally live here - keep your comment to yourself!! I live in 5C and I am in contract to buy my unit! I do not want people like you living here, with their negative stereotype. I'm also on a fixed income. By the way, I do work in Manhattan and there is a express (command bus) that stops at the corner which takes me 45 minutes to work! I'm buying my unit now (for my adult son) before it does become unaffordable! Did you hear about the Mariner and the New York water taxi coming to the neighborhood? It's consider the largest affordable housing in Brooklyn- Which means it's affordable! Buying my unit for $ 90,000.00 is consider affordable to a fixed income plus they pay my closing fees & my interest rate is 5.125% - I'm paying more on renting than owning!

Posted by: guest at September 15, 2007 1:11 AM

Wow, only 4,000 violations and a few hundred more to clear up
how lucky are you! You and your neighbors been living in Fairfield for over thirty year and you say you like it. Not once did you talk about anything you or your neighbors did to rectify your living conditions. I admire the people at Starett City, for fighting for their apartments. They might not win the battle, but they are fighting a good war. Shame on you and your neighbors for doing nothing to help yourselves.What happen to your tenants association? you people stood by and let people come in and take your homes from you. Now they are making people buy their apartment with those few hundred uncleared up violations or move. You say they will clear up the violations after renovations. That's like putting the cart before the horse. First you fix up the apartments, then you rent. Look at the bigger picture, I am not predjudice, but when people of color moved in Fairfield the other people moved out. This area is now prime, so now they want to move back in. They will be able to because most people of color don't have the money or good credit. Those with bad credit get their loan at a higher rate. After you pay property taxes, maintenance fees, and mortgages, can you still afford to live there?
The end result is foreclosure and homelessness This is a move to get rid of the poor. Everywhere you go nothing but condos. We are being invaded and pushed out of our homes. Harlem, USA was once the home of the black renaissance, not anymore blacks are being pushed out whites are moving in. If you are poor and barely can pay your rent, there is no place for you anymore. I guess they will have to build more shelters or people will have to flee to the south. I do believe in the american dream to own, but some people are not as fortunate as you to borrow money to pay for a 90,000 studio. Is it ok for them to keep barely paying their rent and be left alone? Not being able to buy a condo, does not mean you have no dream, it simply means how can I commit to a project I can't afford. Much luck with those few hundred violations
hope they do get fix after the fact.

Posted by: guest at September 15, 2007 5:34 PM

Pauline from Clinton Hill, I've read your comments numerous times and you truly sound like an uneducated fool, which is to say, you shouldn't comment on this forum.

Posted by: guest at September 16, 2007 1:05 AM

Hey Pauline of Clinton Hills,
An opinion is like an a-hole, everybody has one. Whether that comment about Meadwood is correct or not, a person has a right to express themself.
Check the constitution. If anyone wants to buy
they will. Don't get your panties in a bunch.

Posted by: guest at September 16, 2007 8:52 PM

The one thing that is confusing me about the prices of the units. The Dept of Finance Market Value statement tells me that my unit is worht $31, 878, but thet are asking me $219,000. Whats the difference? I am interested in purchasing, but I wanna know if the price can be haggled down.

Posted by: guest at October 1, 2007 3:11 PM

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.

Posted by: guest at November 5, 2007 2:02 PM

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.

Posted by: guest at December 2, 2007 12:00 PM

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.

Posted by: guest at December 29, 2007 7:35 PM

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

Posted by: guest at March 4, 2008 5:16 AM

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.

Posted by: guest at March 6, 2008 9:40 PM

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.

Posted by: guest at April 12, 2008 6:14 PM

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..

Posted by: guest at May 16, 2008 8:23 AM

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.

Posted by: guest at May 20, 2008 11:29 PM

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!

Posted by: guest at May 29, 2008 7:49 PM