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December 28, 2007
Sales Hummin’ at Huge East New York Conversion
Here’s a cheerful dispatch from outside the Brownstone Belt: Sales at Brooklyn’s largest condo conversion are going extremely well, and the development’s lead broker says buyer interest “has been overwhelming.” Eighty-eight units have gone into contract at East New York’s MeadowWood at Gateway since sales began in September, according to Jean-Paul Ho, a vice president at Fillmore Real Estate and MeadowWood’s director of sales. MeadowWood at Gateway is a humongous former Mitchell-Lama rental complex that used to be called Fairfield Towers. Taconic Investment Partners and Apollo Real Estate Advisors purchased the complex last year and are putting $51 million into capital improvements. Prices at MeadowWood are running between $110,000 and $118,000 for studios; from $169,000 to $200,000 for one-bedrooms; and between $209,000 and $270,000 for two-bedrooms. “The prices are ridiculously low,” says Ho. “It’s the best value in Brooklyn.” (The New York State Affordable Housing Corp. and HPD are also offering financing incentives to moderate-income buyers.) Ho predicts that around 350 units will sell over the next year. “We’re not selling luxury condos in Dumbo or Brooklyn Heights,” he says. “But there’s always going to be a demand for affordable housing options in Brooklyn.”
Sales Begin at Brooklyn’s Biggest Condo Conversion [Brownstoner] GMAP
Photo from MeadowWood at Gateway site.
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Comments
might as well live in Iowa.
Posted by: guest at December 28, 2007 10:17 AM
To all those living in Brownstone Brooklyn who think a convenient commute to Manhattan is the key to a happy life: Millions of people DO NOT work in Manhattan. Millions of people DO NOT need to be near the subway. The guy buying a condo here could be a teacher, or mechanic, or the assistant store manager at the A&P in Lawrence.
And one thing these people will have that you don't have - ample parking.
This is great opportunity for lower-middle and middle-income home ownership, without the subprime nonsense. Congratulations to all.
Posted by: guest at December 28, 2007 10:41 AM
It's a step to home ownership for moderate income people.
Posted by: guest at December 28, 2007 10:41 AM
whaddya mean, it IS home ownership. Did you mean to say its a step to House ownership?
Posted by: guest at December 28, 2007 10:44 AM
There should be way more of this -- both in high income housing (higher percent of very low-priced condos) and in low income housing (projects should offer inhabitants the option of ownership; incentive for upkeep and general owners' rights).
Posted by: guest at December 28, 2007 10:57 AM
Amen, 10:41.
Even if someone does work in Manhattan, owning is owning. This will help build equity, and a later sale may provide a downpayment and nest egg for something better, later.
Finally, some decent news on the affordable housing front that actually can translate into much better gains in the future, not just dead end "cheap" rentals.
Posted by: Montrose Morris at December 28, 2007 11:01 AM
Looking at the map, these condos should have a great view.
Posted by: guest at December 28, 2007 11:01 AM
This is in a black neighborhood and not the most safe. That is why the prices are so cheap. It also happens to be across from the Starrett City housing complex. Any improvement to those buildings is probably a big help to that area.
Posted by: guest at December 28, 2007 11:02 AM
i love the comment "the prices are ridiculously low". i know the real estate boom left most of us thinking $1mn+ is entry level, but i checked on acris what my old landlord paid for the three story frame house i used to rent (top floor) in greenpoint - 1 block from nassau g, which is borderline williamsburg. he bought it in 1999 for $290k. sadly, that's now the price of a two bedroom in bfe sketch brooklyn in a former project building. gives you a little perspective on how out of control this bubble has become. these are not ridiculously low, especially for those they are targeting.
Posted by: guest at December 28, 2007 11:21 AM
11:02 - your statement precludes black neighborhoods are automatically unsafe, which swims in dangerous waters that I really am not in the mood to be an alligator in today. Watch it.
Also, have you ever BEEN to Starrett City? It is a landscaped, spread out, high rise complex with a lot of buildings, very like Co-op City in the Bronx. As far as I've ever seen, it is extremely well kept up, and looks pretty good. Hardly the projects, and not worthy of the condescending attitude. People have to live decently and affordably, somewhere.
Posted by: Montrose Morris at December 28, 2007 11:24 AM
Has anyone looked at the website? The layouts and finishes in these apartments are better than 90% of the crap available in brownstone Brooklyn--for 25% of the price. And the website is good, too. Very nice job by the developers.
Posted by: tinarina at December 28, 2007 12:01 PM
These are directly across from Starrett City, which is a nice well kept complex, however they are also right next to some of the largest and most dangerous housing projects in the city. Linden Boulevard, Thomas Pink & Cypress Hills are all within walking distance. Gateway Center II development is commencing across the street and will flood the area with traffic from 2500 new homes & new retail.
I think this is great for the people living/buying there but public transportation is a huge issue and once all of the development out there is completed the lack of public trans will be crippling. There are only two bus lines that service the area currently and none that run down that section of flatlands...
Posted by: guest at December 28, 2007 12:02 PM
Does "$200,000 for one-bedrooms" REALLY match the claim that "prices are ridiculously low"? I'm very glad to see a chance at home ownership being offered at this price point, but it still smacks of bubble prices.
Posted by: guest at December 28, 2007 12:14 PM
12:02, I agree with you about the public transportation. Whenever we have discussions about people being pushed farther and farther out, as they look for affordable and decent housing, I think of out here. They just built a bunch of new houses near Gateway Mall, and there seems to be only one bus for miles. People complain about Brooklynites with cars, but what are the choices?
The projects you mention are in the area, but mostly further away from Starrett City than the projects in Clinton Hill and Fort Greene are to the brownstone areas there. Plus, because of the lack of transportation, even more removed. The city put housing projects in areas they never thought would develop to the extent they did, everyone, including those in the projects, has to live somewhere. Sooner or later, they are all bound to be in the vicinity of each other.
Posted by: Montrose Morris at December 28, 2007 12:17 PM
Hello, 12:02? Lots of people drive to work. Ever hear the rush hour traffic reports? The people buying here can afford cars, and will have a place to park them.
The only issue of concern here appears to be crime. I am not familiar with the area.
Posted by: guest at December 28, 2007 12:23 PM
Linden houses are in the backyard, literally across the street.
The gateway mall homes are being developed as the completion of the first phase the second phase is about to begin and will add an additional 2500 families.
Starrett city will turn free market soon. When that happens good luck to the investment you made at MeadowWood. Not to mention the bubble prices in one of the highest foreclosure areas of the city.
Posted by: guest at December 28, 2007 1:10 PM
They shoudl build more low-cost housing in Park Slope.
Posted by: guest at December 28, 2007 1:39 PM
They should remove the income qualifications on all housing and allow developers to build whatever housing the market will bear. Low cost housing keeps politicians constituents in place and allows them to continue with their corrupt business as usual.
Posted by: guest at December 28, 2007 1:59 PM
1:59 and then New York becomes Paris (i.e. those who are of less means live in the outlying reaches of the cities for which they provide services.) Can you spell unrest?
Posted by: guest at December 28, 2007 2:46 PM
The unrest in Paris has more to do with unemployment and racism in French society than it does with housing prices in the center city.
Posted by: guest at December 28, 2007 2:48 PM
I agree that its great to see attempts at affordable housing, but this is overpriced. These areas will see the biggest price declines in a housing downturn, it will be significant, and if you really look I'm sure there are already cheaper places in Flatbush.
Posted by: guest at December 28, 2007 2:51 PM
I am happy to agree with Montrose Morris on something! This is great news. We need more such developments. The city should do the same with the projects: fix them up, and give them to the residents. Get them on their way to owning a piece of the pie.
Benson
Posted by: guest at December 28, 2007 4:01 PM
The statement that building low income housing in outlying areas will create unrest like that in Paris is absurd. That statement is simply not supported by anything at all. It's a totally different situation. Paris has a huge problem with racism against immigrants, and huge unemployment numbers among immigrant populations, with nobody willing to help them. Also, the outlying suburbs of Paris where the immigrants live are in terms of distance, more like being in New Jersey or out on Long Island. Not like being in Brooklyn. Has anybody even been to Paris before?
As for NYC and affordable housing being located further out in Brooklyn or Queens, plenty low to moderate income people are already buying further out in the suburbs than this, and taking on way longer commutes than from this development, just to be able to own their own home. This is a great development and the location is better than where many are having to venture to buy something affordable. Give the auto-cynicism a rest.
Posted by: guest at December 28, 2007 4:34 PM
I just recently purchase a condo at MeadowWood and it's great.
I've live in MeadowWood for years and currently work in Manhattan. Accomadations and accessibilty to and from any destination is so easy, especially now since the sponsors and the sales team implemented the shuttle service. We have the BM2 that takes you to Midtown EXPRESS in 45 minutes, and there is also an exclusive shuttle van that's provided by the sponsor that takes you to a nearby mall, to the L train on East 105th, 3 train on Livonia, and also A & C train on liberty, thus transportation is not a problem. To address the parking statement there is parking available for every tenant who purchase and I DO have a car. It's a great and affordable way to ownership and at the end of the day............nothing beats that
Posted by: guest at December 28, 2007 5:43 PM
kudos to brownstoner for starting a thread on this - nice to see some positive RE news coming out of this section of brooklyn right now, when the media only seems to want to focus on news of foreclosures.
as for the comments re undesirability of the location due to distance from manhattan or roughness - without getting to the validity of those statements - i don't think that those points are all that relevant in this situation given that the target buyers are likely current residents in the area looking for an opportunity to own a home in an area where they have already chosen to live.
Posted by: BrooklynLove at December 28, 2007 6:21 PM
As a former owner of both a brownstone in Carroll Gardens and a two family house in Greenpoint: The concept of what is affordable in NYC has become a joke! I will always love Brooklyn-I also lived in Gerritsen Beach, Flatbush and Park Slope-but $200,000 1 bedrooms in East New York are cheap. Somewhere down the line there are going to be big problems. A middle class couple making $50,000 each will have no chance.
Posted by: guest at December 28, 2007 7:11 PM
$50,000 each for a couple is not middle class in NY. People here always seem to forget that.
If you are making 50k in NY you are either a recent college grad, a police officer, or a liberal arts major.
Posted by: guest at December 28, 2007 11:57 PM
I visited meadowwoodatgateway a month ago and I was pleasantly surprised. I would not concern myself with the commute. I live in Staten Island and it takes me an 1.5 to get to work via car, bus, boat and train. It's a pain but I only pay $2.00 per ride and I can afford my home. You will get use to it.
Homeownership is a beautiful thing. It makes me feel powerful. My mortage expenses are less than a 1 bedroom rental. I'm building equity each month and I was fortunate to have purchased my home before the boom. Yes, the prices of home have gone down a little. I still have equity in my home that is in the six figures.
I live close to an apartment building development. It is considered the projects on Staten Island even though it is privately owned but it was what I could afford. Actually, the development is quite nice and I have a view of the V. bridge. I feel completely safe which is especially important when you are a single female.
It is funny, I have lived in my home for almost six years and my income has gone up about $20,000. I probably would have purchased a unit in Meadowwood but all I could afford is the studio. The one bedroom is close to $1800. That made me feel sad. Single lower middle class people have been priced out of NYC. It looks like studios are the new 1 bedroom.
They road to wealth for a poor person is homeownership. The key is to buy what you can afford. Mr. and Mrs. Jones are not going to help you out when you start missing payments. PLEASE DO NOT TAKE OUT AN INTEREST ONLY LOAN. It defeats the purpose of home ownership. You want to be able to build equity over time. Homes will eventually start to appreciate but not at the speed it did between 2002 and 2005.
Posted by: guest at December 29, 2007 6:57 AM
I'd be really surprised if any intelligent person believes the real estate broker bullshit. This building was known as Fairfield Towers and is formally a low income housing project. It's located in the anus of Crooklyn with the highest concentration of criminal scum anywhere. You couldn't pay me to live there. This place needs a New Orleans type flood as an enema to clean it out.
Posted by: guest at December 29, 2007 10:44 AM
10:44 needs to stop watching Taxi Driver.
Posted by: guest at December 29, 2007 12:58 PM
Sweetie, I'm not a real estate agent. This is my story and it is true. If the area does not suit you then don't live there. I'm sure everyone will be okay.
I have never seen the movie Taxi Driver before. I do not know what you are talking about.
It is sad that people have to be so negative. Maybe they just dont want us to capitalize on the american dream. It is okay for us to rent in the "slum" but it becomes a major deal when you decide to buy in the same neighborhood. I just dont get it. You have to crawl before you walk. Not all of us are fortunate to have mommy and daddy buy us a condo or give us a huge downpayment to acquire property.
Real Estate Agent, HA!
Posted by: guest at December 29, 2007 9:47 PM
Meadwood is an excellant opportunity for som people to own their home and to build equity. No matter what some people on this uppity site think.
As far as Linden housing being the "most dangerous project in the city". What about Fort Greene Projects, in FT Green, What abour Red Hook, Gowanus, both in close vacinity to "Park Slope". Stop with dumb comments already. I have lived in many neighborhoods in my 32years in BK. I felt no safer in one more than the other.
I for one was within an inch of signing a contract for one of these condos, it was just lucky enough to win a lottery for an affordable 2 family not to far from this development. Which was a better finacial investment.
And yes, I said LUCKY.
Let the know it alls pay these crazy prices, and have their false sense of safety and better than attitudes.
Posted by: guest at December 30, 2007 12:16 AM
Congratulations! I totally agree.
Posted by: guest at December 30, 2007 9:12 AM
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