« Municipal Art Society Honors The Brooklyn Flea The Elan Goes Partially Rental »
July 17, 2009
Market-Rate Units Available at Red Hook Co-Op Project
The Fifth Avenue Committee's 60-unit co-op developments on Wolcott and Coffey streets have looked complete for quite awhile now (at least from street-level), but it turns out that about a third of the units still aren't spoken for. It came as a surprise to us to learn that a number of apartments in the developments will be sold at market-rate prices: According to an agent from Manzione Real Estate, which is selling 20 units the buildings, although 40 of the affordable units have been reserved via a lottery that drew 8,000 applicants, the remaining co-ops are on the market for between $390,000 and $575,000. Closings for the affordable units (which were priced as low as $47,000 for applicants who made an income cut-off) won't happen until some of the market-rate units sell, according to the agent.
Red Hook Co-Ops [Manzione] GMAP
FAC’s Red Hook Homes Near Completion [Brownstoner]
Trackback Pings
TrackBack URL for this entry:
http://www.brownstoner.com/mte/mt-tb.cgi/10571
Comments
$47,000 is about what those hideous apartments are worth.
I feel bad for the lottery winners; if their closing really is tied to market-rate sales, they're in trouble.
Posted by: alsawo at July 17, 2009 10:37 AM
it might sound like a terrible thing to say, but i wouldnt really want to "own" a 1/2 million dollar apartment in a building where someone paid just 50 grand and works at duane reade. sorry.
*rob*
Posted by: PitbullNYC at July 17, 2009 10:43 AM
Why couldn't they just offer all the units at 50K to folks?
Posted by: gemini10 at July 17, 2009 10:45 AM
Rob:
Have you ever heard the phrase "pride of ownership." Just because you can "afford" a market rate apartment does not mean that you are a good neighbor. Just because you work in retail or as a civil servant role does not mean that you are undesireable. Just becuase you rent...doesn't make you...class impaired.
Posted by: BrooklynIsHome at July 17, 2009 11:08 AM
They look rather attractive. At least they used real bricks, not that fake stucco crap and the developer even tried to hide the air conditioner sleeves. I would be proud to own a couple of these babies at $50K. The moat like front is kinda nice and functional. Deters home invasion.
Posted by: Magilla Monsoon at July 17, 2009 11:28 AM
Attractive indeed. i often admire this building while driving down Wolcott Street, on the way to BWAC.
Posted by: Bob Marvin at July 17, 2009 11:48 AM
Two votes for attractive? Really? Am I missing something here?
Posted by: alsawo at July 17, 2009 11:56 AM
Building is fine. The fence on the other hand...
Posted by: crimsonson at July 17, 2009 12:04 PM
I'm not sure why it came as a surprise to you that 1/3 of the units were being offered at market share since that's always been the case with this development. They're mixed income and have been since you first reported on them. 1/3 are reserved for low income, 1/3 for middle income, and 1/3 are market rate. And living around the corner from them, I for one am pleased. They may not be architecturally significant but they're not bad to look at and they afford the possibility for someone to become a homeowner who might not have the shot. And as a homeowner,myself, I do believe in pride of ownership.
Posted by: Combustiblegirl2 at July 17, 2009 12:11 PM
alsawo,
"Am I missing something here?"
Possibly, if you haven't seen these buildings in person and are relying on the rather poor photograph. OTOH, what is,or is not, attractive is extremely subjective. I like these buildings, something I can rarely say about new construction.
Posted by: Bob Marvin at July 17, 2009 12:14 PM
the real problem with low-income properties is that it makes it more expensive for everyone... but then again since we are basically becoming a socialist country it won't really matter, because we'll all have the same apartments/wages/etc! what they should do is issue "wage ID's" that you can use to buy stuff and if you don't make enough then you get to pay less than market price, and if you make too much you pay more than market price.
Posted by: goodoleboy at July 17, 2009 1:06 PM
Goodoleboy:
Yes. Last September when George Bush was still present (and if my memory serves me correctly, he had been President since January 20th, 2001) the country as evidenced by our commercial and investment banks had to be essentially, nationalized. A play out of the socialist playbook. Who would have thought that good 'ol Republicans like Bush would have had to use it?
(Just making sure that the socialist flag flies in the right camp.)
Posted by: BrooklynIsHome at July 17, 2009 2:50 PM
I think these look fine, but I don't know Red Hook. However, $390K for a 2-bedroom sounds great to me. We could actually afford that on our six-figure salary.
Posted by: Heather at July 17, 2009 6:08 PM
Of course, we can rent in a much, much nicer neighborhood that is a block from the subway instead of a mile...
Posted by: Heather at July 17, 2009 6:08 PM
saw these apartments last weekend. the 2 BR is really the size of a 1 BR with an extra wall, probably under 700 sq. ft. - they didn't even have the entire apt. sq. footage available at the open house. that's probably why its so affordable. I live in Red Hook and was so excited by these prices, but the reality is the prices are more like cobble hill or carroll gardens prices and are still out of touch with the current day market - in my humble, renters opinion. The 3 BR was nice, but again, the bedrooms were small so it really was more like a 2 BR and for 510 - I don't think it was any deal at all.
Posted by: bklynluv at July 18, 2009 12:09 AM
This building looks like a high school
Posted by: BrooklynSucks at July 20, 2009 10:06 AM
This building looks like a high school / projects
Posted by: BrooklynSucks at July 20, 2009 10:06 AM
This building looks like a high school / projects
Posted by: BrooklynSucks at July 20, 2009 10:06 AM
They really don't look like projects or any high school I've seen in NY and certainly look better than many of the cookie-cutter complexes being built all over the borough.
Unlike "rob" however,
I wound not want to own a 50 grand apt in a building where someone just paid 1/2 million dollars for and have them look down upon me because....
Brooklyn has been attracting a rotten species of people.
Posted by: The Who at November 16, 2009 12:11 PM
Latest Restaurant Additions
-
Le Barricou
added November 20, 2009 12:00 PM in Williamsburg -
Der Schwarze Kölner
added November 19, 2009 12:00 PM in Fort Greene -
Oak Wine Bar & Café
added November 18, 2009 12:00 PM in Williamsburg -
Mr. Wonton
added November 17, 2009 12:00 PM in Park Slope -
Casa Rosa
added November 16, 2009 12:00 PM in Carroll Gardens -
Cousin John's Café & Bakery
added November 13, 2009 12:00 PM in Park Slope -
Elote
added November 12, 2009 12:00 PM in Williamsburg -
Miracle Grill
added November 11, 2009 12:00 PM in Park Slope -
Phoebe's Cafe
added November 10, 2009 12:00 PM in Williamsburg -
Ruthie's
added November 9, 2009 12:00 PM in Clinton Hill, Downtown Brooklyn
Post a comment
Please be patient while your comment is published. It may take a moment.