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October 29, 2009

Development Watch: 260 North 9th Street

260-North-9th-Street-1009.jpg
They've been planning this project at 260 North 9th Street in Williamsburg for a while, but full approval to build only came through two months ago. The new building, which is being designed by Scarano alum Natalya Donstoy, will ultimately top out at six stories and contain 18 units. GMAP P*SharkDOB




Posted by Brownstoner at 2:38 PM | Comments (8)
Categories: Development, Williamsburg

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Comments

What I don't understand is why people are still building apartment buildings like this when there is zero demand for the product and demand will be zero for a number of years?

And why are banks financing them?

I don't get it.

Posted by: denton at October 29, 2009 2:58 PM

There will always be demand for rentals, no?

Posted by: DitmasSnark at October 29, 2009 3:01 PM

"What I don't understand is why people are still building apartment buildings like this when there is zero demand for the product and demand will be zero for a number of years?"

Try renting an apartment in Williamsburg. More competitive now than Manhattan in the summer.

Posted by: dirty_hipster at October 29, 2009 3:03 PM

snark, demand for rentals is way down at the price point these new construction buildings are asking, no?

DH, not all that familiar with WB, maybe you're right. I've been meaning to do this rant for a while since they're going up all over!

Posted by: denton at October 29, 2009 3:08 PM

Sure, they will probably come out of the gate asking too much in rent, but they will most likely rent for more than either of us would think reasonable.

I say keep building. The city is still in a housing crisis, and more supply is always welcome.

Posted by: DitmasSnark at October 29, 2009 3:16 PM

Totally Denton - hey lets build a building, price it too high and have it sit vacant for a year!!

Posted by: dirty_hipster at October 29, 2009 3:17 PM

Do it. I wanna be your first squatter.

Posted by: DitmasSnark at October 29, 2009 5:19 PM

the building on N.8th and roebling that was meant to be a condo, but went rental filled up in like a month. DH is right, rental demand appears strong.

Posted by: wine lover at October 29, 2009 7:55 PM

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