"Winning" HPD Lottery for the Toren
I “won” the lottery for an income restricted apt. at 150 Myrtle Ave in Brooklyn. http://www.torencondo.com/ We have a letter saying we can set up an appiontment for an interview and to bring in all of our paperwork etc. At first we were excited as I was hoping that this was going to be an…
I “won” the lottery for an income restricted apt. at 150 Myrtle Ave in Brooklyn.
http://www.torencondo.com/
We have a letter saying we can set up an appiontment for an interview and to bring in all of our paperwork etc. At first we were excited as I was hoping that this was going to be an opportunity to buy a great apartment at a good price, but the available apartments are all studios and one bedrooms which range in price from 420,000 to 330,000 and 720 sf to 400sf. All of the apartments are on lower floors and they have lower quality fixtures. When I look at the Toren/Halstead listings there are quite a few apartments that are listed as SOLD, but the sales price for the open market apts. is only ten percent more than for the lottery apts. I also think that the actual sales prices for the open market apts. is lower than is published.
http://www.halstead.com/developments_other.aspx?numb=65857
So I am very confused why I am expected to feel like I have a great opportunity here?
Is something wrong with this system, we were so excited at the prospect of winning the lottery, but now feel like it is a scam, with pressure to buy without seeing the apartment and at prices that appear very close to the market rate.
There are also restrictions on selling the apartments, you have to live in them for a certain number of years.
Am I missing something?
I’m also not crazy about the location or the prospect of living on a third floor facing Flatbush Ave.
Hopefully Real Estate will stay flat if not drop more, our savings will increase and we can actually buy something we (wife and 1.5 year old)love in a nice neighborhood in the next couple of years…Or am I missing a great opportunity here??
Hi all, I am a bit confused as I have been informed by a friend of one of the owners of the Toren that there are only 6 sold units in the whole building….???? This is, as of Feb 5, 2010. C’est possible?
After several research and analysis the Toren lottery pick is not worth the price for one bedroom or studio. I look at the availabilities on the Toren website and the one bedrooms and studios are offered at a lower price and they are located on a higher/or the similar floor. The appliances on the lottery pick are of lower qualities than the market value units and there is no restriction in selling the unit. The price per square feet for my unit is $699 and the price on the 15th floor is $665. Please give me an explanation of why the unit on the 15th floor is offered at the lower than the lottery unit.
After several research and analysis the Toren lottery pick is not worth the price for one bedroom or studio. I look at the availabilities on the Toren website and the one bedrooms and studios are offered at a lower price and they are located on a higher/or the similar floor. The appliances on the lottery pick are of lower qualities than the market value units and there is no restriction in selling the unit. The price per square feet for my unit is $699 and the price on the 15th floor is $665. Please give me an explanation of why the unit on the 15th floor is offered at the lower than the lottery unit.
I got a letter from Halstead on 7/6 statying that I won and they have 6 units (1 bed) left. I got the pre approval yesterday and will meeting the agent on Monday….not sure though. This is being offered at about $700 per sqft…..
On streeteasy….# 2407, 609 ft² $821per ft²….so it looks like a bit of a deal.
Don’t know the area well and plan to check it out this weekedend.
For those interested in this discussion, curbed has a new post about the recent cladding activity on the building. And since we’re on the subject, I don’t have a link handy but on skyscraperpage.com, if you go to the forums section, there’s a forum for Toren which has info, pictures and links to other discussions about developments in downtown BK.
Affordable housing in NYC is anything but. The formulas used to qualify as affordable housing is biased assisting the developer with tax advantages and giving the rest of us, for the most part, a very small break from market rate.
nother “winner” here. I recently received (by accident), a letter from Halstead saying I needed to respond, etc. It’s by accident b/c I’m already in contract. The Halstead guys are nice but slightly sloppy. Anyway, the letter showed what units were available – only studios and ones. None seemed appropriate for a family. I think the studios are going to be a tough sell since they aren’t outrageously cheap.
My only (major) gripes with the design of these units, particularly for the smaller ones is lack of closets. Some of the studios have one closet! If the building had storage space it would be acceptable but since it doesn’t the layouts take a hit in my opinion.
On a different note, don’t know about you guys but I’m not too concerned about noise (for some reason). A) this NY and you get used to it, and B) I have faith this is being constructed with noise in mind.
thanks for the tip about the google group.
i’m also a lottery winner and i’m surprised they still have the affordable units available. i had heard that all 42 affordable units have been spoken for. at the moment, according to streeteasy.com, there are 62 units in contract for the market rate units. with the affordable units the building is 43% sold/in-contract.
for those who are in contract at the toren, there is a google group set up. go to http://groups.google.com/group/toren to get approved. this may be a good source to get more info from another people who are in contract.
The Toren “affordable” apartments are a scam. You get what you pay for. As you said, they’re barely cheaper than the market ones, have worse fixtures, and are only a couple floors above Flatbush Extension — serious noise! I’d pass.