Value of Atlantic Yards Development?

This is a misuse of the forum. There is troll like activity now on the Forum, which is a shame. There are lots and lots of these idiotic posts which have nothing to do with managing a brownstone, renovating one - lots of silly things, which take up space and divert this away from the real things which go on here.

Posted by: guest at December 12, 2007 8:18 AM

In an ironic twist, I predict that the Atlantic Yards effect will cause the Atlantic Yards to collapse upon itself.

Posted by: guest at December 12, 2007 9:07 AM

Atlantic Yards will decrease the value of adjacent properties. Think about the area adjacent to Yankee Stadium in the Bronx. Would you want to live there?

Posted by: guest at December 12, 2007 10:08 AM

test

Posted by: guest at December 12, 2007 10:24 AM

I'm hopeful and confident the AY will do for a very sketchy neighborhood of Brooklyn what the MCI Center did for a formerly sketchy neighborhood of DC...

Posted by: guest at December 12, 2007 11:11 AM

CONSTRUCTION STARTS IN EAST NEW YORK ON A MIXED-USE BUILDING WITH 103 AFFORDABLE APARTMENTS

CONSTRUCTION STARTS IN EAST NEW YORK ON A MIXED-USE BUILDING WITH 103 AFFORDABLE APARTMENTS

Public officials and community-based developers broke ground today on a seven-story mixed use apartment building to be built on formerly vacant land in East New York, Brooklyn. The building will contain 103 affordable apartments and 17,000 square feet of ground floor commercial space. Located at 626 Sutter Avenue, between Sheffield and Pennsylvania Avenues, the building will be named after East New York community activist and musician Granville Payne.

The building is being built on City-owned land that was conveyed through the New York City Department of Housing Preservation and Development’s (HPD) Cornerstone program. The New York City Housing Development Corporation (HDC) financed the construction of the building by issuing $12.25 million in tax exempt bonds through its Low-Income Affordable Marketplace Program, known as LAMP. The Cornerstone and LAMP programs are part of Mayor Michael R. Bloomberg’s newly expanded New Housing Marketplace initiative to invest $7.5 billion over 10 years to build and preserve 165,000 units of affordable housing.

The building is expected to be completed in 2008. Its apartments will be reserved for families earning no more than 60% of New York City area median income, which in 2006, adjusted for family size, is $42,540 for a family of four or $29,760 for an individual. Sixty of the apartments will be two-bedroom units, 20 will be one-bedrooms, 12 will be three-bedroom units and 10 will be studios.

“By maximizing City resources and fostering innovative partnerships between City agencies and private developers, such as the Jackson Development Group, communities like East New York will benefit from the development of more affordable housing within their neighborhoods,” said HPD Commissioner Shaun Donovan. “Through programs such as HPD’s Cornerstone, the City can utilize the remaining tax foreclosure properties for the development of affordable housing, a key part of the Mayor’s $7.5 billion New Housing Marketplace Plan to create and preserve 165,000 units of affordable housing and house 500,000 New Yorkers over ten years.”

HDC financed the construction of the building by issuing $12.25 million in tax exempt bonds. “HDC is excited to be a major part of the housing renaissance underway in East New York,” said Emily A. Youssouf, the president of the Housing Development Corporation. “We have recently provided financing for the construction of six apartment buildings on Malta Street and Alabama Avenue as well as for preservation of Grace Towers at 272 Pennsylvania Avenue and 2060 Pitkin Avenue, and we are looking forward to doing more to increase the affordable housing supply in East New York. It is great developments like these that have allowed us to become the nation’s No. 1 issuer of multi-family affordable housing bonds.”

The East New York Urban Youth Corps has been planning the building for the past seven years. “Randy Daniels, the former New York secretary of state, and the East New York Urban Youth Corps board of directors, along with Community Board 5 are so honored to be a part of the Granville Payne development project,” said Winchester Key, CEO and President of the East New York Urban Youth Corps. “Granville Payne, for whom this building is named, was a dedicated community activist in East New York and a musician who donated his organs to medical science. Once again, the East New York community would like to thank all the participants who made this project a success.”

The Jackson Development Group, a developer of affordable housing, is currently building more than 450 affordable units in Brooklyn and the Bronx. “We are glad to be part of the Mayor’s Housing initiative along with both HDC and HPD,” said Neil J. Weissman, President of Jackson.

During construction, the bonds are secured by a letter of credit from Citibank. The development was designed by Hugo Subotovsky, and will contain 68 parking spaces. A lottery will be held to select tenants for the apartments. Residents of Brooklyn Community District 5 will be granted preference for half of the units.

About the New York City Department of Housing Preservation and Development

The New York City Department of Housing Preservation and Development's (HPD) mission is to promote quality housing and viable neighborhoods for New Yorkers. The department is the nation’s largest municipal housing development agency and is implementing Mayor Bloomberg’s New Housing Marketplace Plan to build and preserve 165,000 units of affordable housing over ten years. The New Housing Marketplace Plan is the largest municipal affordable housing effort in the nation’s history. HPD also encourages the preservation of affordable housing through education, outreach, loan programs and enforcement of housing quality standards.

About the New York City Housing Development Corporation

The New York City Housing Development Corporation (HDC) is the nation’s leading issuer of bonds for multi-family affordable housing. Established as a public benefit corporation by the State of New York in 1971, HDC is responsible for financing the creation and preservation of affordable housing in New York City. The financing provided by HDC is in the form of low-cost mortgages made through the sale of tax-exempt and taxable bonds. These mortgages are provided to developers for the construction and preservation of affordable housing. In addition, through our own corporate reserves, HDC provides second mortgages from its own corporate reserves usually at a 1% interest rate.

About East New York Urban Youth Corps

East New York Urban Youth Corps, Inc. (ENYUYC) was established in 1987 to promote and facilitate neighborhood controlled revitalization, growth, development, and empowerment in East New York. ENYUYC is involved in construction, development, and management of affordable housing, youth programs, crime prevention programs and social services programs.

About Jackson Development

Jackson Development Group, has been involved in the past 8 years in the building of over 500 two, three and four family houses in the boroughs of Brooklyn and The Bronx. In addition, Jackson along with its partners have built over 500 affordable housing units in six buildings in the Bronx in the last three years. Jackson Development is currently building an additional 450 units including Granville Payne Apartments in Brooklyn and the Bronx.

Posted by: guest at December 12, 2007 11:41 AM

I think small scale residential properties right near the arena will suffer, especially those near parking and delivery entrances and exits. There may be a push over time to rezone those properties commercial. I don't think the area near the 161st St. portion of Yankee Stadium is a good comparison since there is also an elevated train line right there. Property near the residential portion of the Atlantic Yards is apt to increase after construction completion if the Atlantic Yards property relates to the existing street grid and is appropriately scaled. I find the idea of little 4 and 5 story houses right across from 60 story buildings absolutely horrifying and discusting.

Posted by: guest at December 12, 2007 12:15 PM

"I'm hopeful and confident the AY will do for a very sketchy neighborhood of Brooklyn what the MCI Center did for a formerly sketchy neighborhood of DC..."

I have lived here 25 years and I take issue with what you describe as a sketchy neighborhood. Newswalk which is right next to the footprint has million dollar condos, there were condos rentals and businesses within the footprint,a mixture of high, mid and low income, going south up to GAP is an affluent brownstone neighborhood. All of this development has taken place without any government funds, too. Where is the sketchy?

Posted by: guest at December 12, 2007 12:26 PM

I think commercial properties will increase because they can be torn down to make parking lots and chain restaurants. Private brownstones will suffer because of traffic, noise, pollution, hooligans going to the arena, the type of low end retail establishments an area will attract - junky fast food - look at MSG and the surrounding area for an idea.

Posted by: guest at December 12, 2007 12:29 PM

I basically agree with the first post from 3c. In the long term, values will increase. But during the construction period -- which will likely extend for 15-20 years (remember, FCR said Metrotech would take 5 yrs and it actually took 14 yrs) -- values for properties IMMEDIATELY adjacent to the footprint, like Newswalk, will be negatively impacted. That doesn't mean they will necessarily go down (though they might) but they are most unlikely to rise as strongly as the general market because buyers will need a price incentive to move to a home surrounded by noisy, dirty construction.

Posted by: guest at December 12, 2007 12:54 PM

12:29- I wish I owned one of the former townhouses within a few blocks of madison square garden. That would be awesome. I might not want to live in it, but it would be a good piece of property to own. Plus, I like Hooligans.

Posted by: guest at December 12, 2007 3:29 PM

will help values.
neighborhood is sketchy. lived there. know first hand.
however, i moved from PS because of this development combined with increased construction on 4th ave. because i personally want to live somewhere less dense.

Posted by: guest at December 12, 2007 3:35 PM

It will increase Townhouse properties around the area that are legal one families. But the high rental income that park slope has enjoyed for decades will erode because of the newly created 4000 affordable apartments created by AY. People will no longer need 2 or 3 roommates to make ends meet.

Posted by: guest at December 12, 2007 3:37 PM

3:37 - are you nuts first of all there are not 4000 apartments - and you think they are going to Park slope yuppies?? I think we should shut this post down.

Posted by: guest at December 12, 2007 4:24 PM

So is that why there are quite a few Newswalk condos for sale right now? They don't seem to be moving.

Posted by: guest at December 12, 2007 8:53 PM

Correct. Newswalk is in deep shit. It will be surrounded on 3 sides by AY construction. Some of the owners there have been fighting AY; others -- including most of the board -- are in complete denial.

Posted by: guest at December 13, 2007 1:06 PM

The dumbass at 3:37 said "4000 AFFORDABLE apartments" which is a real joke. Of all of the apartments they are going to build, only 500 will be the least bit affordable.

Posted by: guest at December 13, 2007 9:43 PM

Brooklyn Buyer, good and please stay away.

Posted by: guest at December 15, 2007 8:14 PM

This is an extremely valid topic for this site.

Simply put, when inventory rises, real estate value, in the absence of sustained population and income growth, will decline. Consider the arena's noise and pollution to be collateral damage. No matter what you may think, living next to an arena is not a good thing. I can't think of a single affluent neighborhood with an arena in the middle of it. Cite the Jets stadium on the West Side. UWS residents (including myself)were vehemently opposed. Do you think it was because we didn't want to see our property value rise? Of course not, and this was a football stadium. Only 8 big games per year...on Sundays. You guys are facing a BBall arena. Far more painful in terms fo number of games. Please don't cite MSG because nobody considers that area nice. Not to mention, Manhattan real estate is an anomoly. Also, even if there's to be "public" space, the strain on the infrastructure (roads, transport, schools etc.) would be a deterent for most prospective buyers. The new construction in Manhattan will serve as a viable substitute as well. So net, real estate value will certainly drop.

Posted by: guest at December 28, 2007 10:51 AM