Friday Links
Graffiti’s Story, From Vandalism to Art to Nostalgia [NY Times] Retailers Report Modest Sales Gains in January [NY Times] Interview with a Fort Greene Broker [NY Times] MTA Warns of New Fare Hike [NY Post] Uncatchy New Name for Cyclones Ballpark [NY Post] Marty’s State of the Borough Address [NY Daily News] City May Cut…
Graffiti’s Story, From Vandalism to Art to Nostalgia [NY Times]
Retailers Report Modest Sales Gains in January [NY Times]
Interview with a Fort Greene Broker [NY Times]
MTA Warns of New Fare Hike [NY Post]
Uncatchy New Name for Cyclones Ballpark [NY Post]
Marty’s State of the Borough Address [NY Daily News]
City May Cut 10 Day Centers in Brooklyn [Brooklyn Eagle]
City Reliquary Needs Funds to Survice [NY1]
Bed-Stuy Bargains Get Bigger [The Real Deal]
CB2 Approves River Cafe Cabaret License [BHB]
Photo by Ro.E.H
Anyone say 1970’s all over again?
Re: Bed Stuy Bargains (what they’re really worth, not bargains)
“We’ve done several valuations for banks trying to figure out what this stuff is worth,”
Did ya try 10x annual rent?
“By 2007, she was receiving offers in excess of $1 million. Today, she estimated, the property is worth about $750,000.”
Yup. -25% is about where we are today. Enjoy the half time show!
“The good news is prices appear to have stabilized.”
The bad news is that this “appearance” is a mirage. Prices are really double-dipping back down and through the dead cat lows and remain in freefall.
“A lot of neighborhoods go two steps forward, one step back. That’s what happened in Williamsburg, and I believe that’s what’s happening in Bedford-Stuyvesant.”
That’s what’s happening in ALL neighborhoods. Averages/means up +200% from the 90’s trough and falling back down to -50% off the ’07 peak. I don’t expect the crash to claw back gains from the tech boom (i.e. -67% off peak comps) but I could be wrong.
Another MTA hike. Maybe if they made Ratner pay up front what the AY air rights are really worth, they might not be so strapped. Another really crappy deal for subway and bus riders.
I don’t get your ire, Dave. The outside of the house is not a reliable indication of what’s inside, or the rest of the neighborhood. Perhaps she has totally upgraded inside, and hasn’t gotten around to the outside. The prices sound about right. Granted, a million for 96% of Bed Stuy is ridiculous, but a few years ago, it didn’t seem that way.
I’m assuming there’s a rod or rebar threaded through the holes in the bricks. There are some poles in the photo, so maybe they tied it to the poles. But in your garden, the rebar could just be hammered into the ground 4 ft or so, like you do to anchor a railroad tie retaining wall… and you would create a curve or 90-degree type thing so it would be self supporting. (I don’t think it could be taller than like 3-1/2 ft without some sort of support structure.)
I thought the same thing, tybur6. It certainly doesn’t look to be mortared but just freestanding and if someone bumped into it, they’d knock it over.
That’s a nifty wall… is that some sort of temporary construction barrier? I think that would look really nice arranged in a garden in some manner.
“Juny Francois, an attorney and developer with properties in other parts of Brooklyn and out of state, bought a brownstone in Bed-Stuy in 2003. Her property offers a good breakdown on what pricing in the neighborhood has experienced. She purchased it for about $350,000, and by 2005 it had doubled in value. By 2007, she was receiving offers in excess of $1 million. Today, she estimated, the property is worth about $750,000.”
There’s a pic of her house in the link. She’s gotta be on some mighty powerful hallucinogen!!!!!!! Additionally, she’s either very stupid or a damn liar. LOL