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  1. Re: Residential Rental Buyers Adapt to Today’s Market [NY Sun]

    “With steady and even rising rents, demand is booming for the city’s rental apartment buildings, which represent a safe haven for investors weary of uncertainty elsewhere in the real estate market.”

    Moronic statement at best. There’s no escape from this RE nosedive. Next bullshit article please.

  2. Actually the article about PLG was not titled or even saying flatly “Not much development in PLG” as Brownstoner described its headline. That right there betrays a bit of prejudice around here towards PLG. It was a more nuanced piece than that telling the complexity of the unique situation of PLG having the one-family covenant and what that meant economically to the neighborhood over the years. Good and bad.

    It makes complete sense the commercial development has been slower to come to PLG. Many of the higher income residents are in single-family homes and are families, so they don’t eat out and go out drinking very often. There’s been an influx of young hip professionals into the rental and coop buildings and that’s inreasing demand for restaurants and bars. Secondly, other neighborhoods were already ahead in gentrification and it’s hard to find truly pioneering business owners. Some things have to happen first then it’s like dominos falling and it’s more of a wave. Just the way it is.

    Anybody who thinks a condo developer spends $8 million just for the land, then additional millions to build the 23 story condominium like the Lincoln Road developer is doing, in a neighborhood where “nothing is happening” is stupid. It’s illogical. The mere arrival of this development tells us what’s happening in PLG. It’s not a 5-story Fedders special. It is a 23-story condo with commercial space underneath. BIG difference.