80 Dekalb Tops Out
Our invitation must’ve gotten lost in the mail, but word on the street is that Forest City Ratner is throwing a party today to celebrate the topping out of its 365-unit rental tower at 80 Dekalb Avenue. The building should now be a total of 36 stories. Assuming they’re priced reasonably, we suspect there will…
Our invitation must’ve gotten lost in the mail, but word on the street is that Forest City Ratner is throwing a party today to celebrate the topping out of its 365-unit rental tower at 80 Dekalb Avenue. The building should now be a total of 36 stories. Assuming they’re priced reasonably, we suspect there will be good demand for these places, given the rather convenient location.
Development Watch: 80 Dekalb Facade Spreading [Brownstoner]
A Touch of Glass for 80 Dekalb [Brownstoner] GMAP P*Shark DOB
Development Watch: 80 Dekalb Reaches 25 Stories [Brownstoner]
Development Watch: 80 Dekalb Avenue Halfway There [Brownstoner]
Development Watch: 80 Dekalb Avenue [Brownstoner]
Taxpayers Paying Up for Downtown Rental [Brownstoner]
Development Watch: 80 Dekalb Avenue [Brownstoner]
80 Dekalb Avenue: Get Ready for Take-Off [Brownstoner]
The What, I’ve had it with you in this thread. Stop calling everyone retards and asshats. Argue your points like a grownup. Everyone else agree?
I think The What is off his meds again. Dude: you can contribute to this blog with a few informative posts, you don’t need to respond to every single comment left by every other commenter.
An important question is, what kind of financial problem are we looking at? And the possible answers fall into three broad categories: recession, depression, and dark age. Put simply, using rough orders of magnitude: are we looking at a year or two of economic hardship? Or a decade? Or a century?
Under the first possibility, everything’s going to basically be okay, prices will be flat for a while but neighborhoods will continue to pull together and improve and make Brooklyn a great place to live (yes, I’d rather live here than Manhattan even if the city was cheaper). Prices will then start to appreciate, not like they did five years ago, but simply reflecting the value of the buildings and neighborhoods aorund here.
Under the second possibility, there’s going to be a lot of pain, and rents will drop, and HELOCs will be frozen, and that all sucks. But, the kind of people who spend a million bucks on an apartment aren’t the ones who will really suffer in a depression. My friend bought a condo at the height of the market and did everything wrong: bought new construction, paid top dollar, got an interest-only mortgage, etc. Now he’s probably, technically, underwater. But he has a great apartment that he loves, and he can afford the payments. He’s fine.
And under the third possibility, well… then we’ll have plenty to worry about other than our investments, real estate or otherwise…
“A huge, multi-borough (multi-city) developer can absorb a temporary loss. ”
How can you make this Assumption??? Did you know the metrics involved?? Let me help you- In the Mutant Asset Bubble Debt was used a leverage, not regular business income but other people’s money. Now things are very different because the insanity has worn off and everyone realizes they’ve been had!
Here lookie here Jagoff in the UK things are very very bad!
Stocks, Gilts, Pound Fall on Fed Outlook, U.K. Credit Rating
http://www.bloomberg.com/apps/news?pid=20601087&sid=a9uCNOZJitVM&refer=home
The pound fell to $1.5662 against the dollar from $1.5755 yesterday, trimming its weekly advance to 3.2 percent, while the FTSE 100 tumbled 2 percent. The U.K.’s AAA outlook was lowered because of the nation’s increasing debt, S&P said in a statement. The government’s budget deficit this year will reach 175 billion pounds ($273 billion), or 12.4 percent of gross domestic product, Chancellor of the Exchequer Alistair Darling said on April 22.
Entire countries are having problem and you think Dumbassed “Investors” can ride out the worse economic storm since the great depression????
“But thanks to “the Whatever” for injecting racial and class bias. Just as he/she accuses Brownstoner of doing all the time.”
Where??????? Learn to copy and paste!
You see chorosch everyone here at Brownstoner get mad at me because I take the truth and blast every fucking retard out of the box. Thanks stupid…
The What
Someday this war is gonna end…
I think my original post may have been misinterpreted. What I was trying to say is that I don’t agree with the apocalyptic vision of “the What” (heretofore referred to as “the Whatever”) and I thought that the post by FSRQ was good, in that it recognized the market realities of new units coming on the market in a recession, in terms of affordable housing and how things trickle down or up based on the economy.
I was not making a point about the number of units being built as a percentage of overall available units in Brooklyn, but instead offering up the idea that each development is only subject to the recession as much as its parent is. A huge, multi-borough (multi-city) developer can absorb a temporary loss. So, before everybody freaks out, let’s think about who built these towers and why. I am not in any way arguing about supply and demand.
But thanks to “the Whatever” for injecting racial and class bias. Just as he/she accuses Brownstoner of doing all the time.
“there was a time when The What was a classic hip-hop joint. now it just makes me want to stop reading this blog.”
Oh I’m sorry too much reality for ya???? Ladies and Gentleman the Happy Happy Joy Joy has left the building! I defy anyone to come up with a reasonable argument about the future of New York City housing and please use some analysis from a historical background, not clouded by your “judgement”.
“do folks ever take into account the demographic shifts that occur over time?”
Yep sure do! Hey Stupid Ass you missed this!
Manhattan Calling
http://www.nytimes.com/2009/05/10/realestate/10cov.html
ANDREW BAISLEY described himself as a “cheerleader for Brooklyn†— at least until a month ago, when the proud Bushwickian decided to take a peek at the Manhattan rental market. Now he has a one-bedroom in Chelsea with outdoor space and a 10-minute commute, all for an “unbelievable†$2,100 a month.
Well lookie here! The light bulbs will go off in peoples heads very soon and I wonder what’s going to happen for Housing Demand in Brooklyn?????
“there was a time when The What was a classic hip-hop joint.”
It will always be a classic like me.
Later Retards, suck it down…
The What
Someday this war is gonna end…
with respect to all the doom and gloom about the rentals/condos going up, do folks ever take into account the demographic shifts that occur over time? nyc isn’t exactly buffalo or rochester. albeit with less intensity i do believe people are still moving here.
there was a time when The What was a classic hip-hop joint. now it just makes me want to stop reading this blog.
FSRQ;
I think the situation is somewhere between what you and Chorosch are saying.
Your analysis above assumes a fixed demand. However, if there is a surplus, and the price starts to decline, additional folks may move into the market, which will create a bottom support in pricing. To take your neighborhood-specific example: someone who had given up on finding an apartment in NYC and is now looking in Jersey City may be drawn back in. The NYC economy is dynamic in this way.
This goes to Chrosch’s point about the ratio of vacant units to total supply. Yes, if you had a static market, 10 vacant units can cause pricing to drop significantly. However, in a dynamic market like NYC, a demand for 10 units CAN be created relatively easily if the pricing starts to decline. It would be alot easier to create demand for 10 units than 1000. One of the fortunate things for NYC is that we do NOT have a huge surplus of housing relative to the market size, such as happened in Vegas and Phoenix.
Right, but I’m not contesting that more supply doesn’t equal lower prices. I’m just saying that I don’t think a couple thousand new units on the market is going to bring the whole house of cards down. My point about the number of units being small has to do with the overall health of the parent companies, not the situation at any particular building. If a developer has all his money sunk into one luxury project that he can’t sell, that building may well go under. But is Forest City Ratner going bankrupt if rentals at 80 DeKalb have to come down in price a little? I actually think this whole thing is GOOD for a completely overinflated, overvalued market.
If Atlantic Yards were about to be completed and we were really looking at 5,000 or 10,000 new units (as described above) that would be a different story.
Yeah but chorosh, but the way supply and demand works it doesnt matter if 1000 units is a drop in the bucket – because the overall supply isnt what is important – its whats available in the supply (and who is demanding) NOW.
in other words the rental landlord wants to get his apt rented today – so if there are even 10 other (real) comps also available, they are going to start to drop the prices – unless there is 10 other people ready to rent that same mo – and usually there isnt (otherwise prices would be RISING)…..
and again if the wealthy (but not rich) 30 something can now afford a nice place at the Toren, then his old decent walkup apt in Crown Hgts gets added to the market, and then the working class guy who was looking at a crappy tenanment in Bushwick, might be able to afford the Crown Hgts apt….its obviously more complicated then this – but it really does happen, and anyone who is really out in the marketplace for a protracted period of time can attest to it – it happens both on the way up and on the way down too. to sum it up – more supply always equals lower prices – its the natural law.