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 developers will go rental, file for tax abatements through rent stabilization, drop the rents a little and try to get through the next 2 years with a few hundred thousand per month in rental income.”
Like the Stuyvesant Town/ Cooper Village Dust-Up???!!!!
The worst is yet to come for apartment buildings with too much debt. What will that mean for tens of thousands of tenants? > By Bendix Anderson
http://www.citylimits.org/content/articles/viewarticle.cfm?article_id=3745&content_type=1&media_type=3
ut Garodnick’s district also includes the more than 11,200 rental units at Stuyvesant Town and Peter Cooper Village, which sold in 2006 for nearly a half-million dollars per apartment.
Huh um, do you think that was such a good idea????? Just like the retards now and you think it will end well???!!!! Keep reading..
As these properties’ debt becomes more onerous and foreclosure becomes a possibility, a variety of officials and advocates hope to protect tenants while a tangled web of owners, lenders, and investors struggle over who has the right to whatever value is left at the properties.
But… But.. But.. real estate only goes up, right????? Now grab your nutsack!
At the same time, state and city housing officials hope to potentially rescue these buildings and preserve them as housing for low and moderate-income New Yorkers.
Whoa???! Low-Income????!!!! You mean I have to live next to Tameka, Ray-Ray and the Crash Brothers????? But.. But.. I paid 799,000 for my one bedroom on Gates and Lewis!!!!! They was going to built a Coffee shop and Gentify the area????!!!
“We don’t think that the shoe has dropped yet for overleveraged buildings,†said Holly Leicht, deputy commissioner for development at the city’s Department of Housing Preservation and Development (HPD). “We think things will get a lot worse. We want to make sure that those buildings don’t decline as landlords walk away.â€
Say Buh Bye retards as you watch the collapse of the Mutant Asset Bubble, like Spock’s home planet in Star Trek, ROTFLMMFAO!!!!
The What (But… But.. But…)
Someday this war is gonna end…
Well, I can afford to live in Manhattan but I don’t. There are a lot of reasons people choose to live here. Economic necessity is not the only factor. Plus, I think you’re not considering the types of buildings these are and who they appeal to.
The only condo project that may survive as planned is the Toren, which reportedly has well over 50% of the units in contract. The others are going to be rentals. And yes, they will probably not get top dollar and yes, there is high unemployment at the moment (the What can use the internet!)
The ones in trouble are places like the Clermont Greene, a small building that is still trying to get away with $700-$800 per sq ft. with only a handful of contracts.
Instead of total financial calamity, the developers will go rental, file for tax abatements through rent stabilization, drop the rents a little and try to get through the next 2 years with a few hundred thousand per month in rental income. You’re only in trouble as an owner if you bought a new condo in 2007 and need to unload it quick.
There are a few projects stalled already that will remain a blight for years I’m sure. But you’re acting like the situation isn’t fluid. The market is changing.
Yeah, you’re going to have a few hundred vacant “luxury” apartments, but proportionally to the Brooklyn housing stock, that alone is not going to bring ruin to homeowners or cause rents to plummet. As soon as those buildings bring their rents down 25%, they will be full.
Why would someone live in Brooklyn when they can live in Manhattan? Please Please don’t say Brooklyn is better that Manhattan because you and I know that’s a crock of shit! Today a Condo project need to have 50% + units in CONTRACT before you can get a mortgage and you will need 20% down payment and closing cost (6 moths of PITI) in the bank! The 64,000 question is- In this economic climate who is going to risk their future on a depreciating asset???? The cat is out the bag, unemployment has been going up not down. Housing prices has been going down not up. Where is the “upside”?????!!!!
“Hmmm. As compelling as your completely fact-less “argument” is, I guess I’ll bite. It’s a slow day at work.”
Here ya go..
U.S. Stocks Tumble as Jobless Claims Revive Recession Concern
http://www.bloomberg.com/apps/news?pid=20601087&sid=agq_iz8Bxdr8&refer=home
Initial jobless claims fell by 12,000 to 631,000 in the week ended May 16 from a revised 643,000 the prior week that was higher than initially estimated, the Labor Department said in Washington. Economists surveyed by Bloomberg had forecast claims would drop to 625,000 from the 637,000 initially reported for the prior week, according to median of 42 estimates.
The total number of workers receiving benefits rose to a record, a sign that the job market continues to weaken even as the economic slump eases.
There is two things that is missing from your Crack induced haze: Jobs and income…
The What (We have a live one here)
Someday this war is gonna end…
Hmmm. As compelling as your completely fact-less “argument” is, I guess I’ll bite. It’s a slow day at work.
I’d guess between the Forte, the Toren, 80 DeKalb and the Avalon, we’re looking at about 1,000 units. If all the projects planned for development in downtown BK / Atlantic Yards were in progress right now, I’d say you might have a point, but the people most affected would really only be the ones who bought at the height of the market.
The recession has already killed or delayed at least 50% of residential development planned for those areas. Yeah, you’re going to have a few hundred vacant “luxury” apartments, but proportionally to the Brooklyn housing stock, that alone is not going to bring ruin to homeowners or cause rents to plummet. As soon as those buildings bring their rents down 25%, they will be full.
If there is some unforseen global economic meltdown in 5 months, then maybe the game changes. But that’s like saying Fort Greene is going to be hit by a meteor in 5 months, so anyone who lives there is an idiot.
” I’m just not as convinced as some others that these things are all massive gambles by developers who never saw an end to the boom.”
Greed and delusion blocks reasoning abilities. The reality is staring you right in the face and still you don’t fucking “get it”! Do me a favor this weekend stand in front of the Toren and count how many units are in that building then, look at the Avalon and then look at some more shit then, get back to us on Tuesday with your “analysis”.
“Those are not going to be SROs in five months or five years.”
Famous last words….
The What (Oh boy)
Someday this war is gonna end…
I guess all I meant was that people tend to look at developments as single entities, when in fact they are quite often (relatively) small parts of much larger agencies. Of course you’re right… if the loans come due and the development group had no assets to cover the short term loss, they’ll have to liquidate. I’m just not as convinced as some others that these things are all massive gambles by developers who never saw an end to the boom. Some of the smaller ones are, certainly. But those towers you’re talking about downtown? Those are not going to be SROs in five months or five years.
Does anyone think “the what” is actually Brownstoner under an alias making his posts more interesting?
Posted by: ReMiXxd at May 21, 2009 1:01 PM
That was so 2007 dumbass..
The What
Someday this war is gonna end…
Hey Fsrg, you were right yesterday about Charles Rangel. His FOUR apartments are rent-stabilized, not rent-controlled. But that’s only a minor distinction in his case. He’s still a perfect example of this system’s abject failure (check out his income):
http://www.nytimes.com/2008/07/11/nyregion/11rangel.html
Does anyone think “the what” is actually Brownstoner under an alias making his posts more interesting?