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]
“What–the five months you are referring to is when you think the bond market will collapse? Just trying to get a handle on your thinking.”
A world wide stock market crash on a level never seen in history!
” We are seeing this already, the rental market is softening a little. By no means, however, will you be able to live in the Toren for $1000. In building like that you are talking about rents going from $3800 to $3300… hardly affordable housing.”
Here let me help you.
Supply and demand
http://en.wikipedia.org/wiki/Law_of_supply_and_demand
Supply and demand is an economic model based on price, utility and quantity in a market. It predicts that in a competitive market, price will function to equalize the quantity demanded by consumers, and the quantity supplied by producers, resulting in an economic equilibrium of price and quantity. The model incorporates other factors changing equilibrium as a shift of demand and/or supply.
Nooooooooo! You see my Brownstone is worth 3 million dollars because I paid 2.5 million!!!
Hey dumbasses- How much New Condo construction is there??!!! Here’s the answer- A fucking ton of it!!! Plus when these marvelous projects go Bankrupt, the Trustees are going to fucking LIQUIDATE those Assets at any price!!!!!
“Indeed. Once again, the lowest common denominator/herd mentality wins.”
This why I will be laughing my ass off this fall!! This is the crash you don’t walk away from and the funny thing is you ignored the NY Times story of falling Manhattan rentals so I know you are a bunch of retarded fucks. 5 months Assheads, 5 months..
The What (Good post. We are seeing this already, the rental market is softening a little. ROTFLMMFAO!)
Someday this war is gonna end…
chorosch – big or not – the banks/lenders wont see it so nonchalantly and when the loans become due and/or these players are in bankruptcy/foreclosure (which is going to be happening) no one is going to be waiting for anything.
@ fsrg
Good post. We are seeing this already, the rental market is softening a little. By no means, however, will you be able to live in the Toren for $1000. In building like that you are talking about rents going from $3800 to $3300… hardly affordable housing.
But also take note of who the developers are for these various condo projects. I spoke with a real estate agent involved with the Forte, and he basically said that the owners have so much property in NYC that 100 unsold units doesn’t even show up on their radar. Sure enough, the Forte has not gone rental and still only has about a 25% occupancy rate. Some of these big players can afford to wait the economic crisis out.
“FSRQ: get with the program, as such:
-Bruce Ratner: evil developer. We are proud that we were not invited to his party.
-Shallow, celebrity and status-obsessed “Real Housewife of NY”: Worth attending their house show-off party, complete with photo spread.”
Indeed. Once again, the lowest common denominator/herd mentality wins.
what people dont seem to get is that the housing being added doesnt have to become “affordable” in order for their addition to the market to result in more affordable housing.
By way of example –
if lets say 1/2 the people moving into these rentals are coming from other Brooklyn rentals (proportion might be higher) and lets say these buildings represent 800 new apartments. That means that their are 400 NEW vacancies in existing properties – while I am sure that some will be able to uphold their rent (and some RS apartments may actually go up in price) no doubt that some will be forced to lower their rent in order to attract tenants….and some of these people will be moving from other rentals so……
As this plays out, the overall rental market rents go down (or in a inflationary market – go up more slowly) – it is simple supply and demand -and all this new supply will result in lower rents. Didn’t people take Econ 101?
On a related point – very little housing anywhere (including in “affordable” areas) was built as “affordable” – so exceptions in relation to NYC tenements but they havent built those in 100 years.. Most housing was either built for middle class people or higher, as times change, people move, new supply is added and these formerly expensive housing become less so – thereby making it “affordable”
What–the five months you are referring to is when you think the bond market will collapse? Just trying to get a handle on your thinking.
Peteklyn;
Spot on. In addition, the latest census results show that NYC’s population continues to grow.
> “I think the shortage problem has been solved.”
Wrong yet again. See comment by Petebklyn above.
Dreaming that will become low income housing is delusional.
Posted by: Petebklyn at May 21, 2009 12:11 PM
Just like dreaming Manhattan rentals are cheaper than Brooklyn’s.
Keep it up Dumbasses I love it… Like I said take a walk around this weekend and get back to me. T-minus 5 months and counting…
The What (Tick.. Tick.. Tick…)
Someday the delusion is gonna end…