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The Broadway building boom continues with this 39-unit project at 106 Broadway. The seven-story building was designed by Kushner Studios in Manhattan. GMAP P*Shark DOB


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  1. “i think that the properties there now are better than the nothing that was there previously.”

    despite what the frownstoners will say – my neighbors on Withers, Frost, and Richardson who have lived on those blocks since the 60s and 70s agree with you 110%.

  2. in all seriousness, the 5000 number included the domino development which hasn’t even begun. there clearly are a lot of new developments, but some aren’t very large. Edge is as is Northside 2, but some are just fairly small. i don’t know how many years it will take to absorb this inventory, but it won’t happen by christmas or anything.

    i believe that much that was “condo” will go rental and some of the buildings being built/coming on line were always meant to be rental, so the appearance of a lot of sites may or may not translate into condos for sale.

    i’m a real “in for the long haul condo owner” and really like living here, so this stuff is ok by me. renters shop and eat too, so the local retailers (and bars and music venues, etc…) will continue to do well. it does seem like something new opens everyday. that’s good by me.

    i don’t see rents going down because the more that WB builds up, the more different people it attracts who will now consider moving here who might not of before. but, maybe rents will drop. they are very high in this hood.

    i think that 20 Bayard was probably mis-priced from the beginning, and god knows what dumb stuff the developer did with their finances. considering that only one building was there on mccarren when i bought, i think that the properties there now are better than the nothing that was there previously.

  3. I’ve been saying for awhile that the whole stalled buildings meme is only half the story. There are a ton of projects still underway, and a lot of those started or substantially started within the last 12 months (including this project, maybe – it certainly include the other Broadway project that was posted here, just across the street from this one). And a lot of these newer/continuing projects are happening south of Metropolitan.

    Are there a lot of stalled projects – absolutely. Vacant lots too. But there are also a lot of active projects, many of which are pretty recent. And the universe of stalled projects covers a host of issues – some of them have been stalled for years, long before the current meltdown.

    Will any of these sell/rent or will prices have to adjust dramatically? I don’t pretend to know. But it does seem that that both sides of the supply/demand equation are high right now.

  4. The local real estate market is being sustained through sheer bluffing and lying. Nothing more. This could actually work and we could emerge to the other side of the recession without having gone through a period of depressed prices or, it could come crashing down like a Ponzi scheme with the slightest provocation. Only time will tell.

  5. “it’s just happening a little slower then I would like!”

    DH, I’m totally with you. I’m not expecting “Browstones Half Off!” or anything like that, but I’m surprised sale and rental prices haven’t fallen further faster. I don’t know what is sustaining what I still consider an overpriced market on both fronts. I was surprised when my Landlord played hardball in renegotiating my rent – I got him down almost 10% eventually, after we played chicken, but he was close to letting me walk away with nearly 20% of the units in my building vacant, and I just don’t get that. I mean, exactly how many overpriced houses and apartments are the Goldman Sachs bonus recipients going to buy or rent this winter???

  6. “I don’t know CGar…they did a pretty good job into fooling people for years that 20 Bayard was sold out and doing well…”

    Tsk tsk – you didn’t read that whole article 11217

    I would think that would be the case Cgar – it’s just happening a little slower then I would like!

  7. DH, I would think the oversupply is going to force more sales into rentals and prices down – for both rentals and sales. Putting aside the stalled construction, there’s only so long the shadow inventory can stay warehoused.