The Epitaph of Epitaphs for Williamsburg's Boom
It’s tough to know where to start with the New York mag story on the rise and dizzying fall of Williamsburg’s condo boom, which casts the neighborhood as “New York’s version of the collapsing exurban ‘boomburgs’ in Florida and Arizona.” Is it the detail that the developers of the Steelworks Lofts, who paid $26.5 million…
It’s tough to know where to start with the New York mag story on the rise and dizzying fall of Williamsburg’s condo boom, which casts the neighborhood as “New York’s version of the collapsing exurban ‘boomburgs’ in Florida and Arizona.” Is it the detail that the developers of the Steelworks Lofts, who paid $26.5 million for their condo-to-be a couple years ago, are considering turning their building into a youth hostel? No, perhaps it’s the news that potential buyers for the failed (and mostly constructed) Warehouse 11 project are coming up with offers “closer to $30 million than the $50 million owed” to the bank by its developers. There’s too much in it to fully blurb, but here are some of the choicest bits:
- David Maundrell, president of Aptsandlofts.com, estimates that 2,818 new Burg apartments will have hit the market by the end of this year, with another 2,766 projected by the end of next year. Also, Maundrell tools around town in a $120K Maserati bought with condo-sales dough.
- Even though Williamsburg developers are having a lot of trouble selling the units they do have, they’re still bemoaning the repeal of the 421-a tax abatement that would have allowed them to build even more units.
- Before she died, Jane Jacobs wrote a letter to the mayor saying the Williamsburg rezoning that put the wheels in motion for the condo explosion appeared to be a particularly risky move: Even the presumed beneficiaries of this misuse of governmental powers, the developers and financiers of luxury towers, may not benefit, she wrote. Misused environments are not good long-term economic bets.
There’s a great deal more of note in the article, which is well worth a read.
The Billyburg Bust [New York]
Pic by krzysztof.poluchowicz.
exactly!
The M as a great ride I’ll give you but the R – sorry your traveling off peak or something – its fine (if often slow and bunched up) but certainly nothing to brag about.
“Your argument was going ok until you assasinated yourself as a reliable witness with this line.”
Haha ditto – i’ve never heard anyone say ANY MTA train ‘rocks’
quote:
the R is very often packed at rush hour.
well, i always do take the first car and ALWAYS get a seat, and sometimes coming back to brooklyn at 530 some cars are near empty. that has been my honest experience for the last year.
the best tho is when i can catch an M in the morning into manhattan, i just get out at canal and im always the ONLY one in a car by the time it gets there.
*rob*
I believe Apts and Lofts and TDG is responsible for most of this mess. Those two firms guided unknowing developers down the roads of horrible design, layout and overall product. Thinking only of the potential commissions and not on the negative effect of the neighborhoods and communities that support them.
I think the question is – when was the last time you were actually on the R train, Rob?
“my train ride from 4th ave and union to prince and broadway in soho is 23 minutes! a nice relaxing commute because the R is never packed.”
I am the last person to claim subway overcrowding (cause except for the #6- it aint) BUT? the R is very often packed at rush hour.
“OH, yeah, the L rocks! i have never not gotten on, ”
Your argument was going ok until you assasinated yourself as a reliable witness with this line.
I second the G to the E,V. When i worked in east midtown that was way faster then the L train.
ennuiater, have you considered taking the Nassau Ave. G to cCourt sq, (7, E and V)?