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.
“cuz there’s a giant river between the two? what kind of silly question is that.”
i will think that to myself the next time the L goes express from Lorimer to Union Square while the L slinks past the people stuck on the 1st ave platform who pay 3x the rent I do, and will be late to work.
cuz there’s a giant river between the two? what kind of silly question is that.
*rob*
If you’re going to move to an area of the east village only serviced by the L why not move to brooklyn?
They are “entitled” to better service if they live in Stuyvesant Town.
I always puzzled at that and didn’t feel sorry for them either. Its impossible to get on the morning L at 1st ave. So why not walk your lazy A over to Union Sq. where you can easily get on it.
“I really feel for people at 1st Ave though – there’s never room for them!”
I sure don’t – chances are they live in Stuyvesant Town and too lazy to walk to Union Square or haven’t been in the city long enough to know the M14 bus exists.
quote:
I have not been on the L in years. Is it still one of the filthiest subways?
the train itself no. the people a big YES!
but my train line the R, took the nod for the dirtiest line this. represent!
*rob*
“Also, the Bedford Ave station isn’t that busy during the morning rush – Lorimer and Graham are much busier stations.”
Well, that does make the trains more packed by the time they get to Bedford, but I agree that the myths about the L are greatly exaggerated. Letting one train pass per week is about right (3 every time is indeed the 6). I really feel for people at 1st Ave though – there’s never room for them!
Sonmebody didn’t get anything this weekend!!!!