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.
“rather than pick my way down half abandoned streets with muddy empty lots, aborted construction and broken promises, on my way to an overburdened subway stop.”
I particularly like how you paint the streets as “half-abandoned” but yet the subway stop is “overburdened.” Pick your angle and stick with it. Yes, some things (ok many things) could have been done better, but the net result will be a better neighborhood; I think most people agree things have improved in the last few years, despite all the complaints and construction. We’ll live.
not any dirtier than any other train. the A and E always seem to be filthy.
I have not been on the L in years. Is it still one of the filthiest subways?
randi lives in Ft greene. I doubt she’s travelling on the L in the mornings.
“you have obviously not tried to get on the L train at Bedford durning weekday rush hour!!!”
I have – not bad. Have you Randi?
“Manhattan is so easy to get to from Williamsburg”
you have obviously not tried to get on the L train at Bedford durning weekday rush hour!!!
I feel bad for anybody who purchased here the past 3 years. They may not see there money back for many many years.
DIBS – yes I understand your point – and my point is that a buyer should ALWAYS beware and that the developments described in these articles – while portrayed as bad news – is actually good news for residents over the long term…..understand my point
Am guessing these will all become rentals at some point. I agree, buyer beware of these newly created buidlings built by developers under financial distress.