Is Atlantic Yards impact already priced in?
Just looking for opinions on this oh-so-fun topic… I’m wondering whether it is the common opinion that the impact of AY construction has already been factored in to most properties in the general footprint. Any thoughts? NOT trying to be contraversial here. I’d just like to get some thoughts from people who are much more…
Just looking for opinions on this oh-so-fun topic…
I’m wondering whether it is the common opinion that the impact of AY construction has already been factored in to most properties in the general footprint.
Any thoughts?
NOT trying to be contraversial here. I’d just like to get some thoughts from people who are much more well-versed on this topic…
Someone said the Newswalk condo’s weren’t being bought… truth is there are a few left and there is a lot of action on them. One just went for the asking price at $795k.
“Then once it’s done, you have a property near the new de facto center of brooklyn. Plus, you have a giant developer who wants your property so he can build another high rise next to the one he just built. Ms. Brooklyn will get a boyfriend eventually” My god, Slick – if Ratner wants your property he will have it condemned via eminent domain and you will get pennies for it? What do you think he is, a philanthropist ?? How can you be so naive. No, near AY you will get hellish traffic, smog, and KYC franchises. Have you ever heard anyone say “I have just got to live closer to Madison Square Garden”.
Even though I am adamantly opposed to AY (on the grounds of its scale, the lack of democratic process, and the use of public monies), I believe it ultimately will not have a negative effect on local property values. But “ultimately” is the catch word in that sentence. Even FCR’s own unrealistic estimates suggest the build-out will take at least 10 years. Remember, they said Metrotech would be 5 years and it ended up taking 14. In the medium term (ie. the next 5-15/20 years) most buyers will not choose to live near a massive building site unless they can realize a significant price discount in the process. That’s not politics, that’s just common sense.
As to the 10:40am poster’s question, FCR’s financing is pretty deep for a developer but they have to be asking themselves if this plan, in this market, is still feasible. After all, right now it’s ALL about the ability to borrow money. And FCR needs to borrow BIG money to make this happen. I would be so thrilled if they pulled out and let Excel come in with their much more appropriate plan — with no arena, and no use of eminent domain. The next 18 months will be critical. One of the major driving forces behind AY is Bloomberg and his “master plan” to rebuild large areas of the city. He and Doctorow are determined to push these projects through. But once they have left office, the political will to make it happen may evaporate.
We’re on Lafayette and I’d be VERY SAD having a view of indifferent-looking skyscrapers to our south, which is now mostly open, *ESPECIALLY* because they would cut out a good portion of our late day sunlight in winter.
One small quality-of-life issue that no one has seemed to talk about is the loss of the use of the Carlton Ave. bridge for a long time if AY is started. It’s really the only sensical way for me to get to Flatbush Ave. and PS. Any walk around to get to PS will double the walk time which is about 20 minutes currently. A lot of pedestrians and bikers use the bridge. Also, that bridge allows drivers a shortcut to the BQE…and trust me, they USE it! It takes pressure off Flatbush Avenue. So, if the bridge is closed AND there are increased infringements on the flow of traffic along any part of Flatbush toward the bridges/BQE such as construction/extra truck traffic (which is inevitable), Flatbush may become more of a nightmare than it already can be.
We are very lucky in that we won’t be massively impacted if we sell at less than market even if the market drops since we have a small mtg. Yes, Mr. “The What” and various “Bubblezpoppin'” guests, the market will most probably drop and get soft. Whatever. My big question now is: Even with all the gov’t money thrown at FCR, will the building program go forward if there is a real slump?
Thoughts?
Am I the only one who thinks close prximitely to AY will be a plus for property valuation in the medium and long term?
The construction will be annoying but probably better managed than what’s been going on in the South Slope.
Then once it’s done, you have a property near the new de facto center of brooklyn. Plus, you have a giant developer who wants your property so he can build another high rise next to the one he just built. Ms. Brooklyn will get a boyfriend eventually.
Newswalk is a special case. It’s so close to the proposed building site that people living there really won’t be able to avoid the construction impacts.
But once you get a block or two away, it’s much harder to say how it is influencing prices. Bear in mind two factors: i) any property near the AY footprint is also — de facto — near the subway, near BAM, near many other amenities of PH/PS/FG. ii) In the case of brownstones (less so with apts), there is always too little supply vs the demand, so don’t expect to see a significant discount for a well renovated house near AY.
Overall, I would guess (objectively, I hope) that houses within 2 short blocks of AY would be discounted 5-10% and apts 10-15%. Properties any further from the footprint will probably sell on their individual merits w/o being impacted by AY.
Don’t know about that — there are a ton of places on the market at Newswalk and they are not moving. I don’t think anyone would want to live next to a construction site for the next ten years, regardless of their feelings about the project.
the AY hysteria is hogwash. People will deal, life will go on.
Yeah, sure… and it’s only resulted in wildly overinflated real estate prices in FG, CH. It’s insane. Can’t wait for the bubble to really pop.