Market Rate Units on Sale at PACC's Dewitt Condos
We’ve made no secret of our displeasure at the fact that a salvageable brownstone was torn down to make way for the 16-unit building at 483 Washington Avenue (aka the Dewitt Condominium) so perhaps we’re not completely unbiased when we express shock at the prices of the eight market-rate units that were put on the…
We’ve made no secret of our displeasure at the fact that a salvageable brownstone was torn down to make way for the 16-unit building at 483 Washington Avenue (aka the Dewitt Condominium) so perhaps we’re not completely unbiased when we express shock at the prices of the eight market-rate units that were put on the market with Brooklyn Properties two weeks ago. (The eight affordable units are being decided by application and lottery.) If you want to find something in the $500 per square foot range, don’t bother getting on the elevator: The ground-floor unit’s the only one that’s close. By the time you get to the second floor, you’re already north of $600. And for that swinging penthouse lifestyle? Get ready to write a check for almost $1,000 a foot. Compare Apartment 5B at the Dewitt where for $880,000 you get 1,257 square feet with Apartment 11M at One Hanson where for $896,000 you get 1,305 square feet (and much nicer common spaces and interiors to boot). We can see living here if you were one of the lucky folks to win the affordable housing lottery but these market-rate prices are absurd. We’ll be quite surprised if anyone takes the bait at these levels.
The Dewitt [Brooklyn Properties] GMAP
From Subsidized to Market Rate Fraud? [Set Speed]
Although B’Stoner was dissing the look of the new building (and I did not see the previous old building that it replaced), I do not find this new project to appear that objectionable, compared to the Scaranos and the crazy Polish Belvederes going up elsewhere.
Is “P 1-7” going for for $75,000 where the subsidized foks can park their cots in the basement! 🙂
I wonder what the catch is for being a subsidized purchaser… limited equity? paying back the subsidy at the time of resale?… how does that work out fairly for all?
Just curious…
I think the prices are too high. I wouldn’t be worried about who my neighbors are but wouldn’t you feel like a chump knowing you paid so much more than the guy down the hall whose unit is subsidized?
The maintenance seems awfully high for new condos in a brand new building. what’s up with that? paying an underlying mortgage too?
Those prices are Crazy!!!
I just bought a 1000SQF 2-Bed in the Catheral Condos in Atlantic and Washington for $460k. At first I was kind of scared because I thought I paid too high, but at these prices I think I made a solid investment.
Sadly, I think Jeremy is probably right. At such high prices, there are likely few buyers who’d be interested. Mixed income housing is a good idea but it can be hard to sell if the market rate units are priced too high.
Hell, I wouldn’t live in any of those condo bldgs either where you have people that only put 10% down and then depend on gov’t handout on their taxreturns for mort. interest deductions. Just above welfare scum.
Very minimum is to live in good coop with 50% equity. Otherwise rubbing elbows with those people. What if one of their offspring wanted to date your daughter. Egads.
Gee, Jeremy, I don’t know, maybe some people perhaps like living in the City rather than a suburb because it is more interesting to be in a diverse community and don’t immediately assume that people of lesser means are intrinsically bad, dangerous or what have you.