1,500 Rental Units for DoBro
It’s hardly news for anyone who’s been paying attention, but yesterday Crain’s took the time to point out that three new rental developments in Downtown Brooklyn are all hitting the market at roughly the same time: Avalon Fort Greene (left, 650 units), 80 Dekalb (center, 365 units) and The Brooklyner (right, 490 units); studios at…
It’s hardly news for anyone who’s been paying attention, but yesterday Crain’s took the time to point out that three new rental developments in Downtown Brooklyn are all hitting the market at roughly the same time: Avalon Fort Greene (left, 650 units), 80 Dekalb (center, 365 units) and The Brooklyner (right, 490 units); studios at all three places are expected to start at about $1,700 a month. (Free rent concessions, though, bring the cost down close to $1,300, which starts to look pretty attractive.) While one of the developers involves admits that she we have preferred a little less competition at the start, we’re not so sure the confluence of launches is such a bad thing. (The article also dangles the possibilities of the Forte and be@schermerhorn getting repositioned as rentals.) The biggest barrier to people deciding to rent in these new buildings in Downtown Brooklyn is the lack of a critical residential mass. With all three coming to market at the same time it’s a potential game-changer for the area. Now if one of these places could just get a gourmet market or decent restaurant to sign on, they’d be all set.
Get Ready, Brooklyn: Flood of Luxe Rentals [Crain’s]
“Crime is not and has not been correlated to economics cycles”
Nevermind cycles. Focus on unemployment. Unemployment is directly proportional to street crime. Yes it is. Enter Detroit. Brooklyn will be “taking it” at 1991 levels or worse.
“the NYC Pension fund has significantly underperformed similar sized funds nationwide”
Gimme a number.
***Bill Thompson for Mayor***
M4L,
What fsrg forgot to mention was that under a Bill Thompson regime, the 1991 prices also come with 1991 crime levels.
Posted by: Brokedeveloper at October 13, 2009 1:57 PM
for 70% off brownstones, I’ll take my chances. right now, much of NYC is window-shopping only and standing on this side of the shop window is not necessarily rosey. forget about the USD losing value againts other currencies, most of us regular folks have seen much bigger drop in buying power within NYC the last few yrs. nice house in a nice hood has to $1M or more – I refuse to accept the reprogramming and request a reset to the old default settings where home ownership <> big mortgage anxieties.
how exactly would I be playing people? Just got back and read some stupid posts.
Yeah right Pete – real fear mongering….the NYC I describe is EXACTLY the NYC we had the last time a lifetime member of the democratic political machine was in charge of the city. Thompson is a hack. You may not have been here (or be old enough to remember) but the scenario I paint isnt some fantasy – its a relative recent fact and a reality that other poorly run large cities (see Chicago) are still in the grips of….Despite what you hear from the radical right – Government does matter – and there is ZERO indication that Thompson is capable of running ours.
typical nonsense scare fear tactics that spinmeisters use, fsrq.
Vote for someone new and all this terrible stuff will happen. Bloomberg’s big $$$ pay for all this nonsense spin.
Thompson knows ZERO about finance – he was simply the political head of the office…all he did was hire fund managers who contributed to his campaign coffers – the NYC Pension fund has significantly underperformed similar sized funds nationwide.
http://www.nytimes.com/2009/08/19/nyregion/19pension.html
BHO – you know more about RE than crime….
Unemployment has been climbing for well over 18mo in NYC, the Banks imploded over a year ago…and crime is WAY down this year (11%) [Murder – a VERY reliable statistic is down 12%, from a record level last year]
Crime is not and has not been correlated to economics cycles – but in a way you are correct, because if and when Bill Thompson gets elected and he (inevitably) reverses the policies that brought us to this pre-1960’s level of crime, We KNOW that Bill Thompson will cite “the economy” as the reason….and many of the sheep in this city will buy it.
NYGuy7 – have no fear – in 1yr the incentives will be even greater…the supply will be huge for well more than a year.
“1991 prices also come with 1991 crime levels”
Already in the cards. Bloomberg can do nothing about that (even with his fortune). This is an economic depression. You will soon see.
Thompson was comptroller. He knows a little about finance. Uphill battle though. Debate starts at 7 on NY1 or radio. We’ll discuss tomorrow.
***Bill Thompson for Mayor***