House of the Day: The Anti-Brownstone
We won’t waste too much breath bemoaning all the things that are depressing about this new construction in Bedford Stuyvesant. Just one question though: Even if you are building a new building of the Fedders school, do you really need to stick the utility meters front and center on the facade? The funny thing about…
We won’t waste too much breath bemoaning all the things that are depressing about this new construction in Bedford Stuyvesant. Just one question though: Even if you are building a new building of the Fedders school, do you really need to stick the utility meters front and center on the facade? The funny thing about this place, too, is that for $739,000 you could find a decent original brownstone in Bed Stuy. Is anyone really buying this crap, especially at these prices?
Bed Stuy New Construction [Craigslist]
David, I am curious about the rent roll ratios people are really using right now throughout Brooklyn. Nothing I have seen is anywhere near the 10x ratio that is traditionally recommended. Looking at todays posting for “just sold”, that $899k, 4 bedroom house in Bay Ridge would have to rent for $7.5k/month, which seems unlikely. And then there is the sob story from the Times this weekend – with the family of 4 renting a pristine house in Park Slope for $7000. Looked like that house would have a ratio of nearly 20.
“Another sign of a bubble” is the common response to this analysis, but what kind of ratios are people really working with right now?
Of course, not all Section 8 tenants are as described above, unfortunately those who are ruin it for everyone else.
Not only that but the City often simply stops paying the vouchers — if, for example, it is discovered that there is some error or omission in the recipient’s paperwork — and lord knows they’re not going to pay themselves, so LLs often end up stuck with no rent being paid and good luck evicting those tenants.
Section 8 is a housing subsidy program where govt pays a portion (often very large portion) of tenants rent.
In reality usually the worst possible tenants (not working – home all day, loud, destructive, etc…)come through this program, which is why many LLs reject Section 8 prospects and why Sec 8 tenants often have to pay much higher rents for decidedly worse apartments in order to use the vouchers.
Not speaking to this particular building, but many people mistake the solid (ie thick floors and walls) feel of older buildings as signs of “good construction”
Done reasonably well, even the cheapest new construction is objectively (may not feel like it) stronger, better insulated and more water resistant than any construction from 50+ years ago.
So while there are often defects discovered soon after move-in on many new construction projects probably the same thing happened when the Brwnstone was new – just no one aound to ask, Therefore assuming someone cares enough to maintain these new buildings, they will be around for a long. long time.
It’s cachet, not cache Anon 2:26.
What is a Section 8 tenant specifically? Someone who would otherwise qualify to live in a project apartment?
These homes are not necessarily selling. When they don’t, the “developers” take a loss and fill them with Section 8 tenants. YAY!
And I do often wonder what’s better–one of these or a rubble-strewn vacant lot. Really, it’s a toss-up.
it’s too much money clearly, but sometimes i think an ugly new building is better than an empty lot filled with dumped garbage and rats. just a thought. although i really hate it when restorable homes (single families whatever) are torn down and replaced with these kinds of monstrosities.