Mystery Downtown Development Going Affordable
The New York Post ran a story yesterday mentioning two luxury condo buildings in talks with the city to unload their unsold units as affordable housing. One building is in Harlem and the other in Downtown Brooklyn, according to the article, but officials cannot reveal where the properties are while negotiations are still occurring. Any…
The New York Post ran a story yesterday mentioning two luxury condo buildings in talks with the city to unload their unsold units as affordable housing. One building is in Harlem and the other in Downtown Brooklyn, according to the article, but officials cannot reveal where the properties are while negotiations are still occurring. Any guesses, readers? The article says that the city is in negotiations with “banks that have foreclosed on the properties,” and that the Brooklyn development is in Downtown. The leading guesses in the Forum are Forte and be@schermerhorn (above). What do you think?
City Dealing to Make Luxe Condos Cheaper [NY Post]
“Toren currently has:
34 completed sales
85 units in contract
23 units currently for sale
Yes, I would like to mark your words. Mark that they are wrong.”
True enough, perhaps not “affordable” but the value for those who bought in will
-plummet-. Expect rentals, lots of ’em.
11217 how are there any completed sales at Toren if closings have not even started yet?
brickoven, go back over the numbers and read what 11217 posted. You’re not getting it.
I always thought you were better with the numbers.
BH76. When you said for a long time you mean 10 years? There are just so many projects going on in DT which makes me think about Las Vegas where there are so many empty condos.
Plus is the government dedicated to continue those construction such as the CityPoint, Streetscape, etc?
11217 Fort Greene is fringe!
Toren will start closing in September and is over 50%. No way. Forte in hands of bank at around 30%. Be worked out with banks and is showing/selling. More likely goes rental than affordable.
Brickoven:
You also said that Ft. Greene was fringe 2 weeks ago and every single person on this board told you how idiotic you were to say so.
P.S. Brooklyn Heights is directly next to Downtown, in case you’ve never walked over there.
The funny thing is “affordable housing” really isn’t. In this city people think its either means section 8 and welfare families or at the opposite end, its a 10-20% price drop on an already overpriced space. The real losers are people in the middle who work, aren’t making lots of money and just want a place to live that won’t eat up most of their salary and be clean and safe.
smart money will walk from contracts at Toren after the Forte. Downtown is too fringe to buy in and the whole area will most likley have to go rental