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]
Long time lurker here…I feel really sad for anyone that bought into these buildings. They are so screwed and forget about re-financing. Seems to me the best option for those owners is to walk away from their mortgages, because they’re credit is finished anyway.
The risk on new versus existing is just different, I don’t see how it’s more risky to buy new when existing is riddled with fraud too. True in existing you buy into an established building, but there’s then you take on a whole set of other risks.
If you cannot rent your dwelling to cover your mortgage,insurance, taxes and utilities, you have probably paid too much for your dwelling.
The question is, since this is true over 90% of the city, why are realtors continuing to say its a great time to buy?
Buyers, why would you buy right now?
Sincerely,
Fred Flintstone
I’m guessing be@ – like Prodigal_Son said – there’s less occupancy (I don’t think anyone’s living there) and a lot more units. Moreover, they weirdly pulled all but one of their available listings from streeteasy – which seems either like they’re going rental or making some other big change.
what does affordable housing mean?
Is that offered to families who are working, tax paying folks who simply cannot afford to pay $3000 a month for a 3 BR in a nice/safe part of Brooklyn?
Or are we talking section 8 families who can be a dice roll…..
Actually the person who was correct was me. I said over and over that all this construction would impact on the affordable housing in NYC. Yet the build-nothing crowd constantly bemoaned all new construction as leading to unaffordability and gentrification – which of course goes against all rules of economics.
And so now here we are 18mo past the boom and already the new construction is helping to make NYC more affordable and more attractive.
Please remember this lesson when the next boom occurs.
“Maintaining your mortgage doesn’t have much to do with these places going “Tits Up.””
Why Dave? Are you afraid? If some Retard paying 4500.00+ in Mortgage payments on a 2 Bedroom Condo and his neighbor is paying 1700.00 a month rent on the same unit then Jackass, will the Retards continue to service his Debt eh.. Mortgage???
“I think it’s kind of awesome. Almost wish they’d skip the “affordable” part and just move poorer-than-“affordable” people in there and then raise some of the projects.”
That’s coming… They’re trying to break the news gently..
The What (Here comes the I-Beam)
Someday this war is gonna end…
I think it’s kind of awesome. Almost wish they’d skip the “affordable” part and just move poorer-than-“affordable” people in there and then raise some of the projects.
I thought be@ had already released a number of units as affordable housing.
“Now Jackasses ask yourself one question- Will you continue to maintain your mortgage as the “Asset” goes Tango Uniform?”
Maintaining your mortgage doesn’t have much to do with these places going “Tits Up.”
News Flash…….the majority of Americans are maintaining their mortgage payments.
No comments on the Case-Schiller numbers or are you still analyzing the data?? Don’t think too hard now; you’ll give yourself a headache.
This war has already ended.
“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.”
I never hate it when I’m right! Now Jackasses ask yourself one question- Will you continue to maintain your mortgage as the “Asset” goes Tango Uniform?
Goodbye Assheads, thanks for the “Good Times”..
The What
Someday this war is gonna end…