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]
I could buy a property in foreclosure. That would be less than half off peak comp, which we reached last year at the latest. But I won’t. Then I will have nothing to talk about.
I am a real estate agent. Well, I was a real estate agent until I was fired for engaging in criminal behavior. Now I toggle between screen names since I don’t have a job unless you consider waiting for the MAB to burst a job. If these condos accept Section 8, I can finnaly move out of mama’s house! Have I moved the goal posts lately?
I am 32 years old. I have owned property since I was 5. I sold my place when the value had appreciated exactly $250K. I am a real estate wizzard and a spelling champ.
I am a lawyer and a finance person. I multi-task.
Streeteasy is easily manipulated by the seller of any given property.
They listed my house under Windsor Terrace when my broker first put the house on the market. SO I emailed Streeteasy telling them I am the owner and my house is located in Park Slope -they fixed it within 24 hours no questions asked…..
“Brownstones/rowhouses are going to OK though. And by “OK” I mean prices won’t go down very much more and there will always be an active market for them – no one will ever get frozen in as they can in when a condo development goes bust. This is where I disagree with some of the bears.”
Well said Lechacal.
It really doesn’t even matter. I was simply stating that with so many units in contract (TONS more than either Forte or Be which have been on the market for MUCH longer) that Toren will not be turning “affordable” anytime soon.
I have faith in that statement, even though Streeteasy is a little effed. That’s all.
yes toren’s definitely got 85 units out of 240 in contract. so turning into affordable housing doesn’t look likely at all. rental, seemingly still a possibility. they certainly don’t seem in any hurry to sell out, with an almost edge-like refusal to lower prices or (so i’ve heard) even negotiate.
11217 in contract means nothing in the new buildings.
11217 streeteasy is a way for the developers to game the buyers. You should not put much stock in the inventories that are given.
Ok, so let’s forget the 34 which are called “sales” then for a second.
What about the 85 apartments under the “in contract” column.
Are those false as well? Because when I click on them each individually they show a precise date in which each of those units “entered contract.”
k i will behave u r right