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]
“Case Schiller numbers slightly better than expected.”
Another headfake for ‘Italian Suckers’.
…
May-08 194.22 -10.01% -7.74% [FALSE GLIMMER]
Jun-08 194.74 -9.77% -7.04% [FALSE GLIMMER]
Jul-08 193.70 -10.25% -7.04% [FALSE GLIMMER]
Aug-08 193.48 -10.36% -6.61% [FALSE GLIMMER]
Sep-08 191.66 -11.20% -7.13% [BACK TO REALITY]
Oct-08 189.68 -12.12% -7.71%
Nov-08 186.55 -13.57% -8.72%
Dec-08 183.54 -14.96% -9.17%
Jan-09 180.92 -16.17% -9.74%
Feb-09 177.80 -17.62% -10.33%
Mar-09 173.32 -19.70% -11.80%
Apr-09 170.48 -21.01% -12.45%
May-09 170.51 -21.00% -12.21% [FALSE GLIMMER?]
Jun-09 171.49 -20.33% -11.94% [FALSE GLIMMER?]
But two consecutive upticks toward the recent peak! You might be right, DIBS! But there’s a flip side: You’re probably wrong! You’d have been wrong in Jun 08. Where’s commercial RE going? Where’s unemployment going? Where’s FDIC going? Where’s FHA going? Where are the toxic-laced balance sheets going? Where’s our national debt going? What’s the long term picture (5 years out)?
My call: Another FALSE GLIMMER of hope.
***Bid half off peak comps***
Toren cannot have completed sales wiohout a CofO and it is not nearly completed. Unless the developer sold a block of units to an investor. I happen to think that most of those units are sold to investors who will never close, but that’s me.
All the post-grads want to live in Brooklyn. If the rents on all those units come down, they will move to DT Brooklyn. It will never be like LV .. or Miami.
this is all happening at a time when fulton mall is actually be spruced up — the famous blue sign is no more!
I’m not sure that the Forte is the poster child for all condo buildings. It’s got some real negatives. Considering that I don’t care that much what the outside of buildings look like, this is one of the few that I find really really bad.
The place is brand new and looks dirty and old already. I’d say that the design is out-dated, but that would mean that it was at some time in fashion, but no way here. It’s like a sad lonely high rise in an underpopulated part of a city somewhere (think downtown LA.
Even though it’s fairly close to Fort Greene’s main drags, it’s actual location is pretty bad. Not many areas of Brooklyn have less charm than the Fulton/Flatbush intersection.
> Toren currently has: 34 completed sales
11217, please learn how to read Streeteasy. These are “previous listings” that “may or may not have sold.”
29 of those 34 units are clearly marked as “Off-Market.”
So east to west, you have Ft Greene (fringe), Downtown (fringe), Bk Heights (most expensive nabe in Brooklyn). That doesn’t exactly make sense. Downtown has the best transportation in all of New York, is smack dab in the middle of Bk Heights, Dumbo, Ft. Green, Boerum Hill.
How is that exactly fringe?
@ 11:02
Toren currently has:
34 completed sales
85 units in contract
23 units currently for sale
according to 11217
BWHAHAHAHHAHAHHA
Dave which post? What are you talking about