Market-Rate Units Available at Red Hook Co-Op Project
The Fifth Avenue Committee’s 60-unit co-op developments on Wolcott and Coffey streets have looked complete for quite awhile now (at least from street-level), but it turns out that about a third of the units still aren’t spoken for. It came as a surprise to us to learn that a number of apartments in the developments…
The Fifth Avenue Committee’s 60-unit co-op developments on Wolcott and Coffey streets have looked complete for quite awhile now (at least from street-level), but it turns out that about a third of the units still aren’t spoken for. It came as a surprise to us to learn that a number of apartments in the developments will be sold at market-rate prices: According to an agent from Manzione Real Estate, which is selling 20 units the buildings, although 40 of the affordable units have been reserved via a lottery that drew 8,000 applicants, the remaining co-ops are on the market for between $390,000 and $575,000. Closings for the affordable units (which were priced as low as $47,000 for applicants who made an income cut-off) won’t happen until some of the market-rate units sell, according to the agent.
Red Hook Co-Ops [Manzione] GMAP
FAC’s Red Hook Homes Near Completion [Brownstoner]
alsawo,
“Am I missing something here?”
Possibly, if you haven’t seen these buildings in person and are relying on the rather poor photograph. OTOH, what is,or is not, attractive is extremely subjective. I like these buildings, something I can rarely say about new construction.
I’m not sure why it came as a surprise to you that 1/3 of the units were being offered at market share since that’s always been the case with this development. They’re mixed income and have been since you first reported on them. 1/3 are reserved for low income, 1/3 for middle income, and 1/3 are market rate. And living around the corner from them, I for one am pleased. They may not be architecturally significant but they’re not bad to look at and they afford the possibility for someone to become a homeowner who might not have the shot. And as a homeowner,myself, I do believe in pride of ownership.
Building is fine. The fence on the other hand…
Two votes for attractive? Really? Am I missing something here?
Attractive indeed. i often admire this building while driving down Wolcott Street, on the way to BWAC.
They look rather attractive. At least they used real bricks, not that fake stucco crap and the developer even tried to hide the air conditioner sleeves. I would be proud to own a couple of these babies at $50K. The moat like front is kinda nice and functional. Deters home invasion.
i totally agree with you brooklynishome!
*rob*
Rob:
Have you ever heard the phrase “pride of ownership.” Just because you can “afford” a market rate apartment does not mean that you are a good neighbor. Just because you work in retail or as a civil servant role does not mean that you are undesireable. Just becuase you rent…doesn’t make you…class impaired.
Why couldn’t they just offer all the units at 50K to folks?