Sales Hummin' at Huge East New York Conversion
Here’s a cheerful dispatch from outside the Brownstone Belt: Sales at Brooklyn’s largest condo conversion are going extremely well, and the development’s lead broker says buyer interest has been overwhelming. Eighty-eight units have gone into contract at East New York’s MeadowWood at Gateway since sales began in September, according to Jean-Paul Ho, a vice president…
Here’s a cheerful dispatch from outside the Brownstone Belt: Sales at Brooklyn’s largest condo conversion are going extremely well, and the development’s lead broker says buyer interest has been overwhelming. Eighty-eight units have gone into contract at East New York’s MeadowWood at Gateway since sales began in September, according to Jean-Paul Ho, a vice president at Fillmore Real Estate and MeadowWood’s director of sales. MeadowWood at Gateway is a humongous former Mitchell-Lama rental complex that used to be called Fairfield Towers. Taconic Investment Partners and Apollo Real Estate Advisors purchased the complex last year and are putting $51 million into capital improvements. Prices at MeadowWood are running between $110,000 and $118,000 for studios; from $169,000 to $200,000 for one-bedrooms; and between $209,000 and $270,000 for two-bedrooms. The prices are ridiculously low, says Ho. It’s the best value in Brooklyn. (The New York State Affordable Housing Corp. and HPD are also offering financing incentives to moderate-income buyers.) Ho predicts that around 350 units will sell over the next year. We’re not selling luxury condos in Dumbo or Brooklyn Heights, he says. But there’s always going to be a demand for affordable housing options in Brooklyn.
Sales Begin at Brooklyn’s Biggest Condo Conversion [Brownstoner] GMAP
Photo from MeadowWood at Gateway site.
I just recently purchase a condo at MeadowWood and it’s great.
I’ve live in MeadowWood for years and currently work in Manhattan. Accomadations and accessibilty to and from any destination is so easy, especially now since the sponsors and the sales team implemented the shuttle service. We have the BM2 that takes you to Midtown EXPRESS in 45 minutes, and there is also an exclusive shuttle van that’s provided by the sponsor that takes you to a nearby mall, to the L train on East 105th, 3 train on Livonia, and also A & C train on liberty, thus transportation is not a problem. To address the parking statement there is parking available for every tenant who purchase and I DO have a car. It’s a great and affordable way to ownership and at the end of the day…………nothing beats that
The statement that building low income housing in outlying areas will create unrest like that in Paris is absurd. That statement is simply not supported by anything at all. It’s a totally different situation. Paris has a huge problem with racism against immigrants, and huge unemployment numbers among immigrant populations, with nobody willing to help them. Also, the outlying suburbs of Paris where the immigrants live are in terms of distance, more like being in New Jersey or out on Long Island. Not like being in Brooklyn. Has anybody even been to Paris before?
As for NYC and affordable housing being located further out in Brooklyn or Queens, plenty low to moderate income people are already buying further out in the suburbs than this, and taking on way longer commutes than from this development, just to be able to own their own home. This is a great development and the location is better than where many are having to venture to buy something affordable. Give the auto-cynicism a rest.
I am happy to agree with Montrose Morris on something! This is great news. We need more such developments. The city should do the same with the projects: fix them up, and give them to the residents. Get them on their way to owning a piece of the pie.
Benson
I agree that its great to see attempts at affordable housing, but this is overpriced. These areas will see the biggest price declines in a housing downturn, it will be significant, and if you really look I’m sure there are already cheaper places in Flatbush.
The unrest in Paris has more to do with unemployment and racism in French society than it does with housing prices in the center city.
1:59 and then New York becomes Paris (i.e. those who are of less means live in the outlying reaches of the cities for which they provide services.) Can you spell unrest?
They should remove the income qualifications on all housing and allow developers to build whatever housing the market will bear. Low cost housing keeps politicians constituents in place and allows them to continue with their corrupt business as usual.
They shoudl build more low-cost housing in Park Slope.
Linden houses are in the backyard, literally across the street.
The gateway mall homes are being developed as the completion of the first phase the second phase is about to begin and will add an additional 2500 families.
Starrett city will turn free market soon. When that happens good luck to the investment you made at MeadowWood. Not to mention the bubble prices in one of the highest foreclosure areas of the city.