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.
Hello, 12:02? Lots of people drive to work. Ever hear the rush hour traffic reports? The people buying here can afford cars, and will have a place to park them.
The only issue of concern here appears to be crime. I am not familiar with the area.
12:02, I agree with you about the public transportation. Whenever we have discussions about people being pushed farther and farther out, as they look for affordable and decent housing, I think of out here. They just built a bunch of new houses near Gateway Mall, and there seems to be only one bus for miles. People complain about Brooklynites with cars, but what are the choices?
The projects you mention are in the area, but mostly further away from Starrett City than the projects in Clinton Hill and Fort Greene are to the brownstone areas there. Plus, because of the lack of transportation, even more removed. The city put housing projects in areas they never thought would develop to the extent they did, everyone, including those in the projects, has to live somewhere. Sooner or later, they are all bound to be in the vicinity of each other.
Does “$200,000 for one-bedrooms” REALLY match the claim that “prices are ridiculously low”? I’m very glad to see a chance at home ownership being offered at this price point, but it still smacks of bubble prices.
These are directly across from Starrett City, which is a nice well kept complex, however they are also right next to some of the largest and most dangerous housing projects in the city. Linden Boulevard, Thomas Pink & Cypress Hills are all within walking distance. Gateway Center II development is commencing across the street and will flood the area with traffic from 2500 new homes & new retail.
I think this is great for the people living/buying there but public transportation is a huge issue and once all of the development out there is completed the lack of public trans will be crippling. There are only two bus lines that service the area currently and none that run down that section of flatlands…
Has anyone looked at the website? The layouts and finishes in these apartments are better than 90% of the crap available in brownstone Brooklyn–for 25% of the price. And the website is good, too. Very nice job by the developers.
11:02 – your statement precludes black neighborhoods are automatically unsafe, which swims in dangerous waters that I really am not in the mood to be an alligator in today. Watch it.
Also, have you ever BEEN to Starrett City? It is a landscaped, spread out, high rise complex with a lot of buildings, very like Co-op City in the Bronx. As far as I’ve ever seen, it is extremely well kept up, and looks pretty good. Hardly the projects, and not worthy of the condescending attitude. People have to live decently and affordably, somewhere.
i love the comment “the prices are ridiculously low”. i know the real estate boom left most of us thinking $1mn+ is entry level, but i checked on acris what my old landlord paid for the three story frame house i used to rent (top floor) in greenpoint – 1 block from nassau g, which is borderline williamsburg. he bought it in 1999 for $290k. sadly, that’s now the price of a two bedroom in bfe sketch brooklyn in a former project building. gives you a little perspective on how out of control this bubble has become. these are not ridiculously low, especially for those they are targeting.
This is in a black neighborhood and not the most safe. That is why the prices are so cheap. It also happens to be across from the Starrett City housing complex. Any improvement to those buildings is probably a big help to that area.
Looking at the map, these condos should have a great view.