Set Speed Condo Report: 364 Myrtle Avenue
Today’s new condo reports focuses on a development that has been profiled on Brownstoner before. Located on a busy commercial stretch of Myrtle Avenue between Clermont and Adelphi, lies this unique 4 story building. Featuring angled windows to take advantage of light and outdoor spaces, this new construction attempts to set itself apart from the…
Today’s new condo reports focuses on a development that has been profiled on Brownstoner before. Located on a busy commercial stretch of Myrtle Avenue between Clermont and Adelphi, lies this unique 4 story building. Featuring angled windows to take advantage of light and outdoor spaces, this new construction attempts to set itself apart from the others.
The site consists of one commercial condo and three large floor-thru duplex condominium units. The ground floor commercial unit measures in at just under 2000 square feet for $994K, while the other three units are 1533-1688 square feet and cost $877K, $890K and $919K. The residential units have 3 bedrooms and 2 bathrooms. Maintenance is about $260 a month.
Units feature 17 foot high ceilings, large gourmet kitchens with stainless steel appliances, en-suite bathrooms, spacious closets and laundry hook-ups. This condo is located close to many amenities, like supermarkets, restaurants, bars and hardware stores. But as last week’s two shootings attest, the area still contains some rough spots. An open house is scheduled March 26 from 12:30 to 3:30pm.
364 Myrtle Avenue [Corcoran] GMAP
New Building on Myrtle [Brownstoner]
Every Thursday, ltjbukem, whose own blog Set Speed scrutinizes the progress and quality of new developments in the area we know as Brownstone Brooklyn, pens a guest post about goings-on in the condo market with an emphasis on new projects.
News Flash: A lot of people in the projects have jobs. I know, it’s shocking but as a reader of a real estate blog you might have noticed that real estate in this town is expensive. I have several friends – college educated and fully employed – who live at home in the projects they grew up in with their families (now paying market rent) b/c where else can one get a two bedroom for $700? For those without resources to buy, who are saving up to buy, or who don’t want to spend 50% of their incomes on rent, the projects of their youth might not be as bad as an outsider would think. There are numerous inconveniences – like random police raids in the middle of the night, dealing with criminal minded or inconsiderate neighbors – and in an ideal world most wouldn’t live there, but there are worse options. While the projects might ruin your dreams of a utopian Brooklyn, they serve a purpose that is much more useful, providing affordable housing in an unaffordable city. You want to tear down the project, fine as long as newer, better affordable housing replaces them.
Brownstoner, is this the marketing help your friend asked for?
back to the point of it all: I can’t believe they can charge that much on myrtle. it’s not exactly a charming street…
I find it interesting that there’s a healthy handful of readers and commenters who constantly point the finger at b’stoner regulars and their elitist views, when in fact it seems that they too are regulars and balance it all out with their extreme leftist views – I wouldn’t castigate the site if I were you – you are part of this community too. Also, I’ll bet the residents of these hallowed projects probably don’t like them very much either. If polled, I would imagine that many heads of those households (probably women) would love a mixed income environment. just a thought.
BTW – the world is definetly coming to an end when $550 a sq ft on Myrtle Ave (projects or not) somehow seems normal.
Oh Lord excellent post re: history of public housing.
Personally I have no idea why people advocate the destruction of these ‘projects’, from a Real Estate perspective there generally is nothing wrong with them. In fact the ‘plans’ are generally identical to (what has become) luxurious Stuy Town/Peter Cooper Village and (what has returned to) middle class Parkchester.
The problem is that the projects based on both their design and horrible policies have become vast ghettos of poor and unempolyed which tend to reinforce this plight often due to the developments actually being designed to be a ‘complete communities'(which doesnt work if the complete community is largely unemployed and/or poor and under educated).
While our ‘new urbanism’ taste might want vast rows of brownstones and low density in place of the projects – the most realistic solution might be to convert 50-75% of these projects to market rate/more upscale apartments and take the income/profit and build more mixed income properties to make up the difference.
Of course none of this is going to happen anyway.
The timing of this thread was too good to pass by. I’m in a play that will open at the Paul Robeson Theatre (Greene Avenue @ Adelphi) on April 20. It’s called “Cabrini-Greene” and explores an interracial couple who lives in mixed-income housing. One spouse wants to stay the other wants to move. Call the theatre for more details.
What about the PJs on the lower east side? They certainly havent put a dent in the exponential real estate growth in that area. What about the PJs on the upper east side (spanish harlem, 96th to 100th). No dent in the rent there.
It seems to me that the class differences don’t make for lower real estate prices. They do make for higher taxes, and they certainly do make for people getting bought out and/or evicted (depending on whether the slumlord sells it vacant or not; or keeps it himself, evicts, and makes the $$$$).
Is it true that the projects are already half empty?