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.
Ebomb-You can read all the economics supply and demand books you want – in an ideal world maybe that works. But this is reality and while socialism may not work, the free market system is brutal to those without the resources. Your ridiculous comment about increasing the supply and demand for service workers pays absolutely no attention to what happens in the meantime. People can’t get to work, they get fired, they can’t get another job becasue they are all in the city- they sink into proverty and then what. We let them starve? SO your cleaning lady (I mentioned cleaning ladies- not CHP) gets extra money- did it occur to you her husband’s job may not be enough for them and their family to live on? Do you think the stores price food lower because people are poor? Inflation is much harder on those with less money. And as CHP has pointed out, subsidized housing is not only paid for by the government. THe tenant also pays part.
My question is if it’s so bad, why do so many landlords accept section 8? Because they get more money, is why. DOn’t think for a moment the landlords of subsidized buildings are losing money. And subsidized housing is NOT the same as rent control or rent stabilization. Many landlords know a golden egg when they see one- and believe me they take full advantage. When a landlord can charge the city over 1500$ a month for a rat and roach infested, falling down s***hole, you have to wonder who is cheating the taxpayers more. (Perhaps you missed the many reports about this, especially on converted sro’s- oh wait… you may have been living in Allentown then.)
Landlords don’t make repairs because it’s all the tenant’s fault- give me a break. If you are talking about subsidized housing, the landlords are getting money. If you are talking about poor tenants who struggle from month to month- well, if the landlord is not making money why hasn’t he unloaded the building? Let me guess- the tax breaks, the value of property, the financial pluses- the law is the law. Landlords have to maintain their property for reasons of safety.
People lose their jobs for many reasons, and it isn’t always their fault or their screw-up. I bet you’ve lost jobs over the years that you will insist was not your fault.I lost my job because of 9-11 and it took me over 2 years to find another. My landlady however happened to be a very remarkable, understanding woman. My present landlady has also been more than wonderful. Not all seem to be like you. And in fact many of the jobs available to working poor are hardly secure- leading back to that supply and demand issue. If that were true, then it must be a fantasy that so many corporations are outsourcing to other countries to maximize their profits. Why are they doing that- because they want to pay people even less. So saying less service workers means they can raise their prices is patently false. YOu need to read an economics book published after 1960.
CHP,
I understand where you’re coming from, but I don’t think it’s just a small number of project dwellers who are scamming the system — of course, like you, I have no proof, but it’s my opinion that at least half of them are. I’d go so far as to say that nearly every single person I’ve met with special housing is scamming the system.
You brought up my cleaning lady. She makes at least $120.00 per day. When I write her checks, she has me put them in her husband’s name, so as not to jeopradize her section 8 status. CHP, I’m sorry, but as I said early, SOCIALISM DOESN’T WORK. It’s pathetically easy to cheat the system.
I don’t mean to get you angry, but the truth is that government housing has always been a failure, in this country and all over the world. A free market economy works best. If service workers were in short supply because they lived far outside the city, the price of their services would increase and hence so would their supply — supply and demand — you should read a basic economics book.
Regarding your claim that landlords should maintain their buildings properly because of the lease, unfortunatly when tenants don’t pay their rent regularly, it’s impossible to pay for repairs — again basic economics. Unfortunately, in NYC the courts favor tenants and it takes months, sometimes years, to evict a non-paying tenant.
Believe it or not, landlords are just normal business people. Government laws like rent regulation in NYC screw up the basic economics of running a privately owned apartment building.
Sorry, CHP, but you wouldn’t do better than I have with low income housing. Looking someone in the eye, shaking their hand, whatever, does not change the fact that they do not have the self discipline to get up in the morning and go to work.
Allentown, PA would be a good place for you to start your low-incoming housing empire. The laws in PA make it easier to evict for non-payment than NYC, so it’s a little easier. The Beaver Bus from Port Authority can get you to Allentown in less than two hours. You can get an eight or nine unit building in downtown Allentown for about 200K and of course you only need the downpayment, proof of income, and a good credit history.
I hope you’re successful, but experience tells me it’s nearly impossible. Of course, the market may go up and you might make money selling, but after taxes, expenses, insurance, and everything else, you won’t make jack on a cash flow basis even though the purchase price is so damn cheap.
Too many of those tenants just can’t keep their jobs, keep screwing up, and simply DO NOT PAY THEIR RENT. It’ll drive you crazy after you nicely fix up a place and a month or two later it’s trashed, the tenants have disappeared and all you have is a month’s deposit. . . if you’re lucky.
Good luck,
Ebomb
E-bomb, I’ll get back to you in a minute, I just have one more comment, and then I think I’ll let this one go:
Too many posters here seem to think that subsidized housing (the projects) is free housing. I see this mass resentment by people who think their taxes are paying for vast housing projects of poor people whooping it up living rent free on their dime. That just isn’t true. The MAJORITY of people in subsidized housing are the working poor, not over-hyped Welfare Queens who have made careers out of scamming the system, whose adventures are trotted out whenever these discussions come up. The working poor, by that I mean making under $35K for a family, are paying, and yes, THEY are paying, $700 month for an apartment in say, Whitman Houses, it’s not like they are on easy street, by any stretch of the imagination. OK, that rent may be under market value, because the gov’t is paying the difference by absorbing some costs, but to the renter, who is taking home maybe $350.00 a week, they are still paying half of their income in rent. Add to that the other market rate costs of living, especially if they have kids, and they are barely scraping by. They are never going to be able to save up and buy a house or apt. anywhere in this city, or even out of it, as some have so cavalierly advised. Add to that the joy of living in isolated, population dense high crime areas, where they are more likely to be the victims of crimes that never make the news, because let’s face it, no one gives a damn until a child gets shot, or something sensational happens, and yeah, that sounds like the good life to me. Not.
By the way, the paperwork and beaurocracy for all of this is tremendous. I have helped one of my co-workers send mountains of forms, proof of income, bank statements, letters from employers,etc, whenever she needs services fixed, or is applying to stay in the program. Higher income people would be screaming to the Supreme Court if they had to go through all of that just to get basic services. The working poor mostly just endure.
E-bomb, you need to read what people write. I NEVER said that you said that everyone in the projects is scamming the system. What I did say, and still say, is that people such as yourself are always holding up this small minority of people as examples of the norm, and of why the system doesn’t work. My arguement is that you can find scammers, frauds and criminals in every walk of life and occupation, but why is it that these people define the population? It’s not a viable argument for why the entire system should be done away with. Should you eliminate stock brokers because a couple got caught with their hands in the till? Come on.
I have much more problems with statements such as “I hate it when people complain about landlords who don’t properly maintain their buildings. JUST MOVE OUT. SIMPLE AS THAT.” Yeah, simple. Aside from the fact that a landlord is legally obligated to keep a building up to certain standards, you show a callousness that is rather appalling, and a total disregard for reality. I guess you haven’t moved lately; even if you choose to move, it’s traumatic, time consuming and EXPENSIVE, even for those who are not poor. And why should I move out of my apartment, because you can’t do your job as a landlord, even though I’ve done mine as a tenant? I’m going to try to find another apartment and go through the stress and expense of moving to spare you the inconvenience of the responsibilities of landlording? Oh, HELL no.
“Poor people should move to places where rents are low — outside of NYC if necessary.” – I believe that system is called apartheid, and no, that didn’t work either. A city of the rich surrounded by the poor, who have to commute long distances daily to service the rich – Not a good system for social stability, and not a place I choose to live in. Perhaps you might like Rio, or apartheid era Johannesburg, but most people I know don’t.
Finally, I bet I could make a low income building work, because I don’t see poor people the same way you do. I believe that when given a fair shake, and when treated with the dignity we all want to be treated with, MOST people will respond in kind. Of course some won’t, and some people are the kind of people who would try the patience of saints, and I wouldn’t want them in my building anymore than you would. I think the difference is that I wouldn’t automatically assume that they were all the latter.
David – thanks for the explanation. I don’t have a beef with any of them- I just think people who want to live in gated communities miss out on a lot but hey, it’s still a free country. What I object to is people in NYC who think they can create gated communities in a neighborhood. But I’m also the person who screamed when the Hasidic community tried to stop women in shorts riding bikes through the streets should not be allowed in their neighborhood. Don’t know whatever happened with that but I guess I m saying that no one owns a neighborhood or is entitled to it. And yes- your point is good about the stroller set- perhaps I should have said it is the politicians and developers who are the real problem.
Ebomb-if you want to take on CHP you are going to have to have better arguments. One thing you are forgetting- working class poor depend on public transportation to get their jobs, schools, stores etc. How do you think they are going to get to work cleaning your houses and offices,working as salespeople, serving you dinners in restaurants, watching your kids, and more if they live outside of NYC and can’t afford to get there? Westchester? Or yeah- that’s sooooo much cheaper. Long Island? Car or LIRR- a hell of a lot more expensive than the MTA. SOme people have 2-3 hours round trip everyday to get to a low-paying job that you can afford but they can’t. You keep talking about the people who don’t work and live on welfare. Most of the poor in this city do work, and get the least out of it. The other thing is that where are rents low? You may mean lower but low? What planet do you live on?
As far as housing subsidies not beig fair to the taxpayers- well there’s a lot that’s not fair and we suck it up. I wasn’t able to have kids- do I still pay my taxes for schools? Yup. I don’t own a car- do my taxes still go for roads? Yep. A lot of my tax money goes to do things for which I get no benefit- I still have to pay it. I’d rather pay for subsidized housing than the jail those idiots paid 50 million to renovate and now are thinking about tearing down. So socialism doesn’t work. Capitalism isn’t doing so hot lately either. What does work is ethics.
Crown Heights Proud,
I didn’t say in my posting that everybody living in a project is scamming the system. It just so happens that the people I happen to know are and it’s obvious many others are too. SOCIALISM DOES NOT WORK. CAPITALISM WORKS. There should be a safety net for those incapable of working, but the standard should be very very very high.
I also have to admit, I hate it when people complain about landlords who don’t properly maintain their buildings. JUST MOVE OUT. SIMPLE AS THAT.
In New York City landlords are forced to lose money renting to rent regulated tenants, some of whom, in my experience, have nothing better to do than complain about their dirt cheap apartments because they don’t work and have nothing else on their minds. I SAID SOME TENANTS, NOT ALL.
Housing projects in NYC are ugly as hell and should be torn down. Poor people should move to places where rents are low — outside of NYC if necessary.
Diversity makes this city great, but subsidized housing in not fair to those paying for the subsidization — the taxpayers. I’ve owned low income housing as well and can tell you from personal experience that there’s a reason most low income housing stinks. Many low income tenants destroy their own apartments and behave like spoiled children. They don’t respect anything or anyone. It’s nearly impossible to find responsible low income tenants.
Crown Heigts Proud, I challenge you to buy a low income building (it can still be done cheaply in many places near NYC) and run it profitably while keeping everything in good condition. You’d see how difficult it is and your postings would change dramatically.
OK, so from various thread I have been reading lately, I believe I need to become (pick one):
circus performer
starving artist
poverty stricken project dweller
And I can live for next to nothing for as long as I want with no rent in any part of the city I choose. And if my LL tries to kick me out all the bleeding hearts on this blog will come to my rescue and defend my inalienable right to not have to bother to support my self.
their 25-by-40-foot living room is bigger than my apartment, sigh. Sounds like they had friends in high places 60 yrs ago and they continue to maintain those friendships. It’s a travesty though because these people seem like they can afford market-rate rent, heck, they probably could buy that 14.5 million apt. in brooklyn heights if they wanted to. But they’re so cheap that they’d rather abuse the system and keep a $350 apt. even if it means taking an hour to go up and down the stairs. I feel sorry for the landlord that they’re suing.
No actually there is no difference. Rent control should be abolished.
Thanks for trying to put some words in my mouth though 😉
And you thought those people in the projects with their mercedes were running a scam!! This couple takes the cake. I wonder if Anon March 23, 2006 12:37 PM who thought that it was a waste of money to add new roofing to the projects would object to the taxpayers paying to fix the damaged ceiling of rent-control royalty. Ah…but their provenance, and this couple is royalty, has history, there’s a difference.