The Elan (Finally) Starts to Shine

The thing is – to me this bldg is in a GREAT location. It’s on 1st street and you are steps away from all the great cafes/restaraunts/shops 5th avenue has to offer, plus you are in a great school district.
Also your commute on the train is silly fast especially only having to walk 2blocks.
the drawbak is the 4th avenue side of the bldg is reallllly noisy! with the windows open you can hear all the traffic – so that’s annoying
the layouts are indeed funky and I feel the builder wasted a lot of space

What a ripoff! It’s sandwiched between stinky McDonald’s and an abandoned track of land, practically on “beautiful” Gowanus with its warehouses and local iron shops, not to mention being almost on “quiet” 4th Avenue with its constant traffic, trucks, cops cars, ambulances, etc.

Oh yes, there’s also the half-finished building next to it. Frankly, for this amount of money, there are so much better deals elsewhere.

Promoters tout 4th Avenue like it’s Park Ave. It’s only 4th Ave dudes: different prices apply. When is the real estate industry going to stop selling pipe dreams, or maintaining unrealistic expectations?

Oh well, maybe that’s part of what got us into this whole Great Recession mess after all.

@ washingtonandatlantic:

I handle media for Assemblyman Jeffries. I believe you are speaking about his community campaign called Project Reclaim. Below is the press release regarding the legislation that is necessary to transform many of these luxury condos in to affordable housing for the neighborhood. This was a very heavy lift. With the assistance of Sen. Velmanette Montgomery, the legislation was signed in to law by Gov. Paterson. It is our hope that developers of these luxury condos that were built during the city’s housing exuberance will take advantage of this opportunity and ensure that neighborhoods in Brooklyn remain affordable for all working New Yorkers. Thanks for your concern and support.

Best, Lupe

GOVERNOR SIGNS BILL SPONSORED BY ASSEMBLYMAN HAKEEM JEFFRIES AND SENATOR VELMANETTE MONTGOMERY THAT ENCOURAGES NYS TO HELP TRANSFORM FAILED LUXURY CONDOS INTO AFFORDABLE HOUSING

New law allows Project Reclaim initiative to move toward implementation

BROOKLYN – Assemblyman Hakeem Jeffries and Senator Velmanette Montgomery today announced that Governor David Paterson signed legislation that will enable State of New York Mortgage Authority (SONYMA) to insure loans to refinance overleveraged, half-built or half-empty luxury condominiums in central Brooklyn into affordable apartments for working families and the middle class.

Governor Paterson said, “The housing crisis created many victims, including the tenants of apartment buildings that were often recklessly financed during the housing boom. This legislation will enable both rental and condo buildings to be refinanced so their tenants can help their communities grow and prosper.”

In January 2009, Assemblyman Jeffries announced Project Reclaim to address growing concerns that vacant, luxury condominiums have contributed to the substantial displacement of working families, senior citizens and the middle class. Together, the legislators sponsored the bill to tackle the growing financial distress of these developments that have flooded the neighborhoods of central Brooklyn.

Assemblyman Jeffries said, “As a result of the housing market collapse, there are thousands of empty luxury condominium apartments all throughout New York City. At the same time, working families and middle class communities are being suffocated out of existence by the squeeze of the affordable housing crisis. By signing this bill into law, Governor Paterson has provided us with a powerful tool to help convert excess luxury apartment inventory into affordable homes for those most in need.”

Senator Montgomery said, “From the roof of my district office I can see dozens of new luxury condominium towers standing empty, or so undersold their continued existence is in jeopardy. Thousands of empty units, many of which were built on sites where affordable and low-income housing was displaced so these new structures could rise. Failed buildings are disastrous for a neighborhood, so I was very happy when Assemblyman Jeffries approached me with his idea to save the neighborhoods, the buildings, and many units of affordable housing with this bill. I am proud to have carried it in the Senate. By signing this bill, the governor can provide confidence and stability to the housing markets and our neighborhoods.”

The legislation signed by the governor encourages banks to refinance troubled loans secured during the building boom of 2004-2008 in amounts up to $150 million. The bill makes it easier for the New York State Mortgage Insurance Fund to insure refinanced loans made in connection with failed condominium projects, thereby incentivizing financial institutions to participate in restructured transactions. Developers will be required to provide affordable rental units at an amount agreed upon by the state.

Many owners of rental apartment buildings in New York City acquired or refinanced during the housing boom have since fallen behind on their mortgage payments or defaulted. As a result, building services have not been maintained and the quality of life in those buildings has deteriorated. In addition, many recently-built, multi-family condo apartment buildings remain unoccupied as developers have run into financial difficulties. This has created neighborhood eyesores and negatively affected retail stores and community activities.

The legislation signed into law continues SONYMA’s efforts to help New York City neighborhoods put at risk by the financial crisis. The Mortgage Insurance Fund has already insured the mortgages of several unsold condo buildings that have converted to rental apartments.

# # #

Now if they can figure out how to not have the venting system go on each day for 4 hours in each apartment – then more sales might happen