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.
Congratulations! I totally agree.
Meadwood is an excellant opportunity for som people to own their home and to build equity. No matter what some people on this uppity site think.
As far as Linden housing being the “most dangerous project in the city”. What about Fort Greene Projects, in FT Green, What abour Red Hook, Gowanus, both in close vacinity to “Park Slope”. Stop with dumb comments already. I have lived in many neighborhoods in my 32years in BK. I felt no safer in one more than the other.
I for one was within an inch of signing a contract for one of these condos, it was just lucky enough to win a lottery for an affordable 2 family not to far from this development. Which was a better finacial investment.
And yes, I said LUCKY.
Let the know it alls pay these crazy prices, and have their false sense of safety and better than attitudes.
Sweetie, I’m not a real estate agent. This is my story and it is true. If the area does not suit you then don’t live there. I’m sure everyone will be okay.
I have never seen the movie Taxi Driver before. I do not know what you are talking about.
It is sad that people have to be so negative. Maybe they just dont want us to capitalize on the american dream. It is okay for us to rent in the “slum” but it becomes a major deal when you decide to buy in the same neighborhood. I just dont get it. You have to crawl before you walk. Not all of us are fortunate to have mommy and daddy buy us a condo or give us a huge downpayment to acquire property.
Real Estate Agent, HA!
10:44 needs to stop watching Taxi Driver.
I’d be really surprised if any intelligent person believes the real estate broker bullshit. This building was known as Fairfield Towers and is formally a low income housing project. It’s located in the anus of Crooklyn with the highest concentration of criminal scum anywhere. You couldn’t pay me to live there. This place needs a New Orleans type flood as an enema to clean it out.
I visited meadowwoodatgateway a month ago and I was pleasantly surprised. I would not concern myself with the commute. I live in Staten Island and it takes me an 1.5 to get to work via car, bus, boat and train. It’s a pain but I only pay $2.00 per ride and I can afford my home. You will get use to it.
Homeownership is a beautiful thing. It makes me feel powerful. My mortage expenses are less than a 1 bedroom rental. I’m building equity each month and I was fortunate to have purchased my home before the boom. Yes, the prices of home have gone down a little. I still have equity in my home that is in the six figures.
I live close to an apartment building development. It is considered the projects on Staten Island even though it is privately owned but it was what I could afford. Actually, the development is quite nice and I have a view of the V. bridge. I feel completely safe which is especially important when you are a single female.
It is funny, I have lived in my home for almost six years and my income has gone up about $20,000. I probably would have purchased a unit in Meadowwood but all I could afford is the studio. The one bedroom is close to $1800. That made me feel sad. Single lower middle class people have been priced out of NYC. It looks like studios are the new 1 bedroom.
They road to wealth for a poor person is homeownership. The key is to buy what you can afford. Mr. and Mrs. Jones are not going to help you out when you start missing payments. PLEASE DO NOT TAKE OUT AN INTEREST ONLY LOAN. It defeats the purpose of home ownership. You want to be able to build equity over time. Homes will eventually start to appreciate but not at the speed it did between 2002 and 2005.
$50,000 each for a couple is not middle class in NY. People here always seem to forget that.
If you are making 50k in NY you are either a recent college grad, a police officer, or a liberal arts major.
As a former owner of both a brownstone in Carroll Gardens and a two family house in Greenpoint: The concept of what is affordable in NYC has become a joke! I will always love Brooklyn-I also lived in Gerritsen Beach, Flatbush and Park Slope-but $200,000 1 bedrooms in East New York are cheap. Somewhere down the line there are going to be big problems. A middle class couple making $50,000 each will have no chance.
kudos to brownstoner for starting a thread on this – nice to see some positive RE news coming out of this section of brooklyn right now, when the media only seems to want to focus on news of foreclosures.
as for the comments re undesirability of the location due to distance from manhattan or roughness – without getting to the validity of those statements – i don’t think that those points are all that relevant in this situation given that the target buyers are likely current residents in the area looking for an opportunity to own a home in an area where they have already chosen to live.