Market-Rate Units Available at Red Hook Co-Op Project
The Fifth Avenue Committee’s 60-unit co-op developments on Wolcott and Coffey streets have looked complete for quite awhile now (at least from street-level), but it turns out that about a third of the units still aren’t spoken for. It came as a surprise to us to learn that a number of apartments in the developments…
The Fifth Avenue Committee’s 60-unit co-op developments on Wolcott and Coffey streets have looked complete for quite awhile now (at least from street-level), but it turns out that about a third of the units still aren’t spoken for. It came as a surprise to us to learn that a number of apartments in the developments will be sold at market-rate prices: According to an agent from Manzione Real Estate, which is selling 20 units the buildings, although 40 of the affordable units have been reserved via a lottery that drew 8,000 applicants, the remaining co-ops are on the market for between $390,000 and $575,000. Closings for the affordable units (which were priced as low as $47,000 for applicants who made an income cut-off) won’t happen until some of the market-rate units sell, according to the agent.
Red Hook Co-Ops [Manzione] GMAP
FAC’s Red Hook Homes Near Completion [Brownstoner]
They really don’t look like projects or any high school I’ve seen in NY and certainly look better than many of the cookie-cutter complexes being built all over the borough.
Unlike “rob” however,
I wound not want to own a 50 grand apt in a building where someone just paid 1/2 million dollars for and have them look down upon me because….
Brooklyn has been attracting a rotten species of people.
This building looks like a high school / projects
This building looks like a high school / projects
This building looks like a high school
saw these apartments last weekend. the 2 BR is really the size of a 1 BR with an extra wall, probably under 700 sq. ft. – they didn’t even have the entire apt. sq. footage available at the open house. that’s probably why its so affordable. I live in Red Hook and was so excited by these prices, but the reality is the prices are more like cobble hill or carroll gardens prices and are still out of touch with the current day market – in my humble, renters opinion. The 3 BR was nice, but again, the bedrooms were small so it really was more like a 2 BR and for 510 – I don’t think it was any deal at all.
Of course, we can rent in a much, much nicer neighborhood that is a block from the subway instead of a mile…
I think these look fine, but I don’t know Red Hook. However, $390K for a 2-bedroom sounds great to me. We could actually afford that on our six-figure salary.
Goodoleboy:
Yes. Last September when George Bush was still present (and if my memory serves me correctly, he had been President since January 20th, 2001) the country as evidenced by our commercial and investment banks had to be essentially, nationalized. A play out of the socialist playbook. Who would have thought that good ‘ol Republicans like Bush would have had to use it?
(Just making sure that the socialist flag flies in the right camp.)
the real problem with low-income properties is that it makes it more expensive for everyone… but then again since we are basically becoming a socialist country it won’t really matter, because we’ll all have the same apartments/wages/etc! what they should do is issue “wage ID’s” that you can use to buy stuff and if you don’t make enough then you get to pay less than market price, and if you make too much you pay more than market price.