Sales Begin at Brooklyn's Biggest Condo Conversion
While Starrett City’s uncertain future as a middle-class enclave has been grabbing media attention, condo sales have quietly begun at a neighboring former Mitchell-Lama. Sales began this week at East New York’s MeadowWood at Gateway, a sprawling rental complex that used to be known as Fairfield Towers. Nearly 1,000 units are up for grabs, making…
While Starrett City’s uncertain future as a middle-class enclave has been grabbing media attention, condo sales have quietly begun at a neighboring former Mitchell-Lama. Sales began this week at East New York’s MeadowWood at Gateway, a sprawling rental complex that used to be known as Fairfield Towers. Nearly 1,000 units are up for grabs, making the property Brooklyn’s largest condo conversion. According to a press release, the apartments are going for between $100,000 and $340,000, though they’ll be offered at a discount to current residents. Taconic Investment Partners and Apollo Real Estate Advisors purchased the complex last year and pledged to put $40 million into rehabbing it. (The condos are being sold by Fillmore Real Estate, which has yet to add the listings to its website.) In light of Starrett City’s possible shift to market-rate rentals, it’ll be interesting to see whether buyers jump at the option to own at a nearby property.
Starrett City’s Owners Look to Leave Mitchell-Lama [Brownstoner] GMAP
Photo from Taconicinvestments.com
5:41 – You know some people who live here, etc as your story goes……. they’re not happy? but they still live here? You wouldn’t invest your hard earned money – so I guess you are telling your people to keep paying rent – how dumb is that? I LIVE HERE and I LOVE IT and yes I am young, highly educated, very well paid and tired of paying rent- so I will buy – and if the people you know follow your advise I don’t knkow who’s dumber you or them.
I’ve done some research – seems like the development was lucky enough to be purchased by a 1st class group of investors this time. Taconic seems to have a great track record – unlike the previous slum landlords. From what I’ve read, whatever these new investors do slowly but surely turns to gold.
Ok – to all the HATERS. The suburbs is a 2 fare zone too, but everyone runs there, paying at least 3 times the property taxes – give me a break – the same ills that exist in East New York exist in the suburbs and sometimes on a greater scale. The condo-owners who bought Fairfield (now Meadow Wood)in the 90’s were told not to buy and now many have over $100,000 in equity – not bad at all.
I believe those who are once again saying don’t buy keep renting do not want the working class to have anything – is it your fear that all the so called “minorities” will finally realize the “American Dream” of homeownership and become a financial and economic force that can no longer be ignored?
Your ignorance and failure to realize a great opportunity to own a property instead of just paying rent can only be attributed to one of two things: 1 Either you are scared that the people who will be empowered will become a threat to you or 2. You are a crab in a barrel.
The people at Meadowood is asking for too much money. It’s not worth the asking price.
I know some people living at MeadowWood who are not happy with conditions in their apartments. I feel bad for the poor people being pushed out because they can’t afford to live there.I personally would not invest my hard earned money in that dump.The asking price is way way to high.
its a 2-fare zone….public transportation does suck around there but i think its a good opportunity for a 1st time middle income homebuyer. every apt. has a balcony i think thats cool. then u got gateway center right there for all your shopping needs. but to buy out here i think a car is essential.
What are you stupid 1:49! Either you are stupid or you work for Fillmore. Of course nothing compares to this for the money. This project – yes Fairfiled Towers was and still is a glorified project. The occupants have to have jobs but before they got jobs they were on welfare and living in the projects. They brough the project mentality and their ghetto ass ways with them to Fairfield Towers. It is in East New York. Not near anything anybody with sense wants to be near and miles from a train station! A 3 bedroom isn’t worth more than $125, 000.
I saw one of their model unit! It’s gorgeous! I think they are selling to cheap. They have a website Meadowwoodatgateway.com they also have an on site office which is open everyday there was so many people waiting to buy. I just put an offer and I’m awaiting for their approval. I’ve been looking to buy a condo for a year and nothing compares to this for the money.
Note to all bloggers. Whenever you write the words “press” and “release” back to back like that, please link to the press release, so we at least have the option of clicking through to read it for our selves.
In answer to the 11:58am comment, not all ML buildings convert to coops or condos. Many become market rate rentals and tenants who had been paying lower rents are forced out. Plenty of New Yorkers have lost their homes of 20+ years when landlords have exited the ML program.