Has ANYONE GOTTEN AN APARTMENT THRU RELATED'S AFFORDABLE HOUSING PROGRAM FOR THE MIMA building? (bad credit, living)
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She mentioned that i could apply for other lotteries if i wanted to
Apply EVERYWHERE...there's no downside except lots of tedious paperwork. After the first several though it's just copying the same numbers with, ahem, a little "tweaking" here and there.
And One MiMa Tower, adjacent to MiMa, which was originally slated for condos, will now be 151 rentals.
“We are about 30 percent rented right now,” says Daria Salusbury, senior vice president at Related, which developed MiMa, says of One MiMa Tower.
[...]
“There are signs of life; there are buildings that have been completed,” [says Jeff Katz, CEO of Sherwood Equities]. “But it’s really not even a drop in the bucket compared to what is going to happen.”
i think they have a certain portion of apartments allocated for affordable housing, in fact they only allocate 20% of their apartments to the program so m aybe the NY Post article was refereing to their market rate apartments
That Post article is SO typical of real-estate hype.
Ignore half and take the other half with a grain of salt.
But I always weelcome the BUILD-BUILD-BUILD Frenzy becasue it is always followed by a BIG BUST and more affordable housing. Or a SUPER program like Mitchell Lama after the owners go into default and the City takes over like happened in the two massive recessions of the 1970's.
July 6 NY Times article: "Changing Midstream to Rental From Condo"
Quote:
Originally Posted by Kefir King
But I always weelcome the BUILD-BUILD-BUILD Frenzy becasue it is always followed by a BIG BUST and more affordable housing. Or a SUPER program like Mitchell Lama after the owners go into default and the City takes over like happened in the two massive recessions of the 1970's.
This NY Times article from a few days ago is germane to your comment above. It mentions once-condo buildings that are now rentals. Examples covered are in Manhattan, Brooklyn Heights, Williamsburg (Brooklyn), and elsewhere. One MiMA Tower is mentioned too.
The site ny.curbed.com seemed to think awhile back that there was going to be a large-scale default in Williamsburg. Certainly there was overbuilding there (especially around 2000-2005) and powerful people met to discuss how to recoup losses. I'm unsure if the recouping saga happened the way curbed.com predicted. The NY Times article gives one Williamsburg case study, but I don't know if it represents of a broader trend there.
Last edited by grimace8; 07-09-2012 at 11:47 AM..
Reason: switched 2 words around
and scroll down to "affordable apartments in New York City" and there is an e-mail click for info.
Good Luck,
I think RELATED is the best bet for affordable new construction in NYC
Last edited by Kefir King; 07-12-2012 at 05:08 PM..
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July 6 NY Times article: "Changing Midstream to Rental From Condo"
