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Old 09-24-2014, 11:18 AM
 
Location: Somewhere....
1,155 posts, read 1,632,109 times
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Yet Another Call to Redevelop Area Around Broadway Junction in East New York



Yet Another Call to Redevelop Area Around Broadway Junction in East New York | Brownstoner
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Old 09-24-2014, 08:37 PM
 
286 posts, read 274,157 times
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Quote:
Originally Posted by SeventhFloor View Post
Every ENY property you listed needs probably upwards of 100K in renovation (updated MEP and decor). Who is going to put up that coin?
You pulled that number out of your arse, you haven't been inside of them to speak on their condition. I've seen complete shells in Bed-stuy and Bushwick completely renovated, why is it hard to believe it would happen here. Who's putting up the money in Bushwick, Bed-Stuy, Crown Heights, PLG, Sunset Park.

With the way the real estate market is moving in Brooklyn why wouldn't it be smart to renovate them if in a couple of years you'll get that money back and more once you sell. There's only so much land to build on in NYC let alone in a neighborhood with so many transit options like ENY add in the fact that people are fleeing the suburbs for Brooklyn it's almost a sure bet. It's not like there are many neighborhoods left with late 1880's/pre-1930's architecture left, Brooklyn is practically tapped out (price wise) and Queens only has a few spots here and there. Bed-Stuy and Crown Heights is being bought up by developers so regular families who still want a prewar home in Brooklyn will have to start looking in places like ENY, Flatbush and Ocean Hill.
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Old 09-24-2014, 09:11 PM
 
Location: Gods country
5,551 posts, read 4,341,365 times
Reputation: 7703
Quote:
Originally Posted by colombianbeef View Post
You pulled that number out of your arse, you haven't been inside of them to speak on their condition. I've seen complete shells in Bed-stuy and Bushwick completely renovated, why is it hard to believe it would happen here. Who's putting up the money in Bushwick, Bed-Stuy, Crown Heights, PLG, Sunset Park.

With the way the real estate market is moving in Brooklyn why wouldn't it be smart to renovate them if in a couple of years you'll get that money back and more once you sell. There's only so much land to build on in NYC let alone in a neighborhood with so many transit options like ENY add in the fact that people are fleeing the suburbs for Brooklyn it's almost a sure bet. It's not like there are many neighborhoods left with late 1880's/pre-1930's architecture left, Brooklyn is practically tapped out (price wise) and Queens only has a few spots here and there. Bed-Stuy and Crown Heights is being bought up by developers so regular families who still want a prewar home in Brooklyn will have to start looking in places like ENY, Flatbush and Ocean Hill.
Are you saying that 100k is a lot to put into renovating a shell?
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Old 09-24-2014, 10:19 PM
 
Location: Queens, N.Y.
661 posts, read 1,045,624 times
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All bubbles no matter how strong and for how long eventually pop, remember that...
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Old 09-25-2014, 05:57 AM
 
Location: Confines of the 101 Precinct
19,566 posts, read 34,668,201 times
Reputation: 8389
Quote:
Originally Posted by colombianbeef View Post
You pulled that number out of your arse, you haven't been inside of them to speak on their condition. I've seen complete shells in Bed-stuy and Bushwick completely renovated, why is it hard to believe it would happen here. Who's putting up the money in Bushwick, Bed-Stuy, Crown Heights, PLG, Sunset Park.

With the way the real estate market is moving in Brooklyn why wouldn't it be smart to renovate them if in a couple of years you'll get that money back and more once you sell. There's only so much land to build on in NYC let alone in a neighborhood with so many transit options like ENY add in the fact that people are fleeing the suburbs for Brooklyn it's almost a sure bet. It's not like there are many neighborhoods left with late 1880's/pre-1930's architecture left, Brooklyn is practically tapped out (price wise) and Queens only has a few spots here and there. Bed-Stuy and Crown Heights is being bought up by developers so regular families who still want a prewar home in Brooklyn will have to start looking in places like ENY, Flatbush and Ocean Hill.
I'm not saying that it can't happen - what I'm saying is whoever is buying needs some serious cash, plain and simple. Most of the housing stock in ENY is from the 1920s-1930s, passed down through generations, who did not update the home while they were living there. Just facts.
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Old 09-25-2014, 07:24 PM
 
286 posts, read 274,157 times
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They do a 203(k) loan and then redo to a regular mortgage once the work is completed just like many people do and have done in Bed-Stuy and Crown Heights and every other "hot" neighborhood. Until the real estate market of the last 20 years most houses in the now gentrified neighborhoods hadn't been renovated in generations but people still saw worth in renovating them and their value still went up and it wasn't all people with tons of cash sitting in the bank.

Most of the homes are not 1920-30's architecture, it's very plain to see. All of the woodframes and victorians predate the wooden construction ban, years before WWI, just because they are now covered with vinyl siding doesn't mean they aren't from that era. All of the brick rowhouses with metal cornice, Barrel fronts, ornate entries with roman/italian themes are certainly late 1880's-1890's architecture.

Here are woodframes in expensive Park Slope, the one in the middle with blue clapboard and red door is what they are supposed to look like all the others are just covered by vinyl siding, there are tons of these throughout ENY:
https://www.google.com/maps/@40.6640...OcA_QNDRkg!2e0

Here's another in CrowThe Wooden House Projectn Heights, middle is original the two sides are wrapped in vinyl:
https://www.google.com/maps/@40.6771...rUyb6MatAg!2e0

woodenhouseproject.com is all about restoring these types of houses to their former glory, I doubt they all do it with their savings:
The Wooden House Project



Here's an almost entire block of 1920's homes in Park Slope/Windsor Terrace, how much do you think they're worth.
https://www.google.com/maps/@40.6581...tSxHYfICUw!2e0

Right around the corner from that what do we see? the same style of Barrel Front brick rowhouse commonly found throughout ENY.

https://www.google.com/maps/@40.6572...IGwJp9w9dA!2e0

ENY has it's fair share of 1920-30's architecture but they were still made with craftsmanship (Wood floors, moulding, stained glass), so do most Brooklyn neighborhoods including the Brownstone neighborhoods. To say that most of the neighborhood is comprised of 1920's era homes just shows how little you know about what was built in what time period. Most of the Art Deco buildings in the Bronx and Manhattan were built in the 20-30's are you saying they aren't worth anything because they weren't built in the 1800's? There's cheap Fedders houses built in the 80-90's that go for a lot of money because of the surrounding area. The prime better condition homes will be bought up first and the others will be restored or torn down for new construction, it's happened in all the neighborhoods west of ENY.

not fact, you make generalized assumptions and claim they are fact.
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Old 09-25-2014, 07:29 PM
 
Location: Confines of the 101 Precinct
19,566 posts, read 34,668,201 times
Reputation: 8389
Quote:
Originally Posted by colombianbeef View Post
They do a 203(k) loan and then redo to a regular mortgage once the work is completed just like many people do and have done in Bed-Stuy and Crown Heights and every other "hot" neighborhood. Until the real estate market of the last 20 years most houses in the now gentrified neighborhoods hadn't been renovated in generations but people still saw worth in renovating them and their value still went up and it wasn't all people with tons of cash sitting in the bank.

Most of the homes are not 1920-30's architecture, it's very plain to see. All of the woodframes and victorians predate the wooden construction ban, years before WWI, just because they are now covered with vinyl siding doesn't mean they aren't from that era. All of the brick rowhouses with metal cornice, Barrel fronts, ornate entries with roman/italian themes are certainly late 1880's-1890's architecture.

Here are woodframes in expensive Park Slope, the one in the middle with blue clapboard and red door is what they are supposed to look like all the others are just covered by vinyl siding, there are tons of these throughout ENY:
https://www.google.com/maps/@40.6640...OcA_QNDRkg!2e0

Here's another in CrowThe Wooden House Projectn Heights, middle is original the two sides are wrapped in vinyl:
https://www.google.com/maps/@40.6771...rUyb6MatAg!2e0

woodenhouseproject.com is all about restoring these types of houses to their former glory, I doubt they all do it with their savings:
The Wooden House Project



Here's an almost entire block of 1920's homes in Park Slope/Windsor Terrace, how much do you think they're worth.
https://www.google.com/maps/@40.6581...tSxHYfICUw!2e0

Right around the corner from that what do we see? the same style of Barrel Front brick rowhouse commonly found throughout ENY.

https://www.google.com/maps/@40.6572...IGwJp9w9dA!2e0

ENY has it's fair share of 1920-30's architecture but they were still made with craftsmanship (Wood floors, moulding, stained glass), so do most Brooklyn neighborhoods including the Brownstone neighborhoods. To say that most of the neighborhood is comprised of 1920's era homes just shows how little you know about what was built in what time period. Most of the Art Deco buildings in the Bronx and Manhattan were built in the 20-30's are you saying they aren't worth anything because they weren't built in the 1800's? There's cheap Fedders houses built in the 80-90's that go for a lot of money because of the surrounding area. The prime better condition homes will be bought up first and the others will be restored or torn down for new construction, it's happened in all the neighborhoods west of ENY.

not fact, you make generalized assumptions and claim they are fact.
:::sigh:::

You're not getting my point. You're thinking that I'm putting down ENY and it won't gentrify. That is not what I'm trying to say. So let me be clear and concise - the majority of the housing stock available on the market in ENY is not turn-key. That's my point.
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Old 09-25-2014, 07:39 PM
 
Location: Gods country
5,551 posts, read 4,341,365 times
Reputation: 7703
Quote:
Originally Posted by Dennis Brown View Post
All bubbles no matter how strong and for how long eventually pop, remember that...
I am guessing that you are a renter and have all of your cash in the bank instead of the market. With that strategy you will surely end up poor, remember that...
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Old 09-26-2014, 09:21 AM
 
80 posts, read 115,957 times
Reputation: 22
Quote:
Originally Posted by ShadowMassa View Post
Yet Another Call to Redevelop Area Around Broadway Junction in East New York



Yet Another Call to Redevelop Area Around Broadway Junction in East New York | Brownstoner
It would be really nice to be able to safely walk home from Broadway Junction to Cypress Hills, for this reason I hope it is revitalized. I am just worried it will become a big gross strip mall.
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Old 09-26-2014, 07:55 PM
 
Location: Prince George's County, Maryland
6,212 posts, read 7,386,896 times
Reputation: 2581
Quote:
Originally Posted by shadowmassa View Post
let me put it this way, places like williamsburg and park slope is the shire, and places like east new york would be mordor.
lmao!!!! :d
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