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This is in another thread, but I see this building from my window. It's not close to being finished and it's a U shape. Anyone who actually gets in, you will not be getting much natural light unless you are basically over the 20th floor. There are a lot of apartments and consider this may be managed like a housing project after the first year. I also agree that chances are it may be cheaper than the average for the neighborhood but not very affordable.
Yea I walked past it today, and you're right nowhere near finished. Balconies not done, outside of the building .. etc
Ohhh very nice! My only concern is I saw 30% affordable units which makes me think they are under the old 421a and all the units will be sky-high 130% AMI rents. I hope there is a good mix. Building looks beautiful!
can you explain? what tips you off to old 421a? and were most of the old 421a for high AMI only? just trying to learn more about the system (both bc i'm applying for tons and as mentioned in other post, working on a writing project about the lottery)
Yea I walked past it today, and you're right nowhere near finished. Balconies not done, outside of the building .. etc
I look at this building every day from my window. It’s set to finish in the middle of this year. They’re constantly working on it and it’s going up incredibly fast. I believe it’ll be done. The neighborhood is changing so fast for real.
I look at this building every day from my window. It’s set to finish in the middle of this year. They’re constantly working on it and it’s going up incredibly fast. I believe it’ll be done. The neighborhood is changing so fast for real.
You think they already started working on the interior?
You think they already started working on the interior?
I do! Specifically the amenity portion. Since I’ve witnessed how fast Hanover is going up/went up first hand (not knowing it was possible) I believe if they said they want this building done by mid year, it’ll happen.
can you explain? what tips you off to old 421a? and were most of the old 421a for high AMI only? just trying to learn more about the system (both bc i'm applying for tons and as mentioned in other post, working on a writing project about the lottery)
Because buildings received their tax program when it was approved and based on when they started construction. I am just guessing that this building was approved under a former (now expired program). And yes, 421a had a few options for developers to choose form and the most lucrative was to make 30% of the units available at 130% AMI, and without any low-income units. As a result, that was the most popular particularly in luxury buildings where it seems they wanted to avoid having low-income tenants.
Yes, 130% AMI rents have shot up quite a bit in the last ~2 years to where 1brs usually start over 3k, 2br pushing $3.7-4k.
I do! Specifically the amenity portion. Since I’ve witnessed how fast Hanover is going up/went up first hand (not knowing it was possible) I believe if they said they want this building done by mid year, it’ll happen.
They have started the interiors on the lower floors. But this is a big sucker and 4 nearby buildings that started way after are further along. As for the previous poster of $4k-6k apartments in this building, I think those amenities are very overstated. They originally had outdoor space on the 5th floor deck above the non-housing portion and the framing to enclose the whole thing for small indoor spaces is complete.
There is a mini building on one side that I could believe may be the "more expensive" section but I can't see it being the whole building.
Again, no arguments, I'm just advising everyone to do a ton of research to know what you're ultimately getting if you sign a lease.
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