Archive for the ‘Real Estate’ Category
Online retailer Jane’s Closet is going offline and picking Williamsburg’s fashion district (the North 6th Street corridor between Bedford & Kent) to make their debut. Their boutique will be located at 60 North 6th Street near the Music Hall of Williamsburg and Kent Ave.
“We’ve been eyeing Williamsburg for some time,” said founder Jane Rim. “It is a unique neighborhood filled with a great blend of people and shops. I’m confident a Jane’s Closet customer will feel right at home here. We saw that the location at 5in1 Studios was available and knew we found our first home. The storefront is small, intimate, and within the shopping district of Williamsburg. 5in1 Studios has a history similar to ours in displaying up-and-coming designers.”
If you don’t feel like schlepping, they’ll still be happy to take your orders online.
Bushwick Inlet Park’s victory against TransGas sets the stage for a dramatic and much welcomed transformation on the changing Williamsburg waterfront.
The news that TransGas Energy has exhausted their appeals to build a powerplant on the Williamsburg waterfront is being high-fived by neighborhood boosters like Borough President Marty Markowitz, Williamsburg residents like Jane Pool, Assemblymember Joseph Lentol and Christine Holowacz of the Greenpoint Waterfront Association. While expected after previous rulings against TransGas, it nonetheless puts the final piece of the new Williamsburg “Riviera” into stark relief. From tentative approval of Rose Plaza near Kent and Division to the relatively positive response of the $1.5 billion dollar Domino Sugar complex, Williamsburg’s waterfront is transforming itself rapidly into something unrecognizable just a few years ago.
Critics are calling it the Miami-fication of the once sleepy industrial North Brooklyn waterfront during very uncertain economic times, but at least this Bloomberg-era transformation includes plenty of consideration for community and outdoor space. It wasn’t just neighborhood activists fighting TransGas, but many city officials as well, and in a few years a dirty, possibly toxic creek (that we’ve hopped the Kent Ave fence and fished in) will turn into something of a jewel for the neighborhood. We couldn’t be more excited, and thankful.
You’d think a recession and housing crash this deep would wipe the chutzpah off most developers’ faces, especially in Williamsburg, Brooklyn, a nabe which first enjoyed the biggest real estate buzz and now shoulders the most “stalled projects” of any in New York City. Yet chutzpah is the only way to describe a proposed $1.5 billion dollar, 2,200 unit, 11-acre, residential complex centered around an old Domino Sugar factory in Williamsburg’s south side. Of course, the developer, Michael Lappin didn’t forget to bear gifts as the public review begins. First he throws in a very generous 30% affordable housing mix. That would mean 660 units set aside for low to moderate income residents.
Comparable development projects along the Riviera de Williamsburg have previously offered 20% affordable housing, along with a few bells and whistles like a public esplanade. Then again, the New Domino Sugar project is even more ambitious than Schaefer Landing, Northside Piers and the Edge put together. The tallest of the buildings would be as tall as 40 stories and according to Brooklyn11211, the biggest news is the addition of 100,000 square feet of proposed office space along the Grand Ave end. We predict this might in fact be the most controversial element. Is South Williamsburg a future destination for morning reverse commuters to head to work? Which industries do they have in mind to lure? Does this portend a train stop a little closer to the water than the JMZ’s Marcy Ave? Oh well, there’s still time to negotiate everything since completion wouldn’t happen until sometime around 2021 — yes, 9 years after the apocalypse. By the way, if you’re not familiar with the area, the Domino Sugar factory sits on a beautiful waterfront view that hasn’t been open to the public in 150 years, (save for one special Sunday last October).
While there’s general concern about the mammoth nature of the project, we, as residents of Williamsburg’s South Side, can’t help but long for sustainable development to take advantage of the many wonderful waterfront views and a particularly convenient location at the foot of the Williamsburg Bridge. We’re also digging that whole Tate Modern look. Here’s hoping the community activists lobby for invigorating, publicly accessible community space we can all enjoy, both outdoors on the waterfront and inside the complex itself. We wouldn’t mind a movie theater either.
McCarren Pool, Williamsburg, Brooklyn. With an official groundbreaking featuring Mayor Bloomberg and Brooklyn borough chief Marty Markowitz, it appears the ambitious future $50 million McCarren Pool really is happening. The original pool opened in 1936 and closed down in 1984. Here are some pics via architects Rogers Marvel PLLC of how the renovation will transform the old pool. Unfortunately we’re looking at a Spring, 2012 opening. Does it really take that long to build a swimming pool?
It’s a sad state of affairs when “stalled projects” and “abandoned Brooklyn” become new buzzwords, at least among those who trade in real estate news gossip in our fine city. Yet, it’s hard to deny all of these construction pits that have been lingering for far too long – even with new City incentives to finish what they started, there’s just not enough financing and demand around to get these things up.
Williamsburg along with the rest of the City is suffering from a huge economic and real estate meltdown and the growing number of stalled projects is becoming a bad joke for Williamsburg haters. Yet, we doubt this will deter everyone from the 11211, which prior to its yuppification was home to those more comfortable with the apocalypse then baby strollers. There’s always a good side and a bad side to this reversal of fortune, and for those who longed for Williamsburg’s yesteryear, now is the time to jump on abandoned mattresses and reclaim the neighborhood.
photo: “stalled” project across Miss Favela (which is still partying like its 1999) in South Williamsburg, Brooklyn.
credit: Brooke Moreland
Rose Plaza (map), South Williamsburg’s ambitious 801-unit waterfront development proposal, has been denied by the Community Board for a second time, despite revised renderings that include a landscaped, public accessible esplanade and 20% affordable housing. Apparently, the three tower complex exceeds current zoning regulations and doesn’t provide enough affordable housing to earn itself an exemption. Lack of family size units also irk the likes of committee member Rabbi David Niederman, who commented that “It’s another development that gentrifies a community that is suffering already from a lack of housing”.
Just as well, Williamsburg is facing a huge inventory surplus, although we’re pretty sure this will eventually get the nod. As Schaefer Landing residents ourselves, (just north of the proposed Rose Plaza), we know that the area has some of the best views of Manhattan and the right plan would be a beautiful addition to the neighborhood. Let’s hope this rejection forces a more ambitious and inclusive use of the waterfront by the Rose Plaza developers.
Update: Dec. 4, 2009 – What Rose Plaza used to look like
Brooklyn 11211 has dug up a beautiful image of what Rose Plaza looked like 105 years ago. Back then the future condo park on the East River was home to the Mollenhauer Sugar Refining Co. Of course back then, Schaefer Landing was brewing beer, not neighborhood wars over bike lanes and gentrification.
A bit hard to believe considering all of the stalled sights around town, especially in Brooklyn, but according to the Times, bidding wars are “breaking out” in some of the tonier NYC nabes like the Upper West Side and Brooklyn Heights. Even Williamsburg which has gone from sleepy industrial outpost to Miami to capital of stalled construction projects, is starting to heat up again.
In more and more cases bidding wars are causing prices to come in above asking. Case in point, an Upper West Side 2-bedroom went on the market at $1.595 and sold just two weeks later for a cool $1.8. Here’s the rub, five of the nine offers according to the broker, were all cash.
The Rialto, in Williamsburg, is also noted for creating a few bidding wars of its own. One strategy the pros mentioned stuck out – uderprice the market, which may give you more traffic than usual since everyone is bargain hunting, and that group of potential buyers may end up in a bidding war, raising your original asking to above market.
photo: Rialto, in Williamsburg Brooklyn courtesy Curbed.com
The world’s real estate markets, from Spain to Canada and even fast-growing emerging markets like China and Cambodia, are in free-fall. There are however, some places still booming. Take for example Panama – the land of the Panama Canal is considered a “spectacular investment” by Global Property Guide, who likes the market’s 9.2% GDP growth and high rental yields, which is the gross annual rental income, as expressed as a percentage of property purchase price. At a 9.98% rental yield, Panama is near the top of the region, (Peru is #1 at 10.09% and Brazil is #9 at 6.56% rental yield).
Latin America as a whole is considered a good value – with Colombia, Panama, Peru, Argentina, Uruguay, and even high-flying Costa Rica showing strong GDP growth and benefiting from the U.S. retiree population favoring the region as their second home havens.
Colombia is rapidly stabilizing and showing strong growth under President Uribe’s leadership, while Uruguay offers an Argentina-like experience for less money and with better beaches. Brazil and Honduras were rated as good long-term investments.
photo: Panama Canal, by Scott Ableman, via Flickr CC
Despite the real estate and financial crisis, one neighborhood is growing in popularity, at least among Europeans. Lately, 1/3 of all new condo buyers are from places like Sweden, France and the UK. Despite Williamsburg’s reputation as a hipster party town, Europeans are starting to make their presence felt, as local businesses begin to cater to their preferences. Move over art students, the Europeans are coming. Source
photo: Marlow & Sons, a popular European hangout in South Williamsburg, Brooklyn.
credit: monkichichan via Flickr CC
Editor’s Note: The following is a transcript of President-elect Barack Obama’s radio address on Saturday , Nov. 22, as released by his office. The President-elect addresses a two-year plan to revive the economy:
an Economic Recovery Plan
Barack Obama
Good morning.
The news this week has only reinforced the fact that we are facing an economic crisis of historic proportions. Financial markets faced more turmoil. New home purchases in October were the lowest in half a century. Five-hundred-forty-thousand more jobless claims were filed last week, the highest in 18 years. And we now risk falling into a deflationary spiral that could increase our massive debt even further.
While I’m pleased that Congress passed a long-overdue extension of unemployment benefits this week, we must do more to put people back to work and get our economy moving again. We have now lost 1.2 million jobs this year, and if we don’t act swiftly and boldly, most experts now believe that we could lose millions of jobs next year.
There are no quick or easy fixes to this crisis, which has been many years in the making, and it’s likely to get worse before it gets better. But January 20th is our chance to begin anew — with a new direction, new ideas, and new reforms that will create jobs and fuel long-term economic growth.
I have already directed my economic team to come up with an Economic Recovery Plan that will mean 2.5 million more jobs by January of 2011 — a plan big enough to meet the challenges we face that I intend to sign soon after taking office. We’ll be working out the details in the weeks ahead, but it will be a two-year, nationwide effort to jumpstart job creation in America and lay the foundation for a strong and growing economy. We’ll put people back to work rebuilding our crumbling roads and bridges, modernizing schools that are failing our children, and building wind farms and solar panels; fuel-efficient cars and the alternative energy technologies that can free us from our dependence on foreign oil and keep our economy competitive in the years ahead.
These aren’t just steps to pull ourselves out of this immediate crisis; these are the long-term investments in our economic future that have been ignored for far too long. And they represent an early down payment on the type of reform my administration will bring to Washington — a government that spends wisely, focuses on what works, and puts the public interest ahead of the same special interests that have come to dominate our politics.
I know that passing this plan won’t be easy. I will need and seek support from Republicans and Democrats, and I’ll be welcome to ideas and suggestions from both sides of the aisle.
But what is not negotiable is the need for immediate action. Right now, there are millions of mothers and fathers who are lying awake at night wondering if next week’s paycheck will cover next month’s bills. There are Americans showing up to work in the morning only to have cleared out their desks by the afternoon. Retirees are watching their life savings disappear and students are seeing their college dreams deferred. These Americans need help, and they need it now.
The survival of the American Dream for over two centuries is not only a testament to its enduring power, but to the great effort, sacrifice, and courage of the American people. It has thrived because in our darkest hours, we have risen above the smallness of our divisions to forge a path towards a new and brighter day. We have acted boldly, bravely, and above all, together. That is the chance our new beginning now offers us, and that is the challenge we must rise to in the days to come. It is time to act. As the next president of the United States, I will. Thank you.
