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From Foreclosed Luxury Condos To Affordable Housing
By
Jen Chung
Published Aug 24, 2009
Modified Aug 24, 2009
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By
Jen Chung
Published Aug 24, 2009
Modified Aug 24, 2009
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The Post says that "two distressed luxury condo buildings -- one in Harlem and another in Downtown Brooklyn -- are in talks with the city to unload their unsold units at fire-sale prices as affordable housing." Hey, if luxury condos can become homeless shelters, why not? While it's unclear which condos are being eyed, apparently the city is negotiating with the banks that foreclosed on the properties. And the city's housing commissioner Rafael Cesetro said the condo developers/banks "would have to take significant losses"—a $500,000 condo could be purchased by the city for $300,000 (plus the developer/bank would get a $50,000 subsidy). Cesetro added that developers were only thinking about the bubble, "Some of the sales assumptions seemed like a stretch in any kind of market. In Downtown Brooklyn, and not on the water, they had buildings underwritten to sell for $800 to $900 a square foot." Will more luxury condos be turned over to the city?
Tagged
affordable housing
city
foreclosure
homeless shelter
luxury condo
real estate
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
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