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"Irrational Exuberance": 65 Brooklyn Condos In/Near Trouble
By
Jen Chung
Published Aug 28, 2009
Modified Aug 28, 2009
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By
Jen Chung
Published Aug 28, 2009
Modified Aug 28, 2009
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Assemblyman Hakeem Jeffries says that there are 65 condominium developments in Brooklyn which are "either financially troubled or on the verge of distress". He said, "There was an irrational exuberance of construction in the area these past few years," and Crain's reports that he's "in the early stages of approaching developers and banks behind some of these properties with a proposal to convert the unsold units into affordable housing." (Apparently it's unrelated to the city's own from-foreclosed- to-affordable-housing push.) The Local has a list of the developments; Curbed notices, "There's some shockers on there, including the blockbuster One Hanson Place conversion." Possibly related: Prices were cut on the remaining units at One Hanson Place ("One of the biggest was a 23 percent price reduction on a 1,500-sf, 2-bed, which went from $1,222,431 to $945,000").
Tagged
affordable housing
brooklyn
condominium
foreclosure
real estate
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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