Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
I know that's a possibility for these apartments and I've said as much in the past regarding the whole 'affordable housing' scheme. But this is the first time I've seen a building with rents as high as $5k/month including 'affordable' units. I own a home but I feel bad for honest NYC renters who have to unravel all these laws and regulations. I feel worse for landlords effectively forced to lose money on their tenants.
I think the 8 Spruce St building in Lower Manhattan has very high rents and affordable units, but I might be wrong.
Gentrification, that's what. While the Bronx may be the cheaper than say Queens or Brooklyn, that doesn't mean that the rents are that low. I think even in the poor areas of the South Bronx, a one bedroom is still north of $1500, so if you have something like this coming into an area that has some of the lowest median incomes in the country, there is nowhere else for poor people to go. I think that's the sentiment. At the same time, land is so expensive everywhere that developers have no choice but to look at poorer neighborhoods for a real ROI.
The 'No place left to build' theory of development.
You're right, there are fewer sites left to build on in Manhattan, Queens or Brooklyn where zoning permits construction of multi-family apartment buildings. Even a piece of the north shore of S.I. was recently upzoned to permit some moderate hi-rise residential development in the St. George area near the ferry. I doubt anything up there will attract too many market-rate renters.
The 'No place left to build' theory of development.
You're right, there are fewer sites left to build on in Manhattan, Queens or Brooklyn where zoning permits construction of multi-family apartment buildings. Even a piece of the north shore of S.I. was recently upzoned to permit some moderate hi-rise residential development in the St. George area near the ferry. I doubt anything up there will attract too many market-rate renters.
Entire corridor from St. George looping around ferry onto Bay Street, then stretching out to Stapleton was rezoned to allow greater density (thank you Debbie Rose).
Working idea from Bill de Blasio and city council is to make area the next "Williamsburg" Capitalizing on closeness to ferry will lure people to that area of SI.
Entire corridor from St. George looping around ferry onto Bay Street, then stretching out to Stapleton was rezoned to allow greater density (thank you Debbie Rose).
Working idea from Bill de Blasio and city council is to make area the next "Williamsburg" Capitalizing on closeness to ferry will lure people to that area of SI.
Should've upzoned the Staten Island Mall area to become a ridiculous high-rise district in the middle of the Rock and then send the Hudson-Bergen light rail from Bayonne all the way down.
Gentrification, that's what. While the Bronx may be the cheaper than say Queens or Brooklyn, that doesn't mean that the rents are that low. I think even in the poor areas of the South Bronx, a one bedroom is still north of $1500, so if you have something like this coming into an area that has some of the lowest median incomes in the country, there is nowhere else for poor people to go. I think that's the sentiment. At the same time, land is so expensive everywhere that developers have no choice but to look at poorer neighborhoods for a real ROI.
there was nothing there b4 they didnt tear anything down to build this. the “poor” have not been displaced in any way shape or form
there was nothing there b4 they didnt tear anything down to build this. the “poor” have not been displaced in any way shape or form
That is true, but what you don't realize is that when you bring housing like this online, it pushes up prices throughout the neighborhood. The good neighborhoods in the Bronx don't want Section 8 and the poor folks living there, so they will raise the prices enough to keep them out, and believe me, I have friends who work in real estate and that is what some landlords do. If you can get $2,500 in the South Bronx near the Major Deegan, where crime is high, the air quality is terrible and it's a food desert, then the rents have to be high in the good neighborhoods and pushed up in the poor ones because of these apartments. Think about the "Piano District". Someone I know has friends that have been moving over there because they get more bang for the buck compared to Manhattan, and of course their salaries are over $100k (they have to be in order to afford the rents). Putting those people aside, these South Bronx areas are some of the poorest in the country. The median income is under $30k/yr, so compare that to someone making four or five times what the average person makes.
Quote:
Originally Posted by dfc99
The 'No place left to build' theory of development.
You're right, there are fewer sites left to build on in Manhattan, Queens or Brooklyn where zoning permits construction of multi-family apartment buildings. Even a piece of the north shore of S.I. was recently upzoned to permit some moderate hi-rise residential development in the St. George area near the ferry. I doubt anything up there will attract too many market-rate renters.
Yes, and they building anywhere and everywhere that they can.
Think about the "Piano District". Someone I know has friends that have been moving over there because they get more bang for the buck compared to Manhattan, and of course their salaries are over $100k (they have to be in order to afford the rents).
I just love these bullsh*t fake neighborhood names that realtors invent to make rundown dangerous areas attractive to transplants and local naive suckers.
I just love these bullsh*t fake neighborhood names that realtors invent to make rundown dangerous areas attractive to transplants and local naive suckers.
Well back in the day, that area was the Piano District because they did manufacturing down there, but we know that's not the reason why they proposed to make that change.
Just a quick question. When was the last time anyone posting in this thread been in that area? And I actually mean been there, not the arm chair person sitting behind a computer in another borough using google street view on google maps, or the passerby who drove through it for 5 seconds on the Deegan.
Ive been away for a little over a year and yesterday was the first time i drove through there and was trying to figure out where did all these luxury buildings oddly placed next to junk yards, mechanic shops, etc
The individuals who get these units are waiting for the area to change and its changing at a rapid pace. Everything below 149th street in undergoing a change. That area will be the next Downtown Brooklyn where its Manhattan prices in Bronx locations.
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.
Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
Capitalizing on closeness to ferry will lure people to that area of SI.
