My NYC Black Folk......Gentrification

[AB Ziggy]

Yo what is the point if they keep building these luxury condos and they wind up empty? There is no demand for them. It is like they just keep building them. Man those investors aren't going to be happy to see their return on investment.

Some of the newer high rises in Downtown BK I barely see anyone coming in or out too.


Too much luxury housing, not enough affordable housing being built.

 

[frush11]

Some of the newer high rises in Downtown BK I barely see anyone coming in or out too.


Too much luxury housing, not enough affordable housing being built.

Same thing in DC

 

[Francis White]

The coli is short sighted as always, the high rises are being filled slowly but steadily, they aren't built for locals or even the go to hipsters,. They are being built for foreign people. The Chinese are going to occupy many of these new buildings. If you live in Queens you will see what I mean. The high rises are openly marketed to them. All the retail spaces are 90% Chinese or Korean.
In manhattan they are for Russian and Eastern European people. Those buildings aren't occupied but trust they are being rented. The key is to not think like someone who has no money but someone who does and the Asian and European investors stress patience. Next time look at the buildings with fresh eyes or even do some background checking on them. The market that is suffering is the commercial real estate market.
The landlords here really got too greedy. Never have I seen chain stores close like Duane Reede and Pizza Hut and so on so fast. Go to downtown manhattan and look at how many empty storefronts thee are now.
On Queens blvd the same, all of these businesses open and close within a year and the storefronts remained empty for years.
The commercial market is really ready for collapse.

 

[ZoeGod]

The coli is short sighted as always, the high rises are being filled slowly but steadily, they aren't built for locals or even the go to hipsters,. They are being built for foreign people. The Chinese are going to occupy many of these new buildings. If you live in Queens you will see what I mean. The high rises are openly marketed to them. All the retail spaces are 90% Chinese or Korean.
In manhattan they are for Russian and Eastern European people. Those buildings aren't occupied but trust they are being rented. The key is to not think like someone who has no money but someone who does and the Asian and European investors stress patience. Next time look at the buildings with fresh eyes or even do some background checking on them. The market that is suffering is the commercial real estate market.
The landlords here really got too greedy. Never have I seen chain stores close like Duane Reede and Pizza Hut and so on so fast. Go to downtown manhattan and look at how many empty storefronts thee are now.
On Queens blvd the same, all of these businesses open and close within a year and the storefronts remained empty for years.
The commercial market is really ready for collapse.

@eastsideTT what say you? You agree?

 

[ZoeGod]

The coli is short sighted as always, the high rises are being filled slowly but steadily, they aren't built for locals or even the go to hipsters,. They are being built for foreign people. The Chinese are going to occupy many of these new buildings. If you live in Queens you will see what I mean. The high rises are openly marketed to them. All the retail spaces are 90% Chinese or Korean.
In manhattan they are for Russian and Eastern European people. Those buildings aren't occupied but trust they are being rented. The key is to not think like someone who has no money but someone who does and the Asian and European investors stress patience. Next time look at the buildings with fresh eyes or even do some background checking on them. The market that is suffering is the commercial real estate market.
The landlords here really got too greedy. Never have I seen chain stores close like Duane Reede and Pizza Hut and so on so fast. Go to downtown manhattan and look at how many empty storefronts thee are now.
On Queens blvd the same, all of these businesses open and close within a year and the storefronts remained empty for years.
The commercial market is really ready for collapse.

You are right about storefront being closed after a year. In my neighborhood in Sunset the only stores that have survived are the ones that have been around more than 10 years. Those stores are Delis owned by Arabs and Mexicans. 99 cent stores by Asians. A Pizzeria that has been there since the 1980s. And a Chinese Food Spot that was here since the mid 90s. However newer stores that open up get closed down. There was a liquor store that opened for a year got closed down and the Chinese opened a bakery couple months ago. The cost of doing buisness here is getting too high.

 

[ogc163]

Hmmm interesting different opinions on the long term impact China will have on NYC real estate.

 

[Anerdyblackguy]

St. John's and NY presbyterian Hospital are building a biotech hub on Jamaica avenue. I knew when Starbucks came to Jamaica that was the start of something. The ave is about to get hit harder than before.

 

[Francis White]

St. John's and NY presbyterian Hospital are building a biotech hub on Jamaica avenue. I knew when Starbucks came to Jamaica that was the start of something. The ave is about to get hit harder than before.

Starbucks being built was your tipoff? Not the hub? The thing is people will have to face nothing stays the same. There is always going to be change, if you read the start of this thread , you had dudes bragging about how gully they hood was and it wasn't going to change, well everything changed. Asian are going to move in a much larger scale now. They planned long term now the effect will be felt. The talk of everyone ban together is over. The talk of blaming hipsters is over. If you saved money, got a good investment plan or own you will be fine.
https://www.google.com/amp/www.cnbc...in-buying-up-pricey-brooklyn-real-estate.html

 

[ZoeGod]

Starbucks being built was your tipoff? Not the hub? The thing is people will have to face nothing stays the same. There is always going to be change, if you read the start of this thread , you had dudes bragging about how gully they hood was and it wasn't going to change, well everything changed. Asian are going to move in a much larger scale now. They planned long term now the effect will be felt. The talk of everyone ban together is over. The talk of blaming hipsters is over. If you saved money, got a good investment plan or own you will be fine.
https://www.google.com/amp/www.cnbc...in-buying-up-pricey-brooklyn-real-estate.html

Think is black people are not benefiting from this at all. Our lack of financial knowledge and lack of interest of financial knowledge is making us lose the real estate game BIG time. I plan to own and encourage more of our people to own but from the looks of it alot of are repeating the same bullshyt mistakes that Gen X and Baby Boomer blacks did.

 

[Francis White]

Think is black people are not benefiting from this at all. Our lack of financial knowledge and lack of interest of financial knowledge is making us lose the real estate game BIG time. I plan to own and encourage more of our people to own but from the looks of it alot of are repeating the same bullshyt mistakes that Gen X and Baby Boomer blacks did.

Good idea, we need to our own to be realistic, in this thread I remember some guy crying about the price of a sandwich being to much for him and him not realizing that the cost of the food pays salaries and rent and supplies. He wanted the world to stop and just cater to him. Same thing with the guy saying his neighbors called the police because he was smoking weed in the hallway, this dude didn't have the sense to see he was in the wrong, smoke in your apartment and not bother anybody. We need credit and investment help to go farther. My friends been jumped on that wave and opened a new restaurant from their savings and investments. Coli go show your support for a black owned business.
Esther and Carole on broome street.

 

[eastsideTT]

@eastsideTT what say you? You agree?

Yes to a degree definitely... but not regarding the Luxury rental high rises in LIC. Out in Flushing however there is a lot of new construction, lots of Chinese money, lots of CASH...and some of these new buildings that have been built out there - every single unit is getting sold right off the offering plan before the building is even complete. Flushing is insane now. I think the same thing is happening to a degree in Brooklyn near Brighton Beach - luxury mid-rises going up and selling out quick. That foreign money is serious. I know & work with an old Chinese lady in Flushing who owns a house and she told me it's starting to slow down a little bit because a lot of foreign Chinese investors lost confidence in the US because of Trump - but I am not sure how true that is. I wouldn't give that too much credence. Another thing that goes down in areas like BB and Flushing where there is foreign money, people warehousing condos for investments, etc... are CASH deals. I think anything over a Million you get hit with a Mansion tax? Maybe it's $1.2 million? Either way...to get around that they'll sell a place for $800k on paper instead and take the other $200K in cash under the table. That shyt goes down a lot. Flushing is crazy now - but that's it's own little world - the high rises I am talking about that are going to have a tough time getting filled are the luxury RENTALS that are sprouting up like weeds along Court Square and Long Island City (basically the first 3 or 4 stops on the 7 train). I happen to live right off of Queens blvd kinda near Elmhurst (moved out to Queens from the city last year) and there is a building right on the BLVD that went up, probably like 14 or 15 stories, looks like it was originally built as market rate rentals... the shyt is still empty and it's been over 9 months. I heard they're going to use it for temporary homeless housing like they're trying to do with the hotels and motels along QBlvd

I don't think you can compare condos, especially ones built in foreign/ethnic enclaves -specifically- built for foreigners to park money - to the regular/luxury rental market (which affects "us" more)

 

[eastsideTT]

St. John's and NY presbyterian Hospital are building a biotech hub on Jamaica avenue. I knew when Starbucks came to Jamaica that was the start of something. The ave is about to get hit harder than before.

Are you talking about the Starbucks on Sutphin across from the court? I wouldn't use that as a harbinger... just because that area and little stretch of Sutphin gets visitors / commuters from all over the place who work at or visit the court. People are in and out of there on a daily basis. I think it would make sense to put a starbucks there only because it's across from all of the courts. Lots of foot traffic.

 

[ZoeGod]

Yes to a degree definitely... but not regarding the Luxury rental high rises in LIC. Out in Flushing however there is a lot of new construction, lots of Chinese money, lots of CASH...and some of these new buildings that have been built out there - every single unit is getting sold right off the offering plan before the building is even complete. Flushing is insane now. I think the same thing is happening to a degree in Brooklyn near Brighton Beach - luxury mid-rises going up and selling out quick. That foreign money is serious. I know & work with an old Chinese lady in Flushing who owns a house and she told me it's starting to slow down a little bit because a lot of foreign Chinese investors lost confidence in the US because of Trump - but I am not sure how true that is. I wouldn't give that too much credence. Another thing that goes down in areas like BB and Flushing where there is foreign money, people warehousing condos for investments, etc... are CASH deals. I think anything over a Million you get hit with a Mansion tax? Maybe it's $1.2 million? Either way...to get around that they'll sell a place for $800k on paper instead and take the other $200K in cash under the table. That shyt goes down a lot. Flushing is crazy now - but that's it's own little world - the high rises I am talking about that are going to have a tough time getting filled are the luxury RENTALS that are sprouting up like weeds along Court Square and Long Island City (basically the first 3 or 4 stops on the 7 train). I happen to live right off of Queens blvd kinda near Elmhurst (moved out to Queens from the city last year) and there is a building right on the BLVD that went up, probably like 14 or 15 stories, looks like it was originally built as market rate rentals... the shyt is still empty and it's been over 9 months. I heard they're going to use it for temporary homeless housing like they're trying to do with the hotels and motels along QBlvd

I don't think you can compare condos, especially ones built in foreign/ethnic enclaves -specifically- built for foreigners to park money - to the regular/luxury rental market (which affects "us" more)

The same is going on here in Brooklyn Chinatown. They build mad apartments and they get sold quick and only to Asians. There is a battle going on here between Jews and Asians. They jews are trying unsuccessfully to buy Asian properties for huge chunks of money. But the Chinese refuse to accept these deals.

The condos being built in Downtown Brooklyn and other parts of Brooklyn along with Manhattan are going months vacant. Do you think when the bubble burst will it have major negative effects on the NYC economy? And what you think of the affordable housing Deblasio is building across the city?

 

[ZoeGod]

Speaking of Sunset Park. This is the rendering of a massive redevelopment between Sunset and Dyker Heights in 8th ave in 68th street.

Here is the link
http://bklyner.com/new-updates-no-plan-moving-forward-sunset-park-development/

 

[eastsideTT]

Do you think when the bubble burst will it have major negative effects on the NYC economy? And what you think of the affordable housing Deblasio is building across the city?

1. i hope so

2. don't get it twisted. DeBlasio isn't building anything. DeBlasio does similar stuff to Cuomo and Hillary Clinton - old Democratic Machine virtue signaling. thinking all of their constituents are stupid. throw them a bone and keep them distracted. He's pressuring developers to take advantage of a tax abatement or get tax credits to make 20% of their new otherwise expensive market rate luxury buildings affordable. These fall under different programs like LAMP for low-income, and others end up being relatively expensive (but still affordable compared to market rate) because it goes off of the Area Mean Income. So while these 80/20 units are a godsend to those who are lucky enough to land in them - and they're better than nothing - I don't think it's a viable solution to the housing issue. If you notice on these housing lotteries for the income requirements, there is a big gap between like $38,000 and 60,000. Those people don't qualify for anything. Which is crazy. So what I think needs to happen is a bigger effort involving the state to get more money into the Mitchell Lama program and build new Mitchell Lama developments. You can read about that program (google) but Mitchel Lama Co-Ops are a god send. Home ownership for low and middle income people. People who stay and contribute and basically anchor entire communities. They need to get rid of the clause that lets buildings in the ML program leave after a certain amount of time to ensure they remain affordable, and they also need to sink money into new developments. On top of that they need to fix NYCHA without selling off properties to private developers. I know a percentage stake of a few NYCHA's along the FDR on the lower east side were secretly sold to private management companies and they'll be turning co-op. Still affordable, but not 100% NYCHA rentals. I have family in one of them and they got a letter stating that if you are a resident for X amount of years in good standing and have proof of income you can buy your apartment. 'regular' tenants probably get to stay as is and pay their rent (based on income) but you better believe they're gonna sweep the building and get rid of everyone in there who is living there off lease. They did this at a NYCHA in Forest hills Queens on 108th along the highway and it was successful.

I still think people should apply to literally every affordable housing development that exists though. And apply under family's names, have family/friends sign up, as well.

I didn't realize how out of control gentrification in CROWN HEIGHTS brooklyn had gotten. I just read a very alarming article about some bars opening up along Nostrand Ave in Crown Heights... made me shake my head