East Brooklyn Cinderella hits the market
December 15. 2007 4:16PM
Demand strong for rehabbed housing complex's condos
An ambitious overhaul of a sprawling apartment complex at the eastern edge of Brooklyn reached a milestone last week when buyers closed on the first of 983 renovated units.
One year ago, Taconic Investment Partners and Apollo Real Estate Advisors paid $90 million for the unsold units of the former Fairfield Presidential Towers. They embarked on a $51 million revamp of the badly deteriorated 1,152-unit development, now called MeadowWood at Gateway.
The old Fairfield epitomized urban decay. "It was totally disgusting," says Jean-Paul Ho, a real estate broker who has worked in the area for 12 years.
In contrast, MeadowWood's rehabbed units feature granite countertops, bamboo floors and French doors. Boilers and elevators have been replaced, and video cameras and guards survey the grounds.
In addition, a minibus--currently paid for by the complex's owners--shuttles residents to the nearby Gateway Center mall and subways.
Prices start at $112,000 for studios, which have all been sold. All units are classified as affordable, meaning that buyers must meet income guidelines and can get government help on the purchase.
Not everyone is satisfied. East New York City Councilman Charles Barron says longtime renters in the building--which went condo in 1990--are being pressured to buy; that would raise their monthly payments and burden them with a six-figure debt. Tenants who buy should get a discount that is three or four times as much as the 10% being offered, Mr. Barron says.
He has been organizing residents and is negotiating with the owners.
--Erik Engquist |
