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December 28, 2007
Sales Hummin’ at Huge East New York Conversion
Here’s a cheerful dispatch from outside the Brownstone Belt: Sales at Brooklyn’s largest condo conversion are going extremely well, and the development’s lead broker says buyer interest “has been overwhelming.” Eighty-eight units have gone into contract at East New York’s MeadowWood at Gateway since sales began in September, according to Jean-Paul Ho, a vice president at Fillmore Real Estate and MeadowWood’s director of sales.
MeadowWood at Gateway is a humongous former Mitchell-Lama rental complex that used to be called Fairfield Towers. Taconic Investment Partners and Apollo Real Estate Advisors purchased the complex last year and are putting $51 million into capital improvements. Prices at MeadowWood are running between $110,000 and $118,000 for studios; from $169,000 to $200,000 for one-bedrooms; and between $209,000 and $270,000 for two-bedrooms.
The prices are ridiculously low,” says Ho. “It’s the best value in Brooklyn.” (The New York State Affordable Housing Corp. and HPD are also offering financing incentives to moderate-income buyers.) Ho predicts that around 350 units will sell over the next year. “We’re not selling luxury condos in Dumbo or Brooklyn Heights,” he says. “But there’s always going to be a demand for affordable housing options in Brooklyn.” |
