Something New, for $1 Million

I feel sorry for the people of Harlem who probably have no way of fighting back against the onslaught of gentrification.

Madness. Sheer fiscal irresponsibility and madness.

As Colonel Kurtz might say regarding $1 Million dollar condos as affordable, "The horror, the horrors..."

And how much might those hoa fees be?

Wow. Under a million is considered “affordable.” And people can’t figure out why the homeless population continues to grow.

Interesting but I (and my friends) would NEVER live in some of the mentioned neighborhoods.

Why isn't the massive development in Long Island City driving down prices?

A recording studio in an apartment? Is he crazy? I would hate to be his neighbor

Why $1M is an anchor figure? Is it because of the tax? Why these can’t be 1/2 of that? I read about all those high paying jobs coming to NYC and wonder about these ‘rent’ (pun intended) seeking barriers in the real estate market? Those amenities sound nice, but what percentage of the asking price is the cost of those amenities? Outside a good gym, others features are something that developers are proposing (and I am sure they have done some market research), but as a buyer I would rather pay less purchase price versus more for something I would or cannot use frequently.

This article speaks of the disparity of class that NYC faces. I’m a resident of a longstanding coop complex in the heart of Brooklyn, that for sixty years has provided homes for middle class New Yorkers. While the developers are “sweetening” deals with buyers for living property tax free for decades, the city is passing that cost to the long time residents of older middle class coops such as mine. In the last three years alone, our property taxes have increased twofold, driving our maintenance prices to a point that shareholders who have lived in this neighborhood for over 40 and are on fixed incomes are getting driven out of their homes. City officials need to be held accountable for this disparity. They are driving out their long standing voter base for newcomers in passing who in due time, will exchange their studios and one bedrooms for the comfort of the higher property tax suburbs. And the developers with their pockets full of cash, what “sweets” are they giving back to the city?

Did it ever occur to developers that if they left out the useless super-fancy appliances, fabulous finishes and unnecessary amenities, they could charge a lot less? And probably sell out in week? And as for new, new is rarely better. It's thinner, cheaper, more likely to break, etc. That's why the phrase "pre-war" is still considered a plus. Try tapping on those walls to feel and hear something really solid. Let's hear for old and simple. Better and maybe really affordable.

'Boutique condo' in Harlem. Wow. Never thought I'd hear that phrase in relation to Harlem...especially that part of Harlem. I know that stretch of Frederick Douglas at 149. I probably haven't been there in a good ten years or so, but back then it was quite sketchy. And I suspect it hasn't changed all that much, except for the fact that there are now 'luxury' buildings complete with 'luxury people', living in the midst of people who are struggling to get by. 'Condos priced under $1M' = $999,999

Some Manhattan neighborhoods, due to idiosyncratic locations, have apartments with balconies and up to 2 bedrooms for under $1 mil. The Grand St. coops on the Lower East Side, for example. No, they are not new, and the coops - not condos - by the East River, are a 15 minute walk to the subway, which is why they are cheaper. (They do, however, have bus and NYC ferry service). Surely other Manhattan neighborhoods have similar "bargains" - and I am aware the term is relative. Perhaps the Times can run a piece on what one bedroom or more condo or coop you can buy in Manhattan - and where - for under $1 mil?

As Martin Sheen said in the movie Wall Street, "the whole world's off its rocker." to portray 1 million doar apartments as "affordable" either means we are living in south America (where for example 20000 Chilean pesos gets you an appetizer) or we have truly lost sight of reality.

I love reading these articles in the NYT. Makes me glad to live in a small rural city, where we bought a 3000 square foot house on a quiet 2/3rd acre lot for $155k.

A million bucks for a bedroom size apartment? Thanks but no thanks.

Wowie, under a million in BUSHWICK? Let me check under the sofa cushions for some spare change and see what I can come up with. I especially like the part where there's no "fine dining" nearby, but the developers are hoping the area will change (*cough* wholesale gentrification *cough*).

Why are people buying $1MM apartments next to the BQE? I guess there really is a sucker born every minute.

"...they may have to take a chance on a neighborhood where coffee shops, sit-down restaurants and other mainstays of more popular neighborhoods are limited... 'It’s happening, but it’s not quite there yet,' said Marty Hanna, a broker..." When you say "It", you mean gentrification, right, Marty?

How about Detroit, really!

550 foot studio in Flatbush for $850K is newsworthy for being affordable. Insane!!!!

This article had the good grace to mention the absurdity of calling $1M apartments "affordable, but then keeps talking about "value." I've got a top 5% income, live in on of the most expensive towns in NJ, the closest to the city, but I still can't imagine paying that much, for a much smaller apartment than I live in. Why not cross the river and take the PATH to work, and have a little left over to actually enjoy the city?

Allowing all the new construction reduces the value of my house which is older. It also causes congestion and damages the ambiance of my neighborhood. On the other hand allowing a million illegal immigrants to live in NYC and encouraging hundreds of thousands of legal immigrants to settle here drives up real estate prices. Young Americans move to NYC for a few years but almost always leave to start families. In truth, statistically, all of New York's population turns over every 25 years. Two hundred thousand new people plus their New York born children and their grand children equals the total population of NYC in 25 years. If you are here since before 1980, its because an immigrant family left early.

“‘We wanted to let buyers enjoy something in their price range,’ [Mr. Yogev] said.” Uhm, thanks? How kind of him.

I've never understood who is buying these condos? Even if you are wealthy enough to afford a $1M unit they aren't big enough to raise kids in, and many are in "less desirable" school neighborhoods. Yes I know that's a loaded statement. I guess there are lots of couples who don't want kids or look at it as 5 - 7 year investment?

"“We wanted to let buyers enjoy something in their price range,” he said." Translation: We couldn't sell it for every penny we hoped for, so we reduced the price to move it. I seriously doubt the gracious concern expressed for the prospective occupant by the developer with this statement.

Definitely an option for those who want to own in this price range but don't want to go through the co-op process . A major concern is construction quality and possible future issues that could impact owners hugely. Any suggestions for vetting developers and what lies behind the shiny facade?