Now I’ve seen it all. The developer who built a condo at 979 Willoughby, not one of Bushwick’s nicest corners, and then priced the units far above market even at the top of the market is now desperate for tenants, having sold only one-quarter of the project. Fear not, failure businessmen — it’s the era of the bailout! Those who screw up the most, get the most! Bloomie and the City Council is considering a combination of tax abatements and subsidies to get those unsold units locked into their “affordable housing” system.
For his part, the mayor isn’t looking to own these units. “We do not want to be a landlord. That’s not what city government should do,” he said. Glad to hear it — you’ll forgive us if we didn’t know what amount of intervention the City considers too much, B-dog.
In other cities around the US, developers are suffering the consequences of their actions. And the result? Affordable housing. No Christine Quinn necessary.
Ingo Hart March 4th, 2009 at 1:31 pm
This is stupid. Let these developers suffer until they drop their prices.
Matt March 4th, 2009 at 2:44 pm
hah! Epic fail.
Fail was written on the wall ages ago at that property. (graffiti style)
WTF were they thinking with that style at that corner? Oh I know…they were thinking $$$$$.
Professional Alternative March 4th, 2009 at 3:02 pm
If they were really thinking $$$$$ they wouldn’t have done all they could to lose so much of it. The building is okay, too bad about the stupid garages nobody will use, but at a much lower price these would have been off their hands a year ago. Now they’ll lose their ass or rent them for 10 years.
Rod March 5th, 2009 at 10:30 am
They should have their condos foreclosed!!! This way I could afford one!
Dresden March 6th, 2009 at 9:44 am
This developer is saving one thing – their credit score. The city is offering a way out. We’re living in state capitalism, which is hard to distinguish from state socialism at times.
Armstrong March 6th, 2009 at 1:13 pm
I don’t understand what the city’s doing here?? Propping up high prices the market won’t bear? If so, how?
I thought this was crazy two years ago when they built it. They really jumped the shark location-wise and obviously pricepoint on this.
I still kinda like the building though. How cool would this be if it was built on the corner of Willoughby and Knickerbocker, facing the park?
Ah well..
Armstrong March 6th, 2009 at 1:26 pm
OK. watched the video on NY1. still, I’m confused.. why does the city have to get involved at all? as others have said, price them at a point where they’ll sell~!
I totally get universal health care, high speed trains, etc. can’t come soon enough, far as I’m concerned.
but the real-estate bailout and the auto industry bailout are going to fail spectacularly. we build shitty cars no one wants and we have for years and we’ve just spent a decade building shitty quality houses that no one can afford in the wrong places across the nation.
good money after bad. and we’re uh.. running out of money, period, as a society.
BK March 7th, 2009 at 12:16 am
When the rich developers saw that their condo’s wouldn’t sell, they complained to the city government. Bloomie recognized them as fellow rich white guys, and decided to reward these developers with tax rebates and subsidies, in exchange for their participation in the affordable housing programs. The developers rent the condos at a lower price than normal, but it is made up for by the tax breaks and subsidies. Condos rented, developers making $$, Bloomberg’s popularity reinforced – everybody wins. Except the renters, who end up with an careless absentee landlord, a cheaply-constructed building, and a great location in a neighborhood (often formerly industrial) that’s not set up to support a large amount of residents.
Anonymous March 17th, 2009 at 10:07 am
The prices really aren’t bad, you can’t find many comparable prices with a garage and a terrace included. Maybe the developer should re-visit a more aggressive marketing, most people have never even heard of this place.