382 - 390 Eastern Parkway goes condo

whynot_31 · March 2016

Presently a rental. Units are expected to sell for at least $700k a piece.

http://therealdeal.com/2016/03/04/ag-approves-pinnacles-crown-heights-rental-to-condo-conversion/

mike · March 2016

pragmaticguy · March 2016

I wonder how many "insiders" are going to purchase since this, as all others are, is a non-eviction plan. I can't see many buyers of units where present tenants won't move out and I'm sure they're rent stabilized in that building. Could take a long time before it's sold out.

whynot_31 · March 2016

I agree, I also find it unlikely that a renter can suddenly come up with the around $700k that would be required to buy the unit they presently live in.

However, I suspect that the present tenants may be offered a sum of money to leave, so the process does not take a really long time.

crownheightster · March 2016

I wonder what the size of the units are. I'm sure there is a mix. But anyone in a 3 or 4 bedroom apartment should stay put and avoid the buyout!

whynot_31 · March 2016

The landlord has already applied for permits on these apartments, so they are likely vacant:

INTERIOR RENOVATION OF APTS 2B,2F,3C,3F,3G,5E,5F,6A,6D.MINOR PARTITION CHANGES AND MINOR PLUMBING WORK AS PER PLANS.NO CHANGE IN USE,OCCUPANCY OR EGRESS.

http://a810-bisweb.nyc.gov/bisweb/JobsQueryByNumberServlet?requestid=2&passjobnumber=340267375&passdocnumber=02

pragmaticguy · March 2016

Usually present tenants are given a discount in order for them to buy and in that case the landlord doesn't fix up the unit. The landlord then makes the big money on the apartments that he's selling and the others hope to make their money on the appreciation of their apartment. Meanwhile, until he sells the building out he's collecting the maintenance money from the condo owners as well as the rents. A pretty sweet deal.

whynot_31 · March 2016

That is my understanding too.

In addition, there is usually a time period that the "present tenants who buy their units" have to wait before they are able to sell them and keep the full profit

,,,like 5 years or something

whynot_31 · April 2016

Oh dear god:

ChEJ-qQWIAETZQR

http://newyork.citybizlist.com/article/347500/edry-team-at-keller-williams-introduces-fully-modernized-homes-at-pre-war-condo-conversion-in-crown-heights

whynot_31 · April 2016

press re: the launch party: http://brokelyn.com/signs-you-may-be-a-brooklyn-gentrifier/

whynot_31 · May 2016

more press re the launch party: http://brokelyn.com/making-music-in-the-time-of-gentrification/

382 - 390 Eastern Parkway goes condo

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