Converting MORE Rentals to Condos in FiDi!
I just saw this article in the NY Sun about Rockrose converting their 400+ rentals at 99 John street to condos.
I don't quite understand what they are thinking. There are SO MANY new developments and condo conversions in the Financial District right now! Off of the top of my head, they are still actively selling units at William Beaver House, 88 Greenwich, 90 William, 75 Wall, District, 159 John, the South Star, 20 Pine, the Setai, 25 Broad... There are 800 rental units on John Street ALONE being converted to condos!
Although the Financial District was a darling of mine for a while, I am going to have to cry "glut, glut, glut" after this latest announcement. I'd love to have a chance to pick the brain of whomever ran the numbers to make that decision...
Posted by frank booth
Mon Dec 10th, 2007 09:52 PM
buy now or be priced out forever!!
Posted by Noah
Mon Dec 10th, 2007 10:02 PM
ummm no
Posted by anonybroker
Mon Dec 10th, 2007 11:21 PM
prices are only going UP UP UP!
Posted by Noah
Tue Dec 11th, 2007 08:36 AM
anonbroker - excellent argument! I like the explanation as to why prices are going up the most. So, I assume you are buying up properties for yourself then?
Posted by anonybroker
Tue Dec 11th, 2007 09:48 AM
Sorry Noah, a little sarcasm.
Posted by Noah
Tue Dec 11th, 2007 09:51 AM
I think thats the 3rd time I fell for that from you. From now on, Ill just assume your remarks are real, even though they are sarcastic..and reply as such. Why not keep up the misses from my end.
I get emails all the time though from people saying stuff like that to me. Anonymous ones.
Posted by johnny
Wed Dec 19th, 2007 05:29 PM
foreigners are looking for alternative investments...so are wealthy Americans... commodities are hot..these are just a new kind commodity to buy and hold ......, than can be hedged as well....NYMX8 - 194 last ( CME HOUSING FUTURES, not much volume but woth taking a look at) also there are a number of stocks directly related to NYC real estate that can be sold short..justy do your homework.....
These conods...in my humble opinion and this is highly debatable....can even pose as a hedge against inflation....... i could be wrong!!
5 years...this area will be beautiful... if mother nature or anybody else for that matter , dont interfere with downtown rebuilding process!!!
Rgds