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...
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Comments (7)
buy now or be priced out forever!!
Posted by frank booth | December 10, 2007 9:52 PM
ummm no
Posted by Noah | December 10, 2007 10:02 PM
prices are only going UP UP UP!
Posted by anonybroker | December 10, 2007 11:21 PM
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 Noah | December 11, 2007 8:36 AM
Sorry Noah, a little sarcasm.
Posted by anonybroker | December 11, 2007 9:48 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 Noah | December 11, 2007 9:51 AM
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
Posted by johnny | December 19, 2007 5:29 PM