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The Post says that "two distressed luxury condo buildings -- one in Harlem and another in Downtown Brooklyn -- are in talks with the city to unload their unsold units at fire-sale prices as affordable housing." Hey, if luxury condos can become homeless shelters, why not? While it's unclear which condos are being eyed, apparently the city is negotiating with the banks that foreclosed on the properties. And the city's housing commissioner Rafael Cesetro said the condo developers/banks "would have to take significant losses"—a $500,000 condo could be purchased by the city for $300,000 (plus the developer/bank would get a $50,000 subsidy). Cesetro added that developers were only thinking about the bubble, "Some of the sales assumptions seemed like a stretch in any kind of market. In Downtown Brooklyn, and not on the water, they had buildings underwritten to sell for $800 to $900 a square foot." Will more luxury condos be turned over to the city?
From Foreclosed Luxury Condos To Affordable Housing
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It's the same media that NEVER mentioned Muslims' hatred of Israel as a possible motive for 9/11.
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Good! We need some nice affordable housing around here. Let's just hope the city isn't in bed with the developers so they don't overpay...oh wait. Shit.
the developers would get $50,000 city subsidy for each apartment. This program was pushed by City Council Speaker Quinn. I am at loss for words that people aren't anger by all this theft and corruption. We all know that the city can buy the properly cheaper if foreclosed and auction.
We all know that the city can buy the properTY cheaper if foreclosed and auction. BAILOUT FOR QUINN AND BLOOMBERG'S Buddies.
When will it end.
Shit! I don't want poor people living next to me! Why doesn't the city ship them out like the homeless?
Crystal meth addicts versus hipsters/metrosexuals/yuppies.Tompkins Square Park will rise again right on the banksters doorstep.
Good job.
when the govt is corrupt, the rich arent allowed to lose.
instead of these developers taking a loss the city is going to step in and pay OUR TAX DOLLARS to see that they get paid.
NYC IS CORRUPT.