Old and Stranded in South Williamsburg

Retired school principal Elizabeth Mulvihill moved from Long Island to South Williamsburg a couple years ago because she's old and doesn't want to drive anymore. So she dropped $1,040,000 on a two-bedroom apartment in Schaefer Landing, a development on the East River that opened in 2006. At first life was grand, with the New York Water Taxi whisking her away to Manhattan for doctor appointments in 15 minutes. But then the boats stopped running in the winter because the line wasn't profitable. And with the L train a mile away, Mulvihill says she's "stranded" and "depressed." Other tenants at Schaefer Landing are deciding against renewing their leases because of the lack of transportation, and with Depression 2.0 well underway, many are wondering what ever will become of all these optimistic new condos. New York Water Taxi wants a subsidy from the city to keep the South Williamsburg line afloat, and Mulvihill just wants an easy way to get to the doctor. She tells the Times, “I thought this was a safe investment, given the stock market.”