Tuesday, March 18, 2008

The real lowdown on Bowne

The housing market may be slumping, but a new listing featuring 10 rent-stabilized buildings in the heart of Flushing has deep-pocketed prospective buyers swarming.

Buyers abuzz over Flushing building boon

After the real estate Web site GlobeSt.com reported last week that Bowne St. Associates LLC was looking to sell its Flushing portfolio for at least $50 million, Manhattan broker Adelaide Polsinelli was bombarded with 400 phone calls in two days...

Yet beyond low rents in the apartment buildings and variety in the portfolio, Polsinelli said the prospective buyers she has spoken with are interested in buying "critical mass" in a neighborhood that is set to boom with the nearby Muss condo megadevelopment and, of course, the city's planned redevelopment of Willets Point - currently a gritty industrial zone.

"You're getting in on the ground floor of a neighborhood that is going to be so vibrant," she said.

Has this chick taken a walk around Flushing recently? Tweeding language by the realtor puts the cherry on top of this real estate spin. Too bad the article fails to mention that these were built illegally and have no C of O. Buyer beware!

The latest on the following future "vibrant" communities:

Crain's gives Atlantic Yards a 50% shot of being built, Hudson Yards 30%, Moynihan Station 25%, and Willets Point 35%. Oh, that pesky housing market...

Photo from Queens Chronicle


Anonymous said...

They're probably counting
on foisting off these lemons on the Asian market.

Chinese & Taiwanese will usually accept living
under many adverse conditions.
They often do so in their home countries.
So what's a little fire safety code violation to them?

Pump up the PR hype all you want.

Unless this piece is dumped for 10 cents
on the dollar (like the recent Bear Sterns fire sale)
nobody's going to buy this crap
at the overinflated 50 million dollar price tag!

Anonymous said...

Oh here we go again....
the "V" word...as in "vibrant".

Translation :

A smelly steaming 3rd world pool
of elbow to elbow humanity
crammed into a tight dark Sardine can
attempting to squeeze along
the narrow overcrowded sidewalks
and board the bursting subway cars
on our already overburdened
Main Steet platform!

You're being tweeded once again
(in case you haven't noticed) !

Toronto realtor said...

Wow..seems as a great deal..selling a slump for a 50 million dollar! If these guys will sell this 'property' with this price tag, then I'll try to sell tomorrow some carton boxes as condos..How deeply could one be mistaken..

Anonymous said...

Democratic Dictionary


ethnic slum


teeming ethnic slum.