From Curbed:The residential project planned for the site of the East River Tennis Center at 44-02 Vernon Boulevard in New York City has been pretty firmly filed under "arrested development" for a while now. But The Real Deal reports that the freeze may be thawing. Loan-holder Durst Fetner Residential is on the verge of selling the project's note to the property's owner, who plans to get construction going. On the menu are 910 units distributed among two 28-story buildings and four eight-story ones. And on a scale of now to never, how should we rate the likelihood of construction actually happening? Turns out the developer has enough financing to start construction on 561 units (one big tower, one small) this year. Is the LIC waterfront—which has no shortage of housing under development (hello, Queens West)—hot enough to handle yet another project?
3 comments:
Can anyone explain to me why all this housing construction is going great guns while apparently finished units sit empty, all while rents skyrocket? What happened to the laws of supply and demand and the much-vaunted free market.
As long the the public accepts what they are told, takes bullshit for 'progress' (see the Astoria rezoning for "planned development"
above), and lets their taxes get poured into garbage like this while they get nickel and dimed to death as their own services go to hell, then yes, this will continue.
The city's leadership and elite doesnt want poor people in Manhattan.
These buildings will be built with the promise of a new fresh city and will be so for a few years while they are new.
But as the Tower People are discovering, the 'postal workers' that run this boro might be great at delivering mail or selling stamps, are totally inadequate in the grey matter department to make this a good place to live or raise families (except of course, those of you from 3rd world villages where Queens is great until your cousin in Rochester shows you something better)
So after the bloom is off the rose, we will have 30 story towers of busboys, and nannies, and waitstaff, and porters just a 15 minute ride from midtown.
Section 8, too.
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