Monday, February 15, 2010

Recession makes Shibber shiver

From The Real Deal:

Astoria, characterized by old-fashioned, low-rise housing stock, has traditionally been home to first-generation European immigrants. With limited available land to build on, developers have sandwiched a new crop of condos and rentals into the established residential neighborhood.

Shibber Khan, managing principal of the Criterion Group, said many of those who are moving into the new construction buildings are 20- and 30-something "yuppies" who are taking advantage of the first-time homebuyer tax credit.

Still, Criterion was forced to adjust the marketing strategy for its properties to jump-start sales activity and stoke rental demand.

Criterion's 80-unit Broadway Apartments complex is slated for completion in June 2011. Khan said a one-bedroom will rent for about $1,500, roughly 28 percent less than what he could have gotten during the boom.

"Before, I would have easily gotten $2,100," Khan said.

At the Piano Factory, on the same block as East River Tower, at 31-01 Vernon Boulevard, sales started in March 2009, but none of the units had sold as of last month, according to StreetEasy. Elliman, the marketing agent for the project, declined to comment.

The former Sohmer Piano Factory in the historic, landmark building was overpriced, other sources said. According to StreetEasy, a one-bedroom in the building was priced at $590,000.

The property is far from the train station, and the demand was questionable "for that kind of luxury in the area," Hultmann said. (The condo includes amenities such as a pet spa and penthouses with working fireplaces.)

15 comments:

Anonymous said...

WTF?

TWO 20 story buildings called the Alma on the waterfront? Who the hell is going to move all the way down there in the middle of nowhere?

A seach of the internet reveals .... nothing! Why is this not in the new zoning study for Astoria????!!!???

Another boondoggle Jr Vallone, Baloney Maloney, and Mystery Man Gianaris is going to finance with taxpayer monies or give tax credits to or use stimulus money for?

Anonymous said...

CB1 the community board from hell.

Anonymous said...

Queens Chronicle, Feb 11, page 14

WESTERN QUEENS TALKS OVER ITS FUTURE

Rose Marie Poveremo

"[Astoria is] Oversaturated, overwhelmed, and envirnmentally abused and assaulted."


Borough President Helen Marshell

"Astoria is growing by leaps and bounds and the working people are coming to the borough"

Peter Vallone

[the area's charm is why people are coming to Astoria and that] "this new zoning will protect that"

'Honest Joe' Crowley

[on the community's future] "we are trying to avert [a commerical real estate collapse by] allowing foreign investment"

---

One says Astoria is oversatuated, the other says the area has charm.

One says the area is growing by leaps and the other says the real estate industry is ready to collapse so lets turn the community's future over to outsiders.

This leadership not only has no idea what the hell is going on and it doesn't care what the hell is going on.

Anonymous said...

NO big surprise they are not selling because for one theres nothing down there. Another dumb move from Vallone.

Im waiting for the reports on that 20 story building to come out about how badly it was thrown together.

Anonymous said...

[on the community's future] "we are trying to avert [a commerical real estate collapse by] allowing foreign investment"
---

So the foreigners invest, skim the profits (and tax breaks and stimulus money financed by John Q Public), and American citizens are stuck paying the taxes on the infrastructure?

And putting up with landlords that have taken over our waterfront and don't give two shits about us or our community except how much they can milk the cow?

Anonymous said...

...and explains Johnny 'the 13th Apostle' showing up at every shithouse each time someone flushes for the next four years?

Anonymous said...

TWO 20 story buildings called the Alma on the waterfront? Who the hell is going to move all the way down there in the middle of nowhere?


WAS THIS ZANEY ZONING APPROVED BY THE SAME COMMUNITY BOARD THAT OKAYED DUTCH KILLS ZONING AND IS LOOKING AT THE ZONING FOR ASTORIA?

GOOD LUCK!!

Anonymous said...

Yup, the same ones that are looking at Hallets Cove, Astoria Penensula, and SilverCup City adding oh somewhere in the range of 60,000 people in those three projects alone

DWARFING ATLANTIC YARDS IN AREAS REMOTE FROM PUBLIC TRANSPORTATION,

IN A SHAKEY POWER GRID,

AND NO INFRASTUCTURE (HOSPITALS?) TO SPEAK OF.

Retaining the "charm of the community" my ass Peter.

Anonymous said...

http://queenscrap.blogspot.com/2010/01/vallone-wins-2010-overdevelopment-award.html

Anonymous said...

IMO this was always a stupid location. There are virtual nothing in that area. There are much better alternative to buying new construction in more developed areas.

Anonymous said...

This guy a principal in a major real estate investment?

Thought he as a cab driver. Would love to know his story.

Anonymous said...

Went to DUMBO yesterday. They have a waterfront park. It is beautiful.

Why is it acceptable that we get 40 feet next to a 40 story building .... and no one (even groups that should know better like Greenshores NYC) says a thing?

Anonymous said...

So the cab driver and his mystery money can make even more money.

Next question.

stinky said...

I can't understand how a developer could put up an ugly ass building in these industrial junkyard areas full of suspect neighbors and projects and think they could attract a buyer to pay up for this? Renters will not flock here as they is nothing locally for (bodegas) food shopping or restaurants (Hot pollo loco) subway nearby (unlicensed drivers)to take you there. It appears that these buildings will be ripe to fill them up to pay down the banks by filling them with section 8 tenenats!

Anonymous said...

i went to a nerd HS with that shibber guy! I guess a high IQ doesnt necessarily mean you will be a savvy business man :)