Which Downtown Brooklyn building getting section 8

screw you. What a stupid thread.

I'm guessing be@Schermerhorn. I only hope it's not Forté, because I like Forté's location and might like to buy there if the price comes down . . .

The Forte. Does DUMBO count as DT BKLYN?

my money is on Forte

I vote ALL of them ... what happened to that legislation to make it illegal to refuse Section 8 vouchers? Did it pass?

> Does DUMBO count as DT BKLYN?

Who knows in the city designation, but DUMBO buildings luckily were finished before the worst.

Though maybe 99 johnin vingar hill...,

how about the oro?

Oro is my #2.

I know forte is in MAJOR trouble, but I feel like its already been dealt with, and the apartments are 4 to a floor. Not a huge building. Doesn't seem very section 8 to me.

nyc10022,

Did DUMBO developments sell or rent before the worse?

Would anyone happen to know DUMBO occupancy:vacancy ratio?

Ft. Greene & Walt Whitman these two projects have a high vacancy rate.

alanhart may be right. This entire area may become HUD buildings. Are any of the new buildings in DT filled?

"Ft. Greene & Walt Whitman these two projects have a high vacancy rate."

These are already projects.

Toren and Oro since they are already across the street from da Projects.

HH11231

What makes you think its Toren? Any facts?

I love that I didnt even come up with this question

I think it's Forte. Toren is at 50% in contract and they haven't had a price cut. They're doing relatively well.

bjw2103,

Wow, your the strongest link.

Fayek yes the fact remains they are located across the street(Myrtle Ave) from Section 8 Housing. And those projects are not going away within the next one hundred years.

Fact #2 Toren already has "affordable housing" units on floors 1 to 6; its seems like an easy transition to make the entire building "affordable housing".

Fact #3 They don't have a TCO so they won't have to kick anyone out of their occupied units.

They actually do have a TCO. HH11331, you don't know what you're talking about. It's either Forte or Be@Schemercorn.

Be@maybe. Not toren, oro or forte.

Toren developer walked away from an offer that was 10k less than asking. So I don't think they'll be running to gov't for bigger discounts.

HH11231

According to the link below Toren has recieved its TCO.

http://curbed.com/archives/2009/08/11/curbedwire_toren_scores_tco_cooper_union_scrubbed_anew.php

11201

your statement about Toren being 50% sold is False!

according to HALSTEAD.COM there are....................................76 units in contract

out of a total of......................................................240 units in Toren

total units in contract................................................31% in contract

And the developers being non - negoitable has not worked in their favor........there hasnt been a signed contract in Toren for a very long time NOW!

11201 I'm sorry if I don't know what I'm talking about I'm not a Broker there. If you have the TCO Have people moved in yet? Because I parked on Flatbush 2 weeks ago and the Sidewalk shed was still up. I was watching the workers using powers tools on the 4th or 5th floor with their windows open and I was afraid that they might drop something on my car. I haven't heard squat about a TCO but even if they do, the building is still in no condition to move into. Please prove me wrong about the TCO not that it matters. You say Toren is 50% in contract? According to who? Toren? You still have another 20% for the folks with Fannie Mae Pre-Approvals. Thanks for proving me wrong. Its like that song by Meatloaf 2 out of 3 aint bad.

Nice find Fayek I missed that:

DOWNTOWN BROOKLYN—A tipster emails, "Toren has received a Temporary Certificate of Occupancy. Closings to begin soon?" [CurbedWire Inbox]

But...

Are you sure that it isn't a typo I think they meant A hipster emails, as in one of the hipster brokers that showed me one of the apartments. That was 2 weeks ago any updates on if people started moving in? Not very concrete even by real estate blog standards. I'll be there on Sunday.

in contract means nothing I am sure the people in contract saw the Forte news and spoke to lawyers t get them out. This is a nice building but there is little chance for it to go forward as a condo. Forte will kill this and Oro

HH11231

As a proffesional in the business, I like to go with the facts!

the fact that no new contract have been signed at the toren for a very long time now is not very encouraging!

Apparently Toren thinks that the most important feature for buyers purchasing real estate is Amenities Amenities Amenities, so we will price accordingly. This was the first building I went to when I started going to Open Houses. When I see this building I think about that video of a guy getting beat up in his lobby with his fancy doorman standing there doing nothing; I believe it was in FiDi.

Fayek: perhaps they haven't updated their website since they all have been on vacation this summer spending all that money that is sure to come once they start closings.

The fifty percent includes the affordable units on the lower floors that aren't listed.

http://a810-cofo.nyc.gov/cofo/B/302/296000/302296539-01.PDF

In addition to TCO, Toren got Fannie Mae approval

11201

Even with the affordable being spoken for (and I know not all of them are in contract)! it still does not add up to 50%!

Let us do the math.....................................here we GO...!

total units for Toren...................................240

total affordable units...................................40

total market rate units.................................200

total units in contract..................................76

..................................................76...out of 200...

total units in contract..................................38%

Toren is 38% in contract!!!

Except that there are 86 units in contract, as seen here on Streeteasy. There are also at least 30 affordable units in contract for a total of 116 out of the 240. It's almost 50% in contract.
http://www.streeteasy.com/nyc/building/150-myrtle-avenue-brooklyn

11201

Since you cannot add the affordable units to the mix because they arent market rate...according to the developers....than the facts would be this....!

total units in contract according to streeteasy...........85

240 less affordable 40 =.................................200

total units in contract..................................43%

degree3 what does Fannie Mae approval constitute? For example FHA approval means you can close with 3.5% down and 51% occupancy.

But in reality, offering affordable units in a building would drop the price of the other units considerably. Wouldn't it?

Here's my question. Will the existing owners be subject to the income caps when they sell, meaning will they have to find buyers who meet the HUD criteria, despite their having purchased the units before it went HUD?

familyguy no but the value they will be able to sell for wont be able to be much more then the HUD units. My guess would be 5 percent

> 50% in contract and they haven't had a price cut. They're doing relatively well.

I like how 50% sold (including low(er) income apartments) after I believe a year is doing "well" these days.

Not saying its not, its just crazy how things have changed.

This thread should read "Which Downtown Brooklyn buildingS getting section 8"

More too come.

For Fannie Mae condo buildings have to be 51% in contract
https://www.efanniemae.com/syndicated/documents/dps/condopud/NY.pdf

We can rule out Be@ at least for this week, the condo in question is in Forte Green:

http://www.nytimes.com/2009/09/02/nyregion/02condos.html

Ms. Almodovar stressed that the program would take some time to develop, because the state had no experience with turning half-finished buildings into moderately priced housing.

“There’s no playbook here,” she said. “We’re trying to figure out how hard this is.” So far, officials are seriously talking with one developer on a condo project in Fort Greene, she said.

They are going to f^(* the buyers at the Forte.

I think it's gonna be Toren or Oro. Perhaps that's why they never reduced prices because they have been negotiating with the city the last few months.

Technically Oro isn't in Fort Greene so I guess it's Toren.