My NYC Black Folk......Gentrification

[Azul]

Servers

But let me add. This shyt ain't gonna stop. Unfortunately it won't. Ruben Diaz Jr. is probably gonna run for mayor. I don't know if he can win, but given DeBlasio's unpopularity, you never know. Diaz is in the developer's pockets in a major way. Google Keith Rubenstein. If he gets into Gracie, ppl are gonna feel it.

Did ya'll hear about those protests in Inwood against the market rate/affordable housing building these developers want to make? Well they fukked themselves big time because since the people straight up voted it down, the developers no longer have to abide by the mandates. All they will do is make the building a little lower and have ZERO "affordable" units.

 

[AB Ziggy]

.

 

[AB Ziggy]

I know this breh, I live a few minutes away what I'm saying it is the kind of white people....these guys

are not the Albanian, Italian, and Jewish ppl who are there already. These are the people priced out of Manhattan and Brooklyn. They are the ones you gotta look out for for. Look at the millions they are pumping into the area which includes designated bike lanes.

You think this is for regular nikkas?

I have a feeling the eventual loss of L line will actually drive cacs up here.

 

[Retired Account]

Pages ago nikkas said the Bronx ain't getting gentrified
nikkas laughed when I said if you wanna stay in this area move to jersey

New Jerseys main cities are gentrifing harder than the Bronx

I know this breh, I live a few minutes away what I'm saying it is the kind of white people....these guys

are not the Albanian, Italian, and Jewish ppl who are there already. These are the people priced out of Manhattan and Brooklyn. They are the ones you gotta look out for for. Look at the millions they are pumping into the area which includes designated bike lanes.

You think this is for regular nikkas?

The white and some latino areas have the biggest chances of gentrifying.
They is a bike lane on 222nd streat by Boston road. Black people still live there. They built a mall in bay plaza. Majority black and hispanic shoppers everytime i go

 

[Azul]

@God's Gift. No disrespect breh, but you sound a bit in denial. The places near transportation and aren't super far from Manhattan have the biggest chances of gentrifying. Riverdale doesn't need to "gentrify" and neither does Woodlawn. 222nd and Boston Road is a stronghold of West Indian/African HOMEOWNERS. It is low density zoned with not a lot of space to build. This is the difference here. Gentrification doesn't cut as deep when a significant amount of the people own their homes and aren't in danger of losing them either.

My mom gets calls ALMOST EVERY SINGLE DAY about our three family. Nothing but black ppl here with some Latinos sprinkled here and there and they are straight up harassing her. In the decade and a half we've been here this has never happened. Big ass "We Buy Homes" sign on Gun Hill where they are building ANOTHER mall where the golf course used to be. You think this is a coincidence?

A whole strip of business on the Unionport/White Plains Road side of Parkchester got thrown out on their ass. Corocan, Halstead, Goldfarb, etc...companies who didn't give a fukk about the south/north Bx are here. "They" want it and they won't stop until they get it.

 

[BigMan]

New Jerseys main cities are gentrifing harder than the Bronx

The white and some latino areas have the biggest chances of gentrifying.
They is a bike lane on 222nd streat by Boston road. Black people still live there. They built a mall in bay plaza. Majority black and hispanic shoppers everytime i go

Outside Hudson county and New Bruns, the big cities in NJ haven't seen much displacement

Not yet

 

[GunRanger]

This past week I was talking to my landlord and boy was he complaining about Deblasio. He was a jew anyway he was saying how the rule of one year lease has no rent increase and 2 year lease with 2% increase is hurting landlords. He went on saying how taxes go up for Sewer,property tax etc goes up while rent is artificially capped. So he say that is why landlords in NYC do things on the cheap. He said the solution was to lower taxes on landlords and remove the cap on rent.
They hire bozo plumbers,electricianso etc to do the work for cheap. He hires these Albanians that are terrible plumbers and contracters. In our building we had a contractor from Staten Island who doesn't know electric work to update our electricity lines. Mind you the SI contractor had no license to do electricity from the city all of last year and didn't get it until a tenant came. The city inspectors came in and saw mad violations. And to top it off....sigh..... he is a Coke head that doesn't pay his workers and hire homeless folk from shelters and heroin addicts. shyts crazy. The landlord paid him 20K upfront and 20 k when the job is done. Now it's been almost a year the job ain't done. If he were to hire a a real electrician he would have to pay 90k for the job. Man Brooklyn landlords are the worst smh.

Where in bk are you

 

[ZoeGod]

Servers

But let me add. This shyt ain't gonna stop. Unfortunately it won't. Ruben Diaz Jr. is probably gonna run for mayor. I don't know if he can win, but given DeBlasio's unpopularity, you never know. Diaz is in the developer's pockets in a major way. Google Keith Rubenstein. If he gets into Gracie, ppl are gonna feel it.

Did ya'll hear about those protests in Inwood against the market rate/affordable housing building these developers want to make? Well they fukked themselves big time because since the people straight up voted it down, the developers no longer have to abide by the mandates. All they will do is make the building a little lower and have ZERO "affordable" units.

Breh this shyt is unsustainable. The average salary is 40k-55k. They keep raising rent to ridiculous highs(despite what my landlord feels) and build luxury condos. shyt is disgusting. Deblasio's housing plan is like putting a bandaid on a cancer tumor. Theye developers are the new mafia. They have the city council bought and sold. Albany don't give a fukk. Where the people end up going? Westchester county,Rockland County,Nassau or Suffolk? Smh this shyt isnt gonna last. This bubble has to burst because people can't live like this.

Where in bk are you

Sunset Park

 

[Retired Account]

Outside Hudson county and New Bruns, the big cities in NJ haven't seen much displacement

Not yet

Im talking Newark and Jersey City

@God's Gift. No disrespect breh, but you sound a bit in denial. The places near transportation and aren't super far from Manhattan have the biggest chances of gentrifying. Riverdale doesn't need to "gentrify" and neither does Woodlawn. 222nd and Boston Road is a stronghold of West Indian/African HOMEOWNERS. It is low density zoned with not a lot of space to build. This is the difference here. Gentrification doesn't cut as deep when a significant amount of the people own their homes and aren't in danger of losing them either.

My mom gets calls ALMOST EVERY SINGLE DAY about our three family. Nothing but black ppl here with some Latinos sprinkled here and there and they are straight up harassing her. In the decade and a half we've been here this has never happened. Big ass "We Buy Homes" sign on Gun Hill where they are building ANOTHER mall where the golf course used to be. You think this is a coincidence?

A whole strip of business on the Unionport/White Plains Road side of Parkchester got thrown out on their ass. Corocan, Halstead, Goldfarb, etc...companies who didn't give a fukk about the south/north Bx are here. "They" want it and they won't stop until they get it.

Everywhere will get more expensive but everywhere wont gentrify. I generalized too much in my last post. The areas with the highest chance is fordam and the areas closest to Manhattan. I assumed that those areas where mostly Hispanic.

I dont see the black dominated areas gentrifying.Improvements doesnt always mean gentrication. The people i see moving tend to be black or Hispanic. Gun hill and and Co op city are far from Manhattan.

 

[Cave Savage]

Gotcha. So I assume you get a mortgage for your unit for a couple hundred grand?

Some co-ops are less, I think co-op city has co-ops for 20-30k

With a condo, you have to pay your own property taxes which depending on the size and other factors, may not be too much in NYC. Maintenance fees vary GREATLY. Some may include all utilities (which is pretty ideal), but most will include property taxes, heat, and hot water. You'd just pay gas and electric. Unless you plan on cooking a feast for 10 every night and your lights are on 24/7, those bills shouldn't break the bank. A percentage of your maintenance fees are tax deductible.

A building with a lot of amenities (doorman, gym, pool, etc.) is going to have high maintenance fees. If a building doesn't have luxury amenities yet has maintenance fees like look like rent ($750+ and I'm being slightly generous here) I'd be like . It could be a big sign that their financials aren't solid. Buy into a building that has a good amount of reserves so if they need to make improvements there won't be fukkery afoot.

While true that co-op usually don't appreciate as fast a condo, if you buy low in a place that gentrifies you're in a good spot. If quality of life is important to you, then you'd be happy with a good co-op because they don't tolerate ratchet behavior. With a condo, as long as you have the funds you're in. Then they can turn around and rent to anymore (some condo association do not allow renting, but not many). I was thinking about buying in Parkchester but the apartment I was interested in had section 8 ratchets next door

There is a lot more information I could break down. Do you have some savings breh? @CashmereEsquire

I would never buy a co-op with a high maintenance fee lol, it defeats the purpose of buying in my opinion.

Parkchester seems like a pretty good value though. Overall it's not very ratchet to my understanding

As for NYC in 10 years, who knows, I have to imagine the only "affordable" areas left will be in the outskirts.

 

[ogc163]

Some co-ops are less, I think co-op city has co-ops for 20-30k

I would never buy a co-op with a high maintenance fee lol, it defeats the purpose of buying in my opinion.

Parkchester seems like a pretty good value though. Overall it's not very ratchet to my understanding

As for NYC in 10 years, who knows, I have to imagine the only "affordable" areas left will be in the outskirts.

 

[Cave Savage]

For Bronx standards lol

 

[Azul]

What are "Bronx" standards? If anything, I'd take the Northeast/Northwest Bronx over East NY, Brownsville, Far Rock, etc.

Co-op city is a limited equity co-op. Good if you don't plan on going anywhere, but it isn't something you'd make a profit on. The values in Parkchester are actually creeping up a bit and with the metro north station that is coming it could see a bit more growth. The problem is there are WAY too many units that are non-owner occupied and a lot of the owners will rent to anyone Criminals, sex offenders, section 8, etc. Too many renters. They'd have to clean all the ratchets out to even get on the path to being a Stuy-Town. Plus the parking situation is ABYSMAL.

 

[Cave Savage]

What are "Bronx" standards? If anything, I'd take the Northeast/Northwest Bronx over East NY, Brownsville, Far Rock, etc.

Co-op city is a limited equity co-op. Good if you don't plan on going anywhere, but it isn't something you'd make a profit on. The values in Parkchester are actually creeping up a bit and with the metro north station that is coming it could see a bit more growth. The problem is there are WAY too many units that are non-owner occupied and a lot of the owners will rent to anyone Criminals, sex offenders, section 8, etc. Too many renters. They'd have to clean all the ratchets out to even get on the path to being a Stuy-Town. Plus the parking situation is ABYSMAL.

By Bronx standards I was referring to the ghetto South Bronx/Central Bronx (Mott Haven, Longwood, West Farms, etc.) neighborhoods, which Parkchester is nicer than to my knowledge.

So you're saying that a lot of the condos in Parkchester are rented out to ratchets by condo owners rather than the building owner?

 

[mson]

Learning and earning: Hasidic Brooklyn’s real estate machers
Investors from ultra-Orthodox sect have spent $2.5B+ in 5 areas over past decade: TRD analysis
August 22, 2016 07:00AM
By Mark Maurer

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  Hasidic investors and developers have transformed Brooklyn, but they remain in the shadows (Illustration by Lexi Pilgrim for The Real Deal)
  
  TRD Special Report: On the day before Thanksgiving, Yoel Goldman phoned one of his go-to lenders with an urgent request.
  
  The Brooklyn developer, who heads All Year Management , wanted to score a construction loan for his Albee Square project by Monday, which gave him just one business day to make it happen.
  
  The lender, Gary Katz of Downtown Capital Partners, reminded him of Thanksgiving. But Goldman, who is from the Satmar sect of the Hasidic branch of ultra-Orthodox Judaism, countered: “So you can’t work Thanksgiving tomorrow, but you still have all of today, Friday and Sunday.’”
  
  Katz tried an analogy. Wednesday, he told Goldman, is Erev Yontiff – “evening before the holy day” in Hebrew – and Friday is Chol HaMoed – a weekday between two holy days. For most Hasidic Jews, Chol HaMoed is an occasion for family and Talmud study, not dealmaking.
  
  Goldman got that, and held off. Property records show he ultimately received a $25 million mortgage from Downtown Capital and RWN Real Estate Partners – on Christmas Eve.
  
  The real estate investors who hail from Brooklyn’s insular Hasidic communities are some of the industry’s most active and powerful players. Over the past decade, they’ve spent more than $2.5 billion on acquisitions in five prime Brooklyn neighborhoods, according to an analysis of property records by The Real Deal. But unlike their Grill Room-dining, art-collecting Manhattan counterparts, they prefer to stay in the shadows, their connections to properties masked through a network of frontmen and a labyrinth of LLCs. Most have no websites, and some have never been photographed.
  
  This immense cultural divide hasn’t stopped them from transforming key neighborhoods into yuppie central, where rents and sales prices have skyrocketed. From the second quarter of 2008 to the second quarter of 2016, the average apartment sales price in Williamsburg doubled – from $668,956 to $1.3 million, according to real estate appraisal firm Miller Samuel. The average sales price in Bedford-Stuyvesant jumped 67.8 percent, to $877,225, and average monthly rents in Bushwick jumped 70.6 percent, to $2,643. Borough-wide over the same period, the average sales price climbed by 38.8 percent, to $816,827, and average monthly rents rose 26.2 percent, to $3,137, the data show.
  
  “The Hasidic community helped create the frenzy [in Brooklyn] we have today,” said Pinnacle Realty’s David Junik. “They let the market explode after that.”
  
  A clandestine empire
  
  Any Brooklynite could tell you the Hasidim are prominent landlords in the borough. But the extent of their dominion long remained unclear.
  
  
  These 10 addresses in Hasidic Williamsburg are linked to over $2.5 billion in real estate purchases (source: The Real Deal analysis of city property records)
  
  TRD reviewed every building purchase in five of the borough’s fastest-growing neighborhoods – Williamsburg, Greenpoint, Bushwick, Bedford-Stuyvesant and Borough Park – between January 2006 and mid-June 2016. Over this period, 10 addresses – affiliated with one or more firms – were each responsible for at least $100 million in purchases. The analysis included only addresses where the total expenditure involved five or more separate purchases, indicating repeat bets on neighborhoods. Firms like Forest City Ratner, Two Trees Management and Spitzer Enterprises, for example, also spent big on these neighborhoods, but made fewer deals.
  
  The 10 addresses (see chart above) were predominantly clustered in South Williamsburg and Borough Park. In Williamsburg, they include 390 Berry Street, 320 Roebling Street, 266 Broadway, 183 Wilson Street, 543 Bedford Avenue, 199 Lee Avenue and 505 Flushing Avenue. Mapping them out north to south takes you on a walking tour through the heart of the neighborhood’s Hasidic enclave.
  
  The addresses point to a who’s who of Brooklyn real estate: Simon Dushinsky and Isaac Rabinowitz’s Rabsky Group; Joseph Brunner and Abe Mandel’s Bruman Realty; Yoel Goldman’s All Year Management; Joel Gluck’s Spencer Equity; Joel Schwartz; the Hager family; and Joel Schreiber’s Waterbridge Capital.
  
  One address, 199 Lee Avenue, is affiliated with an incredible 1,400 LLCs. Over the 10-year period, the mailbox hub on Hasidic Wiliamsburg’s main commercial corridor is linked to 423 purchases totaling $583.5 million, the data show.
  
  Some of the biggest deals were Goldman’s April 2016 purchase of part of the Rheingold Brewery site in Bushwick for $72.2 million, and Goldman and Toby Moskovits’ 2012 purchase of the Williamsburg Generator site at 25 Kent Avenue for $31.8 million. (Goldman is no longer an investor in the 480,000-square-foot Generator office project.)
  
  Dushinsky, Goldman, Brunner and Mandel are considered the heavyweights. Goldman, who is in his mid-30s, owns a portfolio of more than 140 rental buildings. The bulk of his holdings were included in his bond offering on the Tel Aviv Stock Exchange, and were valued at $850 million, according to a recent filing. He’s also looking to build up to 900 rental apartments at a 1 million-square-foot complex at the former Rheingold Brewery site. Brunner and Mandel, also in their 30s, own more than 100 buildings. Dushinsky, who is in his 40s, has more than 600,000 square feet under development, including a 500-unit project at the Rheingold site. He’s also pushing for a rezoning at the former Pfizer site at the edge of Bed-Stuy that would allow him to develop a 777-unit rental complex.
  
  
  
  
  A rendering of All Year Management’s Rheingold Brewery project (credit: ODA New York)
  
  Most of these investors, believers in the concept of “ayin ha-ra” or evil eye, either didn’t respond to requests for comment for this story or declined to comment. Dozens of market sources who spoke to TRD for this story did so under condition of anonymity, for fear of antagonizing them.
  
  
  
  “They believe their success happens because they’re under the radar,” a former employee at a top financial brokerage said. “Blessings come from God for staying private.”
  
  The pious ones
  
  During and after World War II, thousands of Hasidim migrated from places such as Hungary, Romania, Poland and South Ukraine to Williamsburg and Borough Park. Joel Teitelbaum, the founder of the Satmar Hasidic movement, urged the young men to balance their prayers with jobs that would provide for the community. Some went into the diamond trade, kosher foods, garments and light manufacturing. Real estate was particularly appealing because for a long time, Jews in Europe were barred from owning land.
  
  “There was a deeply psychological aspect to owning real estate that drove the first wave,” a source said. “There wasn’t a notion that they could get rich off this.”
  
  Today, their approach to the business is completely different. Hasidic investors — including those from the Vizhnitz, Satmar, Klausenberg and Ger dynasties — are among the fastest-moving dealmakers in the industry, and have jumped headfirst into property speculation and large-scale development.
  
  
  
  For decades, the Satmars had been lobbying for the Williamsburg-Greenpoint rezoning, which came to pass in 2005 and transformed a roughly 175-block area along the East River from industrial to residential and mixed-use. The rezoning led to a luxury condominium and rental boom in the borough, but when the market turned in 2008, development and lending slowed. A select few Hasidic firms then bought nonperforming mortgages.
  
  “A lot of capital withdrew from real estate,” said Gabriel Boyar of Columbia River Capital Advisors, a real estate investment and advisory firm. “Those who remained doubled down and acquired assets at a cheap price.”
  
  By the early 2010s, as the industry recovered, the firms brought those buildings or parcels to market, reaping large gains.
  
  These days, the Hasidim are some of the keenest practitioners of the buy-and-flip, often employing the 1031 deferred-tax exchange to plough profits from one deal into the next. They also use their construction savvy to get projects moving before selling them at a premium.
  
  Rabsky, for example, bought a former silverware factory at 51 Jay Street in Dumbo for $25 million in 2012. Within a year, the firm secured approval for a one-story addition as part of a proposed residential conversion, and then sold the building to Silverstone Property Group for $45.5 million. Silverstone’s Martin Nussbaum and David Schwartz, who later formed Slate Property Group, partnered with Adam America Real Estate to develop it into 73 condo units and a townhouse. The late Satmar president Isaac Rosenberg and his brother Abraham, after securing a zoning variance at 462-484 Kent Avenue, put the site on the market for $210 million, drawing interest from the likes of HFZ Capital Group and Michael Fascitelli.
  
  “Blessings come from God for staying private.”
  The business “became more of a trade than a long-term investment,” said a prominent lawyer for Hasidim-led firms. “They used to look at yield over 30 years. There’s more of a shorter vision now – just two to three years.”
  
  Despite this more frenetic pace, many things remain as they were. Developers often live and work on the ground floor of buildings they own. They’re uncomfortable dining out, unlike the Gary Barnetts of the world who frequent kosher hotspots such as the Prime Grill. Their schmoozing happens at school functions, weddings and synagogue.
  
  Two of the largest Satmar synagogues, located on Rodney Street and Hooper Street respectively, are both called Congregation Yetev Lev D’Satmar. Inside them, investors chit-chat at the ritual bath known as a mikvah. “You see people,” one source said, “and you just bullshyt.”
  
  Given that the poverty rate in the Hasidic community — 43 percent, according to a 2011 UJA-Federation of New York study — is the highest among Orthodox Jews, the developers’ patronage of yeshivas and synagogues gives them a lofty status.
  
  “Real estate is not a big employer,” said Philip Fishman, author of “A Sukkah Is Burning: Remembering Williamsburg’s Hasidic Transformation.” “It’s only a few percent of the total community, but some [developers] may be worth tens of millions of dollars and are relied upon to support many of the poor people.”
  
  The ultra-Orthodox enclave of Williamsburg — a top beneficiary of Section 8 housing vouchers — is almost exclusively Hasidic, while Borough Park is home to both Hasidic and Haredi Jews. Due to extremely high birth rates, the Hasidic population in Brooklyn has been forced to spread south of Williamsburg into northern Bed-Stuy and expand its footprint in the heavily Orthodox village of Kiryas Joel upstate, Fishman said.
  
  Along with secular housing, developers like Rabsky continue to build religious housing – “by Jews, for Jews,” as a source put it. The projects typically hold cookie-cutter units that are sold at discounts. There is also a loose rule to preserve housing for fellow Hasidim: If one buys a building owned by a non-Jew, he may market it to hipsters. If one buys a building from a paisan, however, he should keep it as is. Luxury buildings in Williamsburg like the Gretsch – a condo conversion at 60 Broadway by Orthodox Jewish developers Martin and Edward Wydra, where a penthouse sold in 2013 for $4.3 million – faced strong opposition from the Hasidic community.
  
  Though there are occasional displays of wealth among the Hasidim — rich men, or “gvirim,” may sport a felt derby hat from Bencraft Hatters, which offers more than 100 styles — they are far removed from the flashes of excess seen among others in the industry.
  
  “If you don’t have a 72-foot Azimut yacht, two Ferraris and three houses, what the hell do you do with your money?” a source said.
  
  
  
  Mishpacha