Thursday, July 19, 2012

Williamsburg Needs and Wants More Condos, Says Developer

Posted By on Thu, Jul 19, 2012 at 11:54 AM

Condos.jpg
Mock all you want, but according to the people whose job it is to know these things, the supply of condos in Williamsburg has been outstripped by the high demand, which is both a bummer for real estate tycoons and a cause of ballooning prices.

Even though they've long since been the butt of, oh, just about every joke that's been made about the changing face of Williamsburg (Girls dealt them a particularly harsh blow) business is booming for these glassy, pricey, abodes. According to Modern Spaces CEO Eric Benaim, developers are chomping at the bit to build even more, but are being held back by banks (who won't give them financing) and the government (who won't give them tax exemptions). So narcs, basically.

"Everything that's being developed right now is hitting the market as rentals," Benaim explained of the condos, which are priced at an average of $917 per square foot, or between $617,004 and $939,643. Yikes. So, you know, you can't stop progress, but something tells me that even if they do get the go-ahead to build more of these strange adult play-pens, that's not going to make the rest of them any more affordable.

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About The Author

Virginia K. Smith

Virginia K. Smith

Bio:
Virginia K. Smith is the Assistant Editor at The L Magazine and a Bushwick resident. Her profile picture was taken at Summerscreen, because she is a real team player.

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