Another Developer Bailed Out with Style in Bed Stuy
As reported in the New York Daily News [Bed Stuy Residents Furious over Condo Project once slated as Dorm], it appears another luxury condo has gone the way of becoming five star accommodations for the homeless. How is it that Real Estate Developers continue to be bailed out by New York City while countless families face the threat of becoming homeless due to foreclosure?
I normally post only once a day to stay informed on market activities affecting residential real estate in Brooklyn. But I don’t believe recent developments in the condominium market will allow me the “LUXURY”.
As reported in the New York Daily News [Bed Stuy Residents Furious over Condo Project once slated as Dorm], it appears another luxury condo has gone the way of becoming five star accommodations for the homeless.
According to original plans submitted to the NYC Department of Buildings, the development was slated to become a dormitory for an all girl Jewish yeshiva located in Williamsburg, Brooklyn.
On the surface, the purpose for erecting a structure twice the size allowed under current land use zoning doesn’t seem to stand up well to scrutiny. Particularly if you have even a cursory knowledge of the community who the dormitory was being built for.
As the article points out, not even the Ben Chana School for Girls, the intended beneficiary, were not aware of any dormitory being built for their use.
It also begs the question whether the building erected was truly intended as a “community facility” at the time its plans were submitted. Given the size of the structure, its use could easily be manipulated to accommodate any prevailing market use determined.
One common thread between 652 Park Place (the dormitory turned homeless shelter in Bedford Stuyvesant) and 1040 East New York Avenue (the luxury condominium development in Crown Heights turned homeless shelter): the Bushwick Economic Development Corporation.
In recent post Difficult to Separate the Two in Brooklyn, we identified the agencies and not for profit organization involved. The Bushwick Economic Development Corporation has entered into another lucrative agreement with the city’s Department of Homeless Services to house homeless families.
652 Park Avenue is located in the 36th NYC Council District, currently represented by Al Vann, a career politician in the central Brooklyn community since 1974.
Unlike most elected officials who have served less than 5 terms in either City and/or State legislatures, Councilman Vann has established relationships over the years that would easily aid in addressing his constituents concerns in this matter.
We certainly hope Councilman Vann will act decisively on behalf of his constituents with regard to settling homeless families in local real estate developments after being re-elected to serve the voters in the upcoming City Council term beginning 2010.
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