Here’s a curious real estate listing. A 15,000 square foot tenement building, 281 Grand St., is on the market for $13 million, $5 million above the most recent sale price just four months ago,
In August, the building, located just to the west of Eldridge street, sold for $8 million to a firm with a Flushing, Queens mailing address. Now a real estate company, Keller Williams, is testing the waters in the overheated Lower East Side market. According to the listing, the renovated property includes eight “loft-style” apartments ranging in size from 12000 to 1600 square feet. You can see more details here.
It can happen because the “system” it’s called capitalism. Do you know the back story when it sold for “only” $8M? “Rebuilding”? This is private real estate ownership…why would someone put up $8M to benefit those who didn’t put up any part of the $8M? What “cost of so many” are you referring to? What detrimental affect on the “communities” are you alleging is happening? You’re making an assumption “someone” lost their homes… BTW, just because the new owner is asking $13M…doesn’t mean they’ll get $13M…
I’m definitely making an assumption, but its based on my personal history in the LES where I’ve been priced out of my home because of this exact process. Also, the assumption is based on my humble, but thorough ten year experience in NYC watching the capitalist real estate market remove artists and small business owners from the neighborhoods they helped build up, make safe and thrive.
Luckily a new nationwide study in an article about Elizabeth Warren and Hilary Clinton shows millenials favoring socialism to capitalism, so hopefully this detrimental process slows down before we lose more and more of our culture. What’s funny is the denial of capitalist supporters that this process ultimately comes back around to destroy these neighborhood economies…the government just happens to bail them out with 700 billion…while cutting food stamps, arts programs, education funding etc.
Looking to Detroit where they are now giving buildings to artists begging them essentially to help rebuild the city…how long before they turn on those artists and allow those buildings to be bought by developers, whose only interest is their personal profit…
You’re right Joe Ha…I don’t know the back story of this one building…but I don’t think my assumption is likely to be off base. If it is, I will be happy to be surprised.