These "Williamsburg Apartment Buyers Unite!!!" fliers were all over the Burg yesterday, most visibly on Bedford Avenue, but also plastered to the construction fence at 125 N. 10 (about which we'll have more in a bit). It declares that "The real estate bust is here! We are a group of 27 longtime residents seeking to buy realistically priced living and working space in our neighborhood...we are now utilizing collective buyback to dictate purchase prices from landlords, failed developers and foreclosing banks." Fighting words, especially about "dictating" prices, but the website (which went up within the last couple of days) is even more interesting.
Nevermind that a lot of people were busy doing the Williamsburg Sunday Open House crawl yesterday, here is some of the best "end is here" Burg verbiage we've come across, starting with some history:
With the luxury projects, the remaining few real buyers dried up relatively quickly; well financed developers have held out catching the last of the market-rate buyers (hipster day-traders?), first timers and some international buyer spillage from the city...This translated into the stalled and aborted projects at various stages of development littered on almost every street corner in Williamsburg (not to mention Greenpoint and Bushwick). That was last year... This year sees fully completed projects on the chopping block; high-end buildings that "could never drop in price" remain eerily silent as a few unlucky tenants grapple with a management company in chapter 11, and half of their building incomplete. Projects at every state of completion have come to a standstill...Local scavengers, hedge funds and seasoned investors are out trolling, buying up the defunct developments that once threatened the views and character of our neighborhood. There is a healthy supply of projects at every stage of completion becoming available every week for anyone's bottom-fishing pleasure. This is the perfect time to buy back what we built.