A State Assemblyman gave a stress test to properties in his central Brooklyn district, and apparently the whole region is filled with dominoes dangerously swaying in the winds of Hurricane Lehman. In all, Crain's reports, the survey determined that 65 market-rate residential buildings in the neighborhoods of Fort Greene, Clinton Hill, Prospect Heights, Crown Heights and Bed-Stuy are financially troubled or on the verge of distress. The list includes stalled projects as well as new buildings that are completed and unoccupied, such as Clinton Hill's The Collection at 525 Clinton Avenue (oh, what sweet memories) and the Isabella at 545 Washington Avenue, which some eggheads believe represents everything that's wrong with America.
Developers of both buildings are in the early stages of foreclosure, and State Assemblyman Hakeem Jeffries wants to turn the unsold units into affordable housing, similar to the City Council's HARP plan. Surprisingly, Fort Greene's Forté?which should soon wind up in the hands of its lender?didn't make Jeffries' list. The Isabella still has some active listings for those looking to live dangerously.
· 65 central Brooklyn condos in or near financial distress [Crain's]
· A Trip Inside Clinton Hill's 'The Collection 525' [Curbed]
UPDATE: The Local blog has the complete list of buildings compiled by Jeffries. There's some shockers on there, including the blockbuster One Hanson Place conversion. It's unclear how these buildings got on the list, but the witch hunt should sure make for some interesting discussion:
Fort Greene and Clinton Hill and vicinity * 70 Hudson
* 270 Greene
* 388 Classon
* Putnam and Classon (no address given)
* 506 Washington
* 483 Washington
* 309 Grand
* 545 Washington
* 525 Clinton
* 936 Fulton
* 111 Steuben
* 447 Clinton / 440 Waverly
* 473 Clinton
* 150 Myrtle
* 1 Hanson Place
* 175 Vanderbilt
* 181 Clermont
* 174 Clermont
* 397 Myrtle / 150 Clermont
* 315-325 Greene/ 136-144 Clifton
* 105 Lexington
* 95 Lexington
* 424 Lafayette
* 333-345 Greene
* 66 Lexington
* 76 Lexington
* 395 Classon
* 609 Myrtle
* 958 Atlantic
Elsewhere* 377 Franklin Avenue
* 387 Franklin Avenue
* 398 Franklin Avenue
* 188-186 Franklin Avenue
* 120 Lexington Avenue
* 926 Bedford Avenue
* 900 Bedford Avenue
* 160 Franklin Avenue
* 231-239 Skillman Street
* 552 Lafayette Avenue
* 397 Greene Avenue
* 1056 Bedford Avenue
* 956 Bedford Avenue
* 107 Monroe Street
* 961 Bergen Street
* 840 Bergen Street
* 804 Bergen Street
* 954 Pacific Street
* 678 Prospect Place
* 272 St. Marks Avenue
* 328 St. Marks
* 364 St. Marks Ave
* 542 St. Marks
* 527 Lincoln Pl
* 524 St. Johns Pl
* 532 St. Johns Place
* 580 Sterling Place
* 475 Sterling
* 476 Sterling
* 649 Washington Avenue
* 655 Washington Avenue
* 587 Washington Avenue
* 238-240 St. Marks Avenue
DOUBLE UPDATE: As The Local blogger Andy Newman points out in the comments below this post, Crain's has updated its story to clarify that "the list of 65 residential buildings included properties that are financially sound but struggling to sell out remaining units." According to Newman, "Jeffries said today that a 'significant number' of them are distressed, but not all of them." While The Collection is in the early stages of foreclosure, the Isabella is not, though it is "financially distressed."
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