EV - LES rezoning official

thanks peterfitz.

i bet those who own in the upzoned areas are laughing all the way to the bank.

ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha
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ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha ha
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Still a pretty spurious argument for buying on say, Pitt Street.

YEAH its a spurious argument when your buildable sq ft more than doubles without you lifting a finger.

its a much better deal to buy a condo in williamsburg in a building where a 100 units are going bankrupt

That is also a bad idea. Fortunately, I've never done nor will do either. Let's entertain your Pitt St idea for a bit though. Ok, your buildable FAR doubles, great. Does your value double? Most likely not (especially considering this was all already priced in), but let's even agree that is so. Now let's consider that RE is about to take a hit. Some people here say 50%, but let's be conservative and say 20%. Now consider that Pitt Street is an area where there is no good subway access, little (if any) desirable housing stock, and no real nearby amenities. Is that an area anyone will touch (ie: be interested in buying from you, and therefore boost your value) in this kind of a recession? If you're lucky enough to survive 150 years, you might squeeze a chuckle out on the way to the ATM, but it'll most likely be from an old joke that suddenly popped in your head.

This is creepier than tech_guy talking to himself as LICC.

bjw says:

"Does your value double?" - more than doubles. the rest of the area is downzoned - restricted in building - these areas are upzoned creating capacity in an area where supply was just significantly cut. Not to mention devloper incentives, etc,etc,etc

"(especially considering this was all already priced in)" - absolutely incorrect. dont know where you came up with this tottaly incorrect aseertion.

the rest of your post is crap. You continue to prove that you are a RE moron who shold stick to health insurance.

its almost like the stimulus bill of 150 billion... it's gonna work! property values are going to skyrocket!

the mayor should just institute a rezone of all of nyc and state that no apt can have more than 1 occupant... omg! demand is going to be thru the roof!

petrfitz, how was it NOT priced in? People were privy to the same information you had, so if it really was such a goldmine, people would have jumped at the chance, demand would have increased, and prices would have followed. Not that difficult of an extrapolation there. "the rest of your post is crap" is code for not having any answers, in my experience. But go ahead and invest there, and let us know how it turns out.

bjw - it was not priced in - people were not privy to the same information i had. people are jumping at the chance.

do you honestly think that the big players in NY real estate work off the same information that little 1 condo investors like you do?

funny.

petrfitz, I'm not really an investor, but nevermind. I'll bite - when did you know about the zoning changes? Because this has been in the works for a long time, and it was a PUBLIC process. Even the Chinese, some of whom don't have a great command of English, knew about this. Beyond that, you're essentially now admitting that the rezoning is NOW priced in, since the info is NOW publicly known. You should be able to prove this with data, but you can't. Same goes for "people jumping at the chance." I haven't seen too many sales on Pitt St of late - have you? I counted ONE in the past year.

So rolling out what is essentially a part of the quality housing zoning regulations means buildable FAR doubles? Laughable

Need your help petrfitz.I am a little confused.

I seem to recall that you said you had sold your lower east side real estate and were looking for brownstones in Brooklyn?

Can you help me out? I too would like to be laughing all the way to the bank with enough time on my hands to waste a page of ha ha's.

jake - true i did sell a property in LES and am looking for 2 brownstones. i still own 3 other properties in the LES.

BJW - you dont see any sales on these blocks that were rezoned because they are owned by basically 3 people. i am the small guy the other 2 are massive developers.

TheFed - no increasing the buildabdle far from 3.6 to 7.2 is what is meant by doubling the buildable FAR.

petrfitz - you mean to tell me that what, you, Stallings, and some other guy "basically" own all 111 blocks in this rezone? But you only own 3 properties in the LES? Is it clear to you now just how full of BS your posts are? And you still didn't answer when you learned of the rezone talks...

Don't worry, his self-hating Java media company with a whopping thousands of customers will allow him to buy many more. At pre-rezoning prices. petrfitz is just that amazing.

How many customers do you have when you don't include Your_Landlord, and all your other aliases? I'm sure that's not the only one.

Sneaky putz, the 7.2 FAR applies ONLY to R8A and C6-2A districts (which is only part of the rezoning area) and is only for developments taking part in the inclusionary housing program. Your tenements will not benefit from this.

thefed do you even bother reading what you are posting about?

that is all i own....moron