NY Post Article Re: Astoria development

[krocker]

Don't know if this should go here or in real estate, but it's about all the new development going on in Astoria and who is buying it....


http://www.nypost.com/seven/09132007/realestate/astoria__i_adore_ya.htm?page=1

[Jtrane]

I just don't understand how $400K is considered "affordable."  Who the hell can afford that?  Not everyone works for a hedge fund on Wall Street.  And what's more, even when you're done with your mortgage, you have to pay the building maintenance fees, which is essentially rent.  Screw it.  I don't plan on ever buying in NYC.  Just seems like a waste of $.

[Hrmph]

Best line of the article....

"Unlike Long Island City's Hunters Point - where a hipster community is growing along Vernon Boulevard...... "


It's like they're gypsies.....

[BigBryan]

There goes those damn hipsters again

[RedSoxfanNYC]

I just don't understand how $400K is considered "affordable."  Who the hell can afford that?  Not everyone works for a hedge fund on Wall Street.  And what's more, even when you're done with your mortgage, you have to pay the building maintenance fees, which is essentially rent.  Screw it.  I don't plan on ever buying in NYC.  Just seems like a waste of $.

Compared to paying $750k for the same space in Manhattan, $400k to many people is reasonable. I used to think too "who can afford this?" but there is a lot of wealth in this city and well, a lot of kids that get support from their wealthy family.

[lobber]

Best line of the article....

"Unlike Long Island City's Hunters Point - where a hipster community is growing along Vernon Boulevard...... "


It's like they're gypsies.....

They are more like rabbits, everytime you turn around there's another one

[Hrmph]

They are more like rabbits, everytime you turn around there's another one

You can't feed them after midnight or pour water on them either.....

[Chris]

Well, I'm continually flabbergasted by these prices.   The Astoria Windsor on 21st Street & 30th Ave. going for $530K?    That part of Astoria isn't even all that nice and it is a long-ish walk to the subway.  And you have to be kidding me re. the Ionian Condo on Broadway & 41st for $516K.    Well, those stupid enough to fork over a half a million dollars for the Ionian won't have to go far if they are looking to hire day laborers.   They will be literally sitting on their stoop.   

And I laughed when Jay Tiouchi, the 29-year-old financial system whiz who just moved out of Mommy & Daddy's Long Island digs, spent $400K to live at 12-14 31st Avenue, which puts him at the East River.   He does get a nice view I'll give him that, but again that is about as far west as you can get in Astoria without falling into the drink and it is a little too close to comfort to the Astoria Houses. 

The thing that flabbergasted me the most is that he claims his commute to work is 30-minutes "door-to-door".   I don't know how he does that short of helicoptering to work each day.   That walk to the subway is about 3/4 of a mile or so so right there he's got a nice walk.   And if he is taking the same N and W trains I do, well he has much better luck than I do with them if he can get to work somewhere in Manhattan in 30 minutes after that long walk.

[megc]

I agree - I think that 30 minute door-to-door statement is bogus.

[Gleason]

http://nymag.com/daily/intel/2007/09/post_suspiciously_favorable_of_1.html

[masande]

the nymag line about astoria is priceless... "Which major Astoria developer paid the Post for this long-form blow job extolling the virtues of the vibrant hood?"

as noted on Queens Crap, the Pistilli comments are really enlightening.

also, "Pistilli Grand Manor" will be the name of pistilli's other albatross on ditmars? mythology is alive and well in the neighborhood. let's see how long it takes for the certificate of occupancy on that property.

[mcdirk]

I bet it takes 15-20 minutes to walk to the train from his apartment!

[Billz1981]

Or maybe he hires car service every morning.  Certainly seems to be doing well enough for himself...

[Lego]

This was such a fluff piece. And I agree with Chris--anyone who knows anything about Astoria was probably laughing at all these people forking over the dough to live in parts of Astoria that are far from the train but close to the projects or just general wilderness.

And I think one of the best things about Astoria is how low-scale it is--all the best parts have been developed a long time ago, so there's simply no room for slick condo towers. I guess that's why they have to build up crappier parts.

Oh, and I personally find that condo on Broadway and 41st pretty damn ugly and tacky.

[Chris]

I know the Pistilli properties have been discussed to death, but given the prices of some of the other developments in and around Astoria/LIC, Pistilli properties are very reasonably priced.