State Agency May Help Save Failed Condos

Monday, February 01, 2010

The State of New York Mortgage Agency says it could potentially insure dozens of mortgages so failed condo projects can convert to apartment rentals. As WNYC's Cindy Rodriguez reports, that has kept one project in Brooklyn from blighting a neighborhood.

REPORTER: A144 unit building in Bushwick Brooklyn called Castlebraid is marketed as an artist colony. It boasts a recording studio, yoga classes, camera rentals and a community library. Developers envisioned it as a condo project with units selling at upwards of 300,000 dollars. Co-owner Mayer Schwartz says he never even put the condos on the market.

MAYER: Because we saw where the winds were blowing and we went with what we thought was prudent.

A one bedroom at Castlebraid is renting for 1,800 dollars. Schwartz says all but 44 units are taken. The development is not considered affordable housing, but the state's mortgage agency says other developments are. It also insured the mortgage on a failed Bronx project that went from being seven three-family homes for up to 900,000 dollars to 81 apartment rentals for homeless veterans.


More in:

News, weather, Radiolab, Brian Lehrer and more.
Get the best of WNYC in your inbox, every morning.

Leave a Comment

Register for your own account so you can vote on comments, save your favorites, and more. Learn more.
Please stay on topic, be civil, and be brief.
Email addresses are never displayed, but they are required to confirm your comments. Names are displayed with all comments. We reserve the right to edit any comments posted on this site. Please read the Comment Guidelines before posting. By leaving a comment, you agree to New York Public Radio's Privacy Policy and Terms Of Use.


Latest Newscast




WNYC is supported by the Charles H. Revson Foundation: Because a great city needs an informed and engaged public


Supported by