Comments on: The Lede: “Goldman Sachs Finds Opportunity in Bedford Stuyvesant” http://nostrandpark.com/2009/08/06/the-lede-goldman-sachs-finds-opportunity-in-bedford-stuyvesant/ Bringing Together the Best of Crown Heights Thu, 10 May 2012 19:04:25 +0000 hourly 1 http://wordpress.org/?v=3.3.2 By: Laurel http://nostrandpark.com/2009/08/06/the-lede-goldman-sachs-finds-opportunity-in-bedford-stuyvesant/comment-page-1/#comment-115 Laurel Wed, 12 Aug 2009 22:21:57 +0000 http://nostrandpark.com/?p=426#comment-115 <p>Tavern, I read your post and just smiled. Very well said. And your point is well taken. </p><p>But in the end, a private equity group is just a group of people who pool their money together to invest in something that they might not otherwise be able to afford individually - like a coop. What I think would be great is to encourage and facilitate more cooperative investments for the teachers, police officers, bus drivers, etc. </p><p>With the proper incentives, perhaps a balance can be struck...</p> Tavern, I read your post and just smiled. Very well said. And your point is well taken.

But in the end, a private equity group is just a group of people who pool their money together to invest in something that they might not otherwise be able to afford individually – like a coop. What I think would be great is to encourage and facilitate more cooperative investments for the teachers, police officers, bus drivers, etc.

With the proper incentives, perhaps a balance can be struck…

]]> By: Tavern http://nostrandpark.com/2009/08/06/the-lede-goldman-sachs-finds-opportunity-in-bedford-stuyvesant/comment-page-1/#comment-114 Tavern Fri, 07 Aug 2009 03:38:57 +0000 http://nostrandpark.com/?p=426#comment-114 <p>While I applaud groups like Canyon Johnson and Goldman Sachs for looking at real estate opporunities outside of Manhattan, I don't believe that either group has the interest of either current community residents, or middle-class NYers in mind. </p><p>These real estate plays will result in more "luxury" condos, co-ops and rentals that are priced, targeted and marketed to outsiders. Look at the Canyon Johnson projects on Flatbush and Park Place and at One Hanson Place. Million dollar Brooklyn condos do nothing for the teachers, bus drivers and social workers currently renting in the Central Brooklyn area that would like to purchase a home and remain in Brooklyn. When one needs to make in excess of $200k as a household in order to afford a mortgage, something is wrong. </p><p>I'd like to believe that these opportunistic developers will cut their losses during this market correction and change their focus to housing for middle-class residents, but I'm afraid that they will simply hold on until things turn around and continue their plans for making Brooklyn home to only mini-millionaires and their offspring.</p> While I applaud groups like Canyon Johnson and Goldman Sachs for looking at real estate opporunities outside of Manhattan, I don’t believe that either group has the interest of either current community residents, or middle-class NYers in mind.

These real estate plays will result in more "luxury" condos, co-ops and rentals that are priced, targeted and marketed to outsiders. Look at the Canyon Johnson projects on Flatbush and Park Place and at One Hanson Place. Million dollar Brooklyn condos do nothing for the teachers, bus drivers and social workers currently renting in the Central Brooklyn area that would like to purchase a home and remain in Brooklyn. When one needs to make in excess of $200k as a household in order to afford a mortgage, something is wrong.

I’d like to believe that these opportunistic developers will cut their losses during this market correction and change their focus to housing for middle-class residents, but I’m afraid that they will simply hold on until things turn around and continue their plans for making Brooklyn home to only mini-millionaires and their offspring.

]]>