50.0°,
Fog/Mist Apartments instead of condos
Like Gibson project, building will comprise rental units
The developers of a 64-unit housing complex on Brooklyn Avenue have changed course and will now build apartments instead of condominiums. Officials say the change of plans is necessary because it is what the housing market demands.
“You can’t get financing for condos,” said Mike Sullivan, attorney for the developers, Alma Realty of Long Island City.
The complex will be built at the southeast corner of Brooklyn and Rockaway avenues, just off Sunrise Highway. It will have four stores on the ground level, four floors of housing and underground parking.
The project has received all necessary approvals from the Board of Zoning Appeals. Sullivan said that the plans are now under review by the village’s Building Department. The developer has also begun the process of obtaining demolition permits, and all tenant situations have been resolved. Sullivan said he could not give an estimate of when demolition of the existing buildings would begin.
Because there was no change to the design of the building, no BZA approval was needed to make the switch from condominiums to apartments. Village code makes no distinctions among condos, apartments and co-ops, Village Attorney Michael McKenna explained. “The fact that they said condos, it didn’t matter,” he said. “They got permission to build a 64-unit multiple dwelling.”
McKenna said that condominiums are much more appealing for a developer. The owner can sell the units, pay off the loan, make a profit and walk away, leaving management of the building to a condo association. With apartments, the developer makes money through monthly rent and might not turn a profit for 15 or 20 years. “Most people would rather make their money up front,” McKenna said.
Sullivan agreed. “Who wants to be a landlord?” he asked. “But the market conditions are the market conditions.”
In September, the project received $2.5 million in funding through the state’s Restore New York grant program. Village officials say the financing will not be affected by the change from condos to apartments.
