Hunters Point South’s controversial Astroturf (?) waterfront park

This will be a total failure…Affordable means Sudios at $99K 2 bedrooms at $150K so people can actually pay for them plus the condo fees and taxes heat and ac…with 20% down

If the brainless peole behind this cant wrap their heads around what affordable housing really means, then these will sit empty like Lhaus or the HP across from it..

Plus who wants to walk 10-12 blocks to the 7 train in the dark, rain or snow? No this will be a bad deal unless you have small shuttle buses run 24/7 ….

Maybe you get a free monthly metrocard if you rent or buy there…that might help.

#1, I don’t know how you get to 15 blocks. Look at the picture above. Plenty of people in Manhattan walk further than that to get to their nearest subway station.

Studios at $99,000 is not affordable housing it’s low income housing. Conventional wisdom says that no more than a 1/3 of your income should go towards housing. Assuming 6% interest, a 40 year mortgage, and the standard 20% downpayment, a person making $20,000 a year should be able to afford a studio. (Assuming on making $20,000 a year can manage to save $20,000.)

These should be priced at market levels and let the market decide what the appropriate price point is.

#3 have you ever been at that location in LIC? its a LONG walk to the subway, and some of those buildings will be 2 blocks long and curved so its the equivalent of 10-12 blocks. or you have to walk around the LIRR tracks

No $99K was affordable housing in Astoria in 1999…Plus add in condo fees heat AC taxes insurance….The RIGHT price for affordable housing is…can you at least break even if you had to rent it out.

By using that standard most housing still has 30-50% left to drop.

How about demanding the building buy $300 sears stoves and not a $4000 stainless steel viking jet air grills You don’t need bamboo floors granite counter-tops, his and hers sinks in the bathroom Affordable housing.

And NO its NOT low income since section 8 would not be allowed

Fine adjust it to 30 years, the results won’t be that different. My point it that the claim that there is desparate shortage of affordable housing is phony and no matter how low you make the prices there will always be someon like #5, who wants a bigger handout. And by the way Ricky studios in the new building routinly rent for above $1,500, so by your standard an affordable price for that studio should be around $300,000.

Sorry your MATH is all wrong….

its 100 times rent as an INVESTMENT property…or $150K

120 times rent to break even…$180K

and 150 times rent for the I must have this apartment its my dream one..or $225K

Top pay 200 times rent is sheer Lunacy and speculation

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And by the way Ricky studios in the new building routinly rent for above $1,500, so by your standard an affordable price for that studio should be around $300,000.

Assuming 20% downpayment on a $300,000 home, 30 year fully amortizing mortgage, 6% fixed interest, monthly payments would be $1,431. May need to adjust the purchase price downward for CC, but the math still works. Rent for studios in East Coast start at around $1,500 and there doesn’t appear to be any problem renting them at that price.

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The RIGHT price for affordable housing is…can you at least break even if you had to rent it out.

It’s part middle income and part market rate. So there will be chances to buy or rent, have water/city views and not, etc.

I live in the area and none of those locations will be 10 to 15 blocks from a subway stop. The 7 train stops at the intersection of 50th Ave and Vernon. It’s only 3 blocks to the water from there, only 3 blocks to the LIRR from there, only 3 blocks Water Taxi Beach from there…etc. My commute from LIC to work on 32nd and Park is 15 minutes, door to door.

More people mean more crowded trains, however, so the hope will be that more 7′s are added, and that the Water Taxi will be upgraded.

Bigger issues are at hand here, folks. For example, there is a K-12 school proposed. This would be great for anyone living in the area with children, except that most of those people already have their children attending other schools. That said, this new school will be shipping in children from outside, which equals more loitering, vandalism, littering, and all the things that kids do when they’re being kids.

Parking – already a huge issue in the area. Where will parking be for the thousands and thousands of additional cars that will be in the area?

Views – there are “landmark” buildings in the area, such as The Powerhouse, that sold city-views as a value-proposition and those views will now be completed blocked by this new development. Interesting that a luxury condominium takes a lower priority than low-income/affordable housing. Unsure why those on “affordable” budgets need to have arguably the best skyline views of Manhattan.

Ultimately, if properly planned, this should be a gorgeous, functional, practical and economically stable edition to NYC, but planners and developers need to pay extra attention to all of the details and not just try to buy, build and sell. Otherwise, the area will crumble and I, personally, will be seeking a better life outside of New York and taking my money with me.