The end of Aqueduct?

SentToStud · #1 06-26-2007, 11:58 AM

$1,000,000,000
~ 200 Acres
= $5,000,000 / Acre

If you built 15 homes per acre, what would they go for there? $700,000?

Cajungator26 · #2 06-26-2007, 11:59 AM

Quote:

Originally Posted by SentToStud

$1,000,000,000
~ 200 Acres
= $5,000,000 / Acre

If you built 15 homes per acre, what would they go for there? $700,000?

I'm guessing that's cheap in NY?

ateamstupid · #3 06-26-2007, 12:06 PM

Quote:

Originally Posted by Cajungator26

I'm guessing that's cheap in NY?

I guess, but Ozone Park isn't exactly one of NYC's hottest neighborhoods.

All of those are in Brooklyn.

trifecta124 · #4 06-26-2007, 01:19 PM

Quote:

Originally Posted by ateamstupid

I guess, but Ozone Park isn't exactly one of NYC's hottest neighborhoods.

All of those are in Brooklyn.

I grew up in Ozone Park about 1 mile from Aqueduct....Needless to say I don't live in Ozone Park anymore. I never liked the neighborhood and it gets worse all the time. However, you cannot say that Brooklyn is fantastic either. Everywhere you go in NYC you are paying a lot of money for very little property. That's just the way it goes.

Storm Cadet · #5 06-26-2007, 01:37 PM

Quote:

Originally Posted by trifecta124

I grew up in Ozone Park about 1 mile from Aqueduct....Needless to say I don't live in Ozone Park anymore. I never liked the neighborhood and it gets worse all the time. However, you cannot say that Brooklyn is fantastic either. Everywhere you go in NYC you are paying a lot of money for very little property. That's just the way it goes.

Thats why most of us move to the Island...where $600,000 gets you 4 br 3 bth on a 3/4 acre and kids actually get great educations!

trifecta124 · #6 06-26-2007, 01:40 PM

Quote:

Originally Posted by Storm Cadet

Thats why most of us move to the Island...where $600,000 gets you 4 br 3 bth on a 3/4 acre and kids actually get great educations!

Unfortunately, you also have to pay $10,000 a year or more in property taxes.
A lot of my family lives in Long Island It has good points and setbacks as well.

Storm Cadet · #7 06-26-2007, 01:50 PM

Quote:

Originally Posted by trifecta124

Unfortunately, you also have to pay $10,000 a year or more in property taxes.
A lot of my family lives in Long Island It has good points and setbacks as well.

Yes taxes are high, mine are not that high (6,000)

but living in the west, south and midwest...I've learned you get what you pay for in community, parks and educational services.

pmacdaddy · #8 06-26-2007, 01:48 PM

I would have to disagree with the claim that the Aqueduct land is not valuable.

I have the dubious honor of coming to Jamaica/Ozone Park every day.... POS office buildings are going for $20 Mil in Jamaica on no property. If a developer had restrictions lifted I see no reason why that land is not worth $500 Mil.

Companies like Target, Wall Mart, etc would give their eye teeth to have a sprawling complex set up smack dab between Brooklyn and Queens with lots of parking.

I agree that the location does not scream luxury, but as a 190 acres mixed Retail / Office / Residential that land is worth a fortune in my opinion.

Storm Cadet · #9 06-26-2007, 01:53 PM

Quote:

Originally Posted by pmacdaddy

I would have to disagree with the claim that the Aqueduct land is not valuable.

I have the dubious honor of coming to Jamaica/Ozone Park every day.... POS office buildings are going for $20 Mil in Jamaica on no property. If a developer had restrictions lifted I see no reason why that land is not worth $500 Mil.

Companies like Target, Wall Mart, etc would give their eye teeth to have a sprawling complex set up smack dab between Brooklyn and Queens with lots of parking.

I agree that the location does not scream luxury, but as a 190 acres mixed Retail / Office / Residential that land is worth a fortune in my opinion.

Coorectamundo baby...look at what they did near Pennsylvania Ave area off the Belt. New stores, steak houses, BJ's (the store, not the other), Costco, Best Buy.

trifecta124 · #10 06-26-2007, 01:56 PM

Quote:

Originally Posted by Storm Cadet

Coorectamundo baby...look at what they did near Pennsylvania Ave area off the Belt. New stores, steak houses, BJ's (the store, not the other), Costco, Best Buy.

People who are not from the area don't understand.

ateamstupid · #11 06-26-2007, 02:07 PM

Quote:

Originally Posted by trifecta124

I grew up in Ozone Park about 1 mile from Aqueduct....Needless to say I don't live in Ozone Park anymore. I never liked the neighborhood and it gets worse all the time. However, you cannot say that Brooklyn is fantastic either. Everywhere you go in NYC you are paying a lot of money for very little property. That's just the way it goes.

Why can I not say "Brooklyn is fantastic"? It may be getting expensive, but it's got much more appeal than most of Queens..

trifecta124 · #12 06-26-2007, 02:10 PM

Quote:

Originally Posted by ateamstupid

Why can I not say "Brooklyn is fantastic"? It may be getting expensive, but it's got much more appeal than most of Queens..

Oh, I forgot.....Bushwick, East New York, Bed Stuy. Those are some of the nicest neighborhoods in New York.

kenny p · #13 06-26-2007, 02:12 PM

Quote:

Originally Posted by trifecta124

Oh, I forgot.....Bushwick, East New York, Bed Stuy. Those are some of the nicest neighborhoods in New York.

Bed- Stuy has some of the most beautiful blocks in the city. Some great brownstones.

ateamstupid · #14 06-26-2007, 02:15 PM

Quote:

Originally Posted by trifecta124

Oh, I forgot.....Bushwick, East New York, Bed Stuy. Those are some of the nicest neighborhoods in New York.

You obviously haven't been to any of those neighborhoods in the last decade.

pmacdaddy · #15 06-26-2007, 02:17 PM

Quote:

Originally Posted by trifecta124

Oh, I forgot.....Bushwick, East New York, Bed Stuy. Those are some of the nicest neighborhoods in New York.

Geesh Trifecta, quite protective of your coveted Borough...

Looks like a Brooklyn versus Queens showdown to me...

Maybe you should settle it with a break dancing contest...

kenny p · #16 06-26-2007, 02:11 PM

Quote:

Originally Posted by ateamstupid

Why can I not say "Brooklyn is fantastic"? It may be getting expensive, but it's got much more appeal than most of Queens..

Very True.

philcski · #17 06-26-2007, 12:10 PM

Quote:

Originally Posted by SentToStud

$1,000,000,000
~ 200 Acres
= $5,000,000 / Acre

If you built 15 homes per acre, what would they go for there? $700,000?

Your logic isn't that far off, but I think (a) the number of homes per acre is probably closer to 8 in that neighborhood, and (b) the price would probably be around $400k for your standard 3BR/2BA. There just isn't that much appeal or demand for Ozone Park, it's a long commute to the city and offers very little otherwise.