The Real Deal New York

Posts Tagged ‘ida siegel’


  • In response to the glut of vacant apartment buildings on the market since the real estate bust, including the Isabella in Clinton Hill, Assembly member Hakeem Jeffries has proposed legislation that would give struggling developers new bank loans at reduced prices in exchange for renting or selling units at lower prices. The developers “can either hope that things turn around and allow these apartments to sit vacant or they can work with the government to actually transform these units into productive apartments,” Jeffries told NBC’s Ida Siegel. He counted more than 60 brand new buildings that are sitting empty or partially full in his Brooklyn district, which includes parts of Clinton Hill, Flatbush, Fort Greene, Prospect Heights, Park Slope and Bedford-Stuyvesant. Jeffries’ proposal could have a negative effect on people who have already purchased units in such buildings. “Unfortunately, the people that bought into [them] are the ones that are going to see damage to their equity,” appraiser Jonathan Miller, of Miller Samuel, said.

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