Rising vacancy rates and low morale has been the recurring theme of this ongoing real estate slump, but one developer in New York City is refusing to leave some of his luxury condo units empty and collecting dust. In conjunction with the Bushwick Economic Development Group, Avi Shriki is giving temporary housing to the homeless in Brooklyn. The property has 67 units in Crown Heights initially priced between $250,000 and $350,000. Now, they are going for $90 a night, with the city chipping in to house the temporary tenants. The agreement doesn’t enforce a time frame when families must leave, but city officials are of course encouraging them to seek more permanent, long-term housing.
The innovative idea helps out all parties involved: instead of a park bench or church steps, the underprivileged are given a bed and clean shower every morning, while Shriki gets to hold ownership of the property and keep paying his mortgage.
--Nick Fasulo is an account coordinator at Solomon McCown & Company. He can be reached by email at nfasulo@solomonmccown.com.
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