Williamsburg, Brooklyn starting to resemble Miami...and I dont mean in a good way!

Well I said this 3 years ago.. Noone listened to me... Izzydomus predicted that Williamsburg would overbuild and noone listened.

Well lets see if I was right. According to the New York Times today, atleast 17 buildings in Williamsburg that overlook the amazing waterfront of Manhattan are now vacant!

NOT 17 APARTMENTS, BUT 17 BUILDINGS!!!!

The New York Times, stealing a quote from me, went on to say that Williamsburg is starting to resemble Miami in terms of the amount of buildings taking up the skyline that are literally empty!

And it is.

A few years ago everyone thought that Miami was the place to buy. For the life of me I dont understand why they didnt just ask their parents about the early 1980s when everyone thought the same thing as the drug dealers were being kicked out. By the early 1990s, Miami had gone bust along with the rest of the real estate market. Its a pattern that happens every 20 years in Miami, it happened in the 1960s before the drug dealers took over... and now I believe the same thing is happening in the outer boroughs of New York City.

In 1987 everyone raved that Long Island City was the place to buy. They put up a big ugly green Citi bank building and thats about all that changed for atleast 20 years until the recent real estate boom put so many yuppies in there it now resembles a small version of Hoboken, New Jersey with a really cool skyline. But it took 20 years...

Williamsburg was one of the most disgusting, dispicable places anyone could ever walk through. The crime was horrible and the projects were overwhelming. Then, over the past 10 years it developed into a really cool hipster spot for the art loving crowd. Heck, young people from all walks of life have been flocking there and now the Williamsburg Bridge is one of the coolest and safest places to walk to Manhattan from. Its like an artsy Hoboken. And the crazy part is, some of the prices in Williamsburg are more than Manhattan!!!! I USED TO LIVE IN BROOKLYN, ITS SHOCKING THAT THIS IS HAPPENING!!

However, greedy real estate tycoons like Waterson inc. thought it was smart to buy up 10 or 12 buildings with the wonderful philosophy, if you build it, they will come... well... they built it, but only half of them actually came and bought. Waterson, like many others, are feeling the pinch of the real estate bust and now, like theyre bretheren in Miami, they can either choose to wait until the storm passes within 5 years or go bankrupt, there really is no other alternative... We just have to hope that long gone are the days when landlords in Brooklyn and the Bronx would resort to burning down their shell of a building in hopes of getting atleast some of their money back... that would be...really bad...