World ends, yuppie scum hardest hit

In Brooklyn, the cool kid’s parents have run out of money t support their idle lifestyle.

In a blow to our best and our brightest, parents are feeling the financial pinch and are cutting back on the subsidies they’ve been giving to their post-college children. The result? Hell on the streets of Williamsburg.

Luis Illades, an owner of the Urban Rustic Market and Cafe on North 12th Street, said he had seen a steady number of applicants, in their late 20s, who had never held paid jobs: They were interns at a modeling agency, for example, or worked at a college radio station. In some cases, applicants have stormed out of the market after hearing the job requirements.

“They say, ‘You want me to work eight hours?’ ” Mr. Illades said. “There is a bubble bursting.”

Famed for its concentration of heavily subsidized 20-something residents — also nicknamed trust-funders or trustafarians — Williamsburgis showing signs of trouble. Parents whose money helped fuel one of the city’s most radical gentrifications in recent years have stopped buying their children new luxury condos, subsidizing rents and providing cash to spend at Bedford Avenue’s boutiques and coffee houses.

For 18 months after graduating from Colby College, Jack Drury, 24, lived the way many Williamsburg residents do: He followed his passions, working in satellite radio and playing guitar. He earned money as a bicycle messenger and, on occasion, turned to his parents for money.

But as the recession deepened last fall, his parents had to cut the staff at their event planning company to 30 workers from 50. Asked for his help, Mr. Drury cast aside his other pursuits and started work as a project manager for his parents. But he still plays the guitar in two bands, Haunted Castle and Rats in the Walls.

“My future is in the family business,” he said. “Music is just for fun.”

Eric Gross, 26, a construction worker, was going to buy, with help from his father, a $600,000 one-bedroom condo with city views at Northside Piers, a luxury building, he said.

But his father, who works in the auto industry, said he had to reduce his contribution. “He’s pulling back the lifeline,” Mr. Gross said.

So Mr. Gross is scaling back, shopping for a $300,000 apartment.

Don’t despair over the fate of all these young people – some, from places like Harvard, naturally, rather than loser schools like Colby, still have plenty of Daddy’s money, as reassuringly related in this other Times’ story on real estate, “Honk if you think it’s over” :

Along came Luke Sager, a recent Harvard graduate and co-captain of the college soccer team, [relevant how? Ed.] looking for his first apartment in New York. Working with Emily Beare of Core Group Marketing, he methodically studied the market, visiting 50 apartments over three months, she said. Love struck when he saw the apartment at the Grand Madison.

 But Ms. Ramer was listing the apartment as a “short-sale opportunity,” and other buyers were interested. An offer of $1 million in March was turned down cold, but as time went by the seller decided to be more flexible. Then, during a single week in May, three separate offers came in: one for $825,000; a second, Mr. Sager’s, for $850,000, half in cash; and a third for $900,000.

Mr. Sager countered with a $925,000 bid, all in cash, and to circumvent any more bargaining, insisted that the contract be signed the same day.

And so it was, but now Mr. Sager is waiting for the seller to complete his negotiations with the bank.

 

4 Comments

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4 responses to “World ends, yuppie scum hardest hit

  1. anonymous

    If daddy had any clout, the dumb kid (don’t let the Harvard degree fool you) would at least have a financial analyst job at GS or MS

  2. Paco

    You can always tell the hard core young Obama supporters by their (never used for work) bicycle messenger bags.

  3. ogrcc

    Chris, I think yuppie implies actually working, hence why none of them wants to work at GS or MS. what type of advice or analysis could they possibly give anyway ??

  4. anon 1

    Yuppies by definition work in professional jobs and are affluent. These people are “slackers” or entitled Gen Yers.

    BTW, clout alone doesn’t get your kid an analyst job these days. You also have to have worked as a summer intern in prior years, which these trust kids had no interest in doing — they wanted to party or travel. The kids who worked their asses off last summer are the ones who got jobs for this fall.

    Paco, you may find comfort in thinking that all Obama supporters are a small segment of losers like these, but the numbers don’t support it. I can similarly point out niches of annoying, disdain-worthy Republicans.