Yet another new condo development has gone rental (see editor’s note). Bridgeview Tower, nestled between the Manhattan Bridge approach and Brooklyn-Queens Expressway, has been on the market nearly two years, yet according to StreetEasy only four units are in contract and no sales have been recorded. While several brokerages still have for-sale listings up—the most expensive is a $1 million two-bedroom—rental listings have popped up on aptsandlofts.com and a number of other sites. That same two-bedroom rents for $3,900 a month, a whole lot cheaper than the monthly mortgage payments on a million bucks. At these prices, do you think Bridgeview will do any better as a rental?
Editor’s note: Only a portion of the building has gone rental, according to aptsandlofts.com founder David Maundrell. He said an investor bought 20 units to rent, adding that his firm rented two the first week. Renters’ “jaws drop” when they see that SubZero,” said Maundrell, referring to the refrigerator and other high-end kitchen appliances.
Kodachrome Goes Rental [Brownstoner]
Scarano-Designed MYNT Now Rental [Brownstoner]
A Couple of Cuts at Downtown’s Bridgeview Tower [Brownstoner]