One unforeseen outcome of the Manhattanization of Brooklyn: rising broker fees. The Real Deal reports that renters looking to cross the river for the luxury high rise lifestyle of Williamsburg are willing to pay a hefty sum to do so, and not just in rent. “Brokers at some of the higher-end rentals have realized that they no longer need to settle for a paltry commission of one month’s rent (around 8.3 percent of an apartment’s annual rent),” they say—now they may ask for 10, 12 or even 15 percent of the annual rent to help folks find a slot in a new building. Anybody had to shoulder such fees?
In Williamsburg, Upping Fees to Match Expectations [TRD]
Toll Bros., Williamsburg. Photo by zombotic.