One Hanson Remainders Go Rental

While most of the 190 or so units at One Hanson Place have sold by now, there are still a few left, and the developers have decided they’d rather earn some income on them than have them just sit empty. So as of Friday, there are now 19 apartments available for rent from the developer through Stribling, ranging from $3,400 to $4,900 a month. (Three other units have been for rent by owner since the fall.)

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  • Very reasonable… I’ll take 2.

  • these look priced to rent.

  • Bombshell. I knew this would happen to many developments but not this one. This affirms my contention that rents are falling. They won’t correct as sharply as home prices but they will fall (I predict by 1/3 max). This is “not good” for brownstone rentals thus comps.

    “Three other units have been for rent by owner since the fall”

    For about the same asks as above, no? Still no takers? Hmmm…I don’t see them getting those asks with more inventory in the face of rising unemployment. Man, this is a good time to rent.

    Oro, Forte, Toren, BK Bridge Park, etc. Single file line please.

  • Oh, I forgot: ***Bid half off peak comps***

  • ***Bid half off peak comps*** I like
    ***Bid half off Asking price*** Feck em!!!

    How many dummies brought 2 Bedroom Condo’s for 699k??!! Answer a whole lot of them!

    And guess how much they’re worth now?? Not much!!

    Please line up for the Asshat train going back to Ohio!

    The What (But.. But.. they told me I could get 856k for my condo..)

    Someday this war is gonna end…

  • I was gonna say these are way overpriced, but actually an 800-sq-ft one bedroom in the area is probably about $2100 or so, so maybe $400 extra if these are somehow lavish palaces isn’t bad.

  • babs

    I actually handled the renting of one of the owned units — it was a nightmare — Cooper Square, the managing agent, requires a $700 application fee, PLUS a $112.50 “document production fee,” PLUS a $1000 move-in deposit (refunded after move-in). This is in addition to the broker’s fee.

    However, the apartment was lovely and did rent quickly. If these can be rented directly from the developer without going through all the Cooper Square BS they should do very well.

    Rents in the most popular areas of Brooklyn (Park Slope, Prospect Heights, Brooklyn Heights, Carroll Gardens, Cobble Hill) have not gone down anywhere near as much as they have in Manhattan, and the idea that they will fall by 33% is insane. The inventory is simply too limited relative to the demand.

    In fact, the most desirable rentals are being snapped up by people who sold their apartments and decided to wait to buy — and now they are finding that there are no rental properties out there that are up to their standards.

  • “800-sq-ft one bedroom in the area is probably about $2100 or so”

    Todays asshat price, yes. Sense aint common. New 2BR/2BA CondosGoneWildThenWentRentals will average that much in the months to come. Don’t sleep on the Greatest Depression.

    ***Bid half off peak comps***

  • Actually, it’s quite insane to think that Brooklyn will outperform Manhattan in this asset price bloodshed. Enough with the snapshots. Keep the cameras rolling. Mucho leading indicators to pay attention to (NYC unemployment, Wall St bonuses smashed in half, commercial RE nosediving, the nation’s lengthening bailout line, states going bankrupt, etc. etc. etc. Rents are in a slow freefall.

    ***Bid half off peak comps***

  • denton

    babs ,I disagree about rentals. You have thousands of relatively high-end new condos that are being or will be converted to rentals in Park Slope (4th Ave) and those other nabes you mention. Supply’s going way up, is the demand? It’s gonna get a lot harder to get big bucks for a Clinton Hill floor-thru with heating problems and no AC.

  • great another wanna be what.

    ***your personality is already taken***

    developer is renting out laggards for cash flow – big F’n deal. in an up mkt this would get no attention.

  • These prices are ridiculous in this market. Note that the “cheapest” 2 bedroom ($3500) does not even come with W/D, just a hook-up. Lotta good that does a renter…

    Also, as nice as the lobby may be, Atlantic Station is a nightmare, and I avoid it like the plague. Given the current situation, rents should come down. I think a decent (1000+ sf, W/D, not more than 2 floors up or elevator) 2/2 in prime FG should settle around 2800-3K.

  • babs

    The Crest and the Novo are just about entirely sold out and will not be converted to rentals. Some units there have been rented out by their owners, but there are not many. And have you looked at their prices? They are along the same as those at One Hanson Pl., IMO a MUCH nicer building — and a better location, at least in terms of transportation.

    126 Fourth Avenue was built as a rental building; two bedroom apartments there started at $3000, plus all utilities (including heat and hot water). The building is entirely full, and this is not even technically Park Slope.

    A new rental building has just opened on Fourth and Carroll; rents are $3500 for a two-bedroom, plus all utilities. Again, these buildings were built as rentals, not condos, and the finishes reflect that.

    Additionally, not that many people want to be on Fourth Ave — the only thing that really makes these apartments go is that they’re zoned for PS 321.

    Demand in Park Slope is strong and getting stronger, as all of the people who sold and decided to wait to buy are flooding the market to rent — and, surprise, surprise, discovering that rental properties aren’t as nice as the apartments they sold!

  • babs

    And Brooklyn rents are outperforming Manhattan rents, due to lower inventory levels. Manhattan rents are dropping rapidly, but this is not the case in top Brooklyn markets, because there simply aren’t that many apartments available.

  • Babs,

    You’re totally wrong.

    Brooklyn and Manhattan rents are both dropping because of all the Wall Street layoffs and the crappy economy.

    Where in the world are you getting your information?

    Possibly Brooklyn Heights is holding up better than the Upper East Side, but overall Manhattan rents are still higher than Brooklyn’s.

    I know first hand what landlords are charging in Brooklyn right now, and it’s much less than they were charging a year ago! For you to claim otherwise is absurd.

    Not to mention, very very few people are looking to move to either Manhattan or Brooklyn right now, since no one is hiring.

    I love Prospect Park too, but if you’re alluding that it’s somehow superior to Central Park, you’ve been smoking some egregiously high quality skunk!

  • Not to mention, I’m sure if I walked into One Hanson Place, I could walk out with a signed lease on one of those two bedroom apartments for at minimum $500/mo less than ask.

    There are no more new Wall Street jobs, Babs.

    The game as we used to know it is OVER.

  • Havemeyer

    At $3K month, those units get kind of tempting actually. I agree it’s a nicer building than most new construction, although the floor plans I’ve seen seriously suffer from too much space devoted to bathrooms.

  • you heard it right here folks, iron balls called it – wall street is done – until it’s undone 3 years from now, and then it’s done about 7 years later, and then undone again, …

  • BrooklynLove,

    I said “the game as we used to know it is over.”

    Of course Wall Street still provides its fundamental functions, but bankers and traders will make much less than they used to for YEARS to come.

    Profits will have to earned the old fashioned way, not created out of thin air with the wave of a hand over a phony financial statement.

  • ” great another wanna be what.

    ***your personality is already taken*** ”

    That’s right. D-ridin’ The What all day, everyday. He is the prophet.

    “Novo…just about entirely sold out”

    I believe you.

    ***Bid half off peak comps***

  • ironballs – i understood your statement the first time. it lacks perspective.

  • Yo BHO meet Broolynmanlove.

    Hiya BML long time no see! I see you just got out Asshat just in time for the implosion.

    The What

    Someday this war is gonna end….