Rents Falling in Manhattan a Lot, Brooklyn Not So Much

for-rent-sign-0209.jpgResidential rents in Manhattan fell pretty much across the board last year, and incentives like a month’s free rent are becoming increasingly common. The head of Halstead’s rental division estimates that prices are down between 10 and 15 percent from the 2007 peak though the article’s author digs up “anecdotal evidence” that the number is more like 20 percent. One by-product of the weaker market is that many more landlords are now willing to pay a broker’s fee to land a tenant. In the past, slowing sales has often meant a tighter rental market, but that’s not always the case: People assume when sale slows down, rental will pick up, but that depends on what the source of this is, said Gregory J. Heym, the chief economist at Terra Holdings, which owns Halstead and Brown Harris Stevens. When you’re losing jobs, the rental market is also going to suffer. Echoing what we’ve been hearing recently, the rental market in Brooklyn has not softened as much. We’re not renting as fast as we would have expected, said Patrick McGrath, whose firm recently bought and started renting out The Standish in Brooklyn Heights. We’ve had to provide concessions — a free month rent, we pay the broker fee. But rents are around where we expected them to be. We’re in the ballpark.
A Month Free? Rents Are Falling Fast [NY Times]
Photo by turkeychik

0 Comment

  • dittoburg

    Manhattan rents had become preposterous. It’s not a suprise they have stalled.

  • Rents in Manhattan are still very high and still higher then Brooklyn (and always will be). Brooklyn rents have not suffered as much because Brooklyn is much more diverse, with fewer people relying on big end year bonuses.

    Its little compensation when a $3200 per month one bedroom is lowered to $2800.

    This will pass we well. Hopefully the economy will recover and Manhattan will see an upsurge in rents once again.

  • Ummm – a “free months rent” IS a rent reduction.

  • Perhaps rents appear to be falling faster in Manhattan because the market is large enough to warrant independent studies of the rental market. The evidence to support the claim that rents weren’t falling in Brooklyn and Queens seemed to be the self-serving reports of brokers based in Brooklyn and Queens. If rents haven’t fallen in the outer boroughs yet, they will. Claims otherwise are just as deluded as those that thought sale prices would never fall.

  • “Rents Falling in Manhattan a Lot, Brooklyn Not So Much”

    Not so much yet. Buried in the body of the article…

    “Increasingly, however, there are deals to be found…”

    But Brooklyn will be fine. We’re not losing jobs. Bankers never really lived here. Our rents were never really that ridiculous. Our beautiful historic district has absolutely no ties to Manhattan.

    Time is up! The deadline for Brooklyn rents to show signs of considerable weakness has passed. The idea that Brooklyn would lag behind Manhattan is preposterous.

    My dreams of watching the sales market collapse from the view of a brand new $2,000/mo 2BR/2BA at the following developments have faded.

    *ORental
    *TORENtal
    *FORente’
    *One Handsome Lease

    Shucks!

    (Bear Mafia – La Cosa Nosedive)

    ***Bid half off peak comps***

  • “Increasingly, however, there are deals to be found…”

    Triple bypass surgery. That tidbit was a bad artery.

    ***Bid half off peak comps***

  • i think one of the main reasons for the slower fall in brooklyn is the large number of smaller buildings.

    renting out 1 or 2 units is easier than renting out 20 or 30 in a huge apartment building.

  • Guess why rents are so high in Brooklyn? Because some Retard will pay 1800.00 a month for a studio on Patchen and Lexington, next to a Crack House! But I think these days are coming to a end. Mommy and Daddy trust fund got Vaporized in the collapse of the Mutant Asset Bubble! Josh and Megan will have to back to OHIO and take the rest of the “Asshat Nation” with them!

    There are empty apartments all over Brooklyn and do you know why? The Assheads are STILL waiting for a dummy to overpay! Sad but true…

    The What

    Someday this war is gonna end…

    (Bear Mafia – La Cosa Nosedive)

  • daveinbedstuy

    Not sure how they actually collect the data on brownstones that rent out 1-2 units which make up a large part of the Brooklyn renatl market.

  • What – its not because of some retard willing to pay 1800 for a one bedroom in a bad area.

    its because of some retards (plural).

    You have area’s that are worth every penny (park slope, dumbo, brooklyn hights), but when someone pays a crazy amount in rent for a 1 bedroom bedsty apt…I have to scratch my head and try to figure out what they are thinking.

  • From above by Brownstones Half Off… “Our rents were never really that ridiculous.”

    Really?! Are you kidding?

  • “Not sure how they actually collect the data on brownstones that rent out 1-2 units which make up a large part of the Brooklyn renatl market.”

    Nice switcheroo, Team Bull. When discussing sales inventory, brownstones are scarce. When discussing rents, brownstones are abundant. Which one is it?

    ***Bid half off peak comps***

  • “Not sure how they actually collect the data on brownstones that rent out 1-2 units which make up a large part of the Brooklyn renatl market.”

    Just as a point of reference, Brownstones make up 5% of the housing stock in Brooklyn.

    By reading this blog, one might forget that fact.

  • No, tybur6. I’m not kidding at all. $2,000/mo for a studio is dirt cheap. That’s like 10% of your monthly take-home, no?

    ***Bid half off peak comps***

  • but small 2 or 3 family buildings make up a large portion of the housing stock.

  • daveinbedstuy

    11217…where’d you get that figure??

  • He got it from a map, dave.

    ***Bid half off peak comps***

  • daveinbedstuy

    BHO…JOTD….Jackass of The Day…..and pretty much everyday.

    11217????

  • Rents are not ridiculous if you are a homeowner who overpaid for their home and tried to suck the blood out of his renters. Do you know that 4 family brownstones were going for 100,000 dollars because of speculation and very loose lending standards those same 100 year old brownstones ballooned to millions. Well now their price is going to go straight down to 100,000 dollars again. So you homeowners better stop asking the president for TARP money because you are not getting it. Start packing speculators will be punished.

  • I’m not sure where I remember reading that number Dave.

    But think about it, outside this relatively small little Brownstone Belt, there are no Brownstones. Brooklyn is HUGE, and the majority of it is not filled with Brownstones.

    I’ll have to hunt up the article I saw that in…

  • daveinbedstuy

    hannible…I really enjoy your posts. You lend a lot of credibility to Team Bear.

    Where’s cornholedinthebodega today???

  • hannity + feeble = hannible.

  • pierre de taille

    “Nice switcheroo, Team Bull. When discussing sales inventory, brownstones are scarce. When discussing rents, brownstones are abundant. Which one is it?”

    BHO excellent question. Too funny but DIBS mind to comment on this.

    11217 seriously doubt brownstones only make 5% of homes in Brooklyn. We would venture more like 20% but would love to see your reference to be sure.

  • daveinbedstuy

    I only said that brownstones are scarce when I was comparing them to the number of condos in MANHATTAN and people who could easily afford that move. Brownstones could actually be a large part of the rental base and still be low as far as inventory of units for sale. The two are not mutually exclusive. But that wasn’t my argument.

    Keep things in the proper context if you’re calling someone out on something.

    I think we can believe that they are more than 5% until proven otherwise.

  • “I’m not sure where I remember reading that number Dave.”

    Translation: I pulled that number out of my Ass Dave.

    “Rents are not ridiculous if you are a homeowner who overpaid for their home and tried to suck the blood out of his renters.”

    Ding Ding Ding!!! Yes!

    “BHO…JOTD….Jackass of The Day…..and pretty much everyday.”

    Hiya Dave! Hey Asshead how is that Hedge Fund thang doing? I wonder if HF are going to be around next year? How in the hell you can’t get your money back when the fund is imploding and losing money?

    Fortress Blocks Redemptions as Shareholders Lose 96% Since IPO

    http://bloomberg.com/apps/news?pid=20601109&refer=home&sid=a7rJVe6G62rA

    Two years after commissioning the ski lift, Edens, 47, finds himself staring into an abyss of a different sort. He’s the chief executive officer of money manager Fortress Investment Group LLC. Edens and his partners became instant billionaires when the company, which manages $34.3 billion in private equity and hedge fund holdings, went public in 2007. The Montana-born Edens, who ski-raced in high school, could have paid for the gondola himself.

    No he was a Asshat, just like the rest of the retards!

    In the past four months the shares of Fortress have lost most of their value, falling 96 percent to $1.34 from $31 on Feb. 9, 2007, their first trading day. “There’s been a lot of hardship in the world since then,” says Edens in a rare interview.

    Please take this steel I-Beam out of my Ass!!!

    The stock prices of a half dozen other publicly traded companies controlled by Fortress have also plunged.

    Analysts are bearish on Fortress, even at a rock-bottom price.

    I’m sorry but you also have flagpole there too!

    “The more I’ve learned about Fortress, the less comfortable I’ve become,” says Jackson Turner, who follows the company at New York-based Argus Research Co. “There’s just this drip, drip, drip of bad news.” He recommends selling the shares. Only one of nine Fortress analysts tracked by Bloomberg rates them a buy.

    Fortress is a prime example of what happens when the secretive world of hedge funds collides with the public disclosure required of listed companies. Two years after its initial public offering, Fortress remains a tangled web of subsidiaries and partnerships that analyst Turner says is anything but transparent.

    I wonder wonder who, who wrote the book of love!!!

    Massive PWNAGE coming your way! Hey Dave maybe you can get a job Sucking off the Pittsburgh Steelers! You are a Poser!

    The What (Obama will save us! Right???)

    Someday this war is gonna end…

    (Bear Mafia – La Cosa Nosedive)

  • daveinbedstuy

    Insightful, What.

  • Not difficult, whatever happens in Manhattan, Bk soon follows on its coattails…

  • Not exactly sure why me throwing out something I read would cause such a stink.

    If you think it’s 20%, how about finding an article to support that number.

    As I said, Brooklyn is HUGE. Williamsburg, Bushwick, Coney Island, Brighton Beach, Sheepshead Bay, Kensington, Ditmas, Midwood, Gravesend, Bensonhurst, Manhattan Beach, Marine Park, Canarsie, Mill Basin, Borough Park, Flatbush, Dyker Heights, Bay Ridge, New Lots, Brownsville, East New York, Ocean Hill, Flatlands, Bergen Beach….all areas made of up mostly NON Brownstones.

    I can’t find the article, but I wouldn’t be surprised if the number was closer to 5% than 20%.

    I should have known to say something against the never wrong daveinbedstuy. Get my head ripped off for even suggesting opposing info?

  • daveinbedstuy

    I was just asking you to substantiate THE NUMBER THAT YOU THREW OUT. CHRIST.

    I didn’t actually suggest a number..you threw out the 5% and I asked you where you got it from because I thought it was low.

    “I should have known to say something against the never wrong 11217. Get my head ripped off for even suggesting opposing info?” Grow up.

  • Dave, you are one of the most childish posters on this entire blog so your “grow up” comes with a great laugh.

  • I can’t find the article, but I wouldn’t be surprised if the number was closer to 5% than 20%.

    I should have known to say something against the never wrong daveinbedstuy. Get my head ripped off for even suggesting opposing info?

    11217 so that means you was talking out of your Ass right????!!!

    And you are a Retarded Asshead Right???!!

    And you have no clue about the city you live in Right Numbnuts???!!!

    And we can ignore everything that spews from your piehole right????!!

    The What

    Someday this war is gonna end….

    (Bear Mafia – La Cosa Nosedive)

  • daveinbedstuy

    And you are probably one of the “bitchiest.”

    So I guess we’ll all just agree on your 5% number because it’s what you say. Who’s the one being childish???

  • daveinbedstuy

    Thank you, What.

  • That note of mounting panic to your posts doesn’t lend you any credibility, Dave. Close your eyes and imagine you had two million to invest right now. How many of you would buy rental property in Bed Stuy, at any price? I thought so.

  • pierre de taille

    11217 we respectfully suspected your statement about 5% (which you made seem factual in your post) was an under-estimation and politely requested your source just like DIBS did. Why is this such a stink?
    We suggested the number to be closer to 20% but that was only a suggestion (and not stated factually) based on our experience traveling around Brooklyn.
    “We would venture more like 20% but would love to see your reference to be sure”.

  • daveinbedstuy

    No panic here, Whuh. Still a buyer of property, Whuh. Hope to have you as a tenant someday.

    You should run a poost in the Forum and ask people to tell you why property is a good long-term investment.

  • benson

    I think the answer to the 5% or 20% depends upon the definition. If we are talking on a housing-unit basis, then I agree that it is closer to 5% than 20%. There are about 850,000 units of housing in Brooklyn. I really doubt that 170,000 of these units are apartments in Brownstones.

    As 11217 pointed out, there are vast tracts of the borough that were developed after 1910, by which time brownstone construction had stopped. Moreover, a good deal of this post WWI construction is in the form of 6 story apartment buildings. Take a ride down Ocean Parkway,Ocean Ave or Nostrand Ave, and they are lined with these types of buildings.

  • East New York

    “New Lots”

    Thanks for shouting out my old neighborhood, 11217.

  • slopefarm

    This is all a pretty useless debate without meaningful data. Anyone have year-over-year data on rentals in brownstone Brooklyn neighborhoods?

  • daveinbedstuy

    slopefarm…that was my original point. I think that because so many units are in 1-2 family buildings and most likely not going through brokers, that the data is hard to come by. Or what data there is might not be truly representative.

  • I wasn’t even trying to make a connection to the rental market and the number of brownstones. I was just attempting to be accurate when it was said that brownstones make up a large part of the rental market in Brooklyn because I thought I read the 5% figure somewhere.

    That’s all.

    I would be interested to know just out of curiousity, but as for what it means with reference to this article, I don’t have a clue.

  • slopefarm

    Dave,

    You are probably right. Particularly since there is more and more FRBO action in the 2-fam sector of the rental market, it would be hard for realtors to aggregate data on this slice of the market.

  • “I was just attempting to be accurate when it was said that brownstones make up a large part of the rental market in Brooklyn because I thought I read the 5% figure somewhere.”

    I thaw I saw a putty cat! I thaw I saw a putty cat! I thaw I saw a putty cat! I thaw I saw a putty cat! I thaw I saw a putty cat! I thaw I saw a putty cat! I thaw I saw a putty cat! I thaw I saw a putty cat! I thaw I saw a putty cat! I thaw I saw a putty cat! I thaw I saw a putty cat! I thaw I saw a putty cat! I thaw I saw a putty cat! I thaw I saw a putty cat! I thaw I saw a putty cat! I thaw I saw a putty cat! I thaw I saw a putty cat! I thaw I saw a putty cat! I thaw I saw a putty cat! I thaw I saw a putty cat! I thaw I saw a putty cat! I thaw I saw a putty cat! I thaw I saw a putty cat! I thaw I saw a putty cat!

    The What (11217 Sucks balls)

    Someday this war is gonna end…

  • At the risk of causing a 40-post flame war, are all “1-2 family buildings” considered “brownstones”? It seems they are slightly overlapping categories… you both might be right.

  • daveinbedstuy

    corolla…for the benefit of the discussion I would include all 1-2 family buildings…maybe even 3 & 4 family buildings fit the discussion I’m trying to have….brick and limestones welcome.

    Larger than 4 family are typically professionally managed investment properties.

  • “Not sure how they actually collect the data on brownstones that rent out 1-2 units which make up a large part of the Brooklyn renatl market.”

    This was the quote I was commenting on.

    Sure, if you’re now going to say ANY 1-4 family buildings, the conversation is much different.

    You used the word “brownstone”

  • This NYTimes article is currently the 2nd-most emailed article on their site. I wonder if prospective renters are going to show up at open houses demanding additional concession based on the article itself. Interestingly though, the article even mentions that these things are happening in winter, the slowest rental time of the year.

  • The rental market has slowed all over NYC — prime Park Slope included.

    A good friend of mine just gave up an $1,100/month small rent stabilized one bedroom apartment in Park Slope because brokers and landlords he’s been calling are begging him to just come and LOOK at their apartments.

    I told you folks what was happening to the NYC rental market months ago and most of you laughed me off.

    From what I’ve seen, and what my friend who’s looking to rent a new place starting March 1st in Park Slope tells me, it’s easy to find a good sized, “renovated” one bedroom apartment now in Park Slope for around $1500/mo. He plans to negotiate the rent down to $1300/mo which shouldn’t be hard given all the vacancies advertised for rent right now in Brooklyn.

    Look on Craigslist, if you don’t believe me. There’s TONS of inventory out there. I haven’t seen anything like it since the late 1980′s.

  • Personal anecdote: I rented my current place in early September 2007, which was probably the worst time ever to rent in Park Slope. Inventory was absurdly tight. I was in the market for a 3-bed, and the brokers were showing me things for $4k and up that were barely fit for hipster shares. I finally got lucky and found a perfectly good place on a great block for just under $4k. Based on the market at that time, I thought I was getting a very good deal. I re-upped the lease in August of this year for about $4100. I probably should have groused about it, but $100 a month wasn’t something I was going waste time over.

    I pay pretty close attention to market comps, and at this point I think the going rate for my place is about $3500. Who knows what happens between now and August, but it sure isn’t going to go up at this point, so I assume that I will either (1) re-up my lease for $3500 or less or (2) move and pay $3500 or less (without any broker fee). My wife wants to move closer to center slope, so a move won’t be a big deal for us.

  • daveinbedstuy

    ” I wonder if prospective renters are going to show up at open houses demanding additional concession based on the article itself”

    I’d tell them not to let the door hit them on the way out.

  • Ironballs,

    I agree that rents are coming down (and I’m actually thrilled about it…I hope more people are able to afford these places) but in a search on craigslist, please show me where the 1 bedrooms are for $1500 a month IN Park Slope proper (Flatbush to 15th, PPW to 4th). I see maybe 2.

    http://newyork.craigslist.org/search/aap?query=park+slope&minAsk=min&maxAsk=max&bedrooms=

  • Corolla,

    I wonder exactly the same thing. As a landlord, I’ll admit that I’m nervous. Someone at the NY Times has it out for us landlords.

    But at the end of the day, if you’re location is ideal, and your apartments are in excellent shape, flexible landlords still should be able to get decent rents. In reality the local NYC economy is bad, but not yet horrible. I’ve got 100% occupancy right now, but I’ve been very flexible in order to keep it that high.

    Fringe neighborhoods like Clinton Hill, where our buddy Brownstoner resides, are going to see huge rent/price drops, unfortunately. Rents in Park Slope, as I mentioned in my previous post, are down considerably, but if your building is near the Park, subways, and restaurants — in other words on a “prime block” you’ll be ok. At least you’ll be able to find a credit worthy tenant.

    Landlords with lots of debt on their properties obviously will be screwed if rents drop too much.

    LOCATION, LOCATION, LOCATION, as they say, will always be the driving force in real estate.

  • Actually, if you look on craigslist, it looks like STUDIOS (not 1 bedrooms) are renting for $1300-1800 in Park Slope. Which is down from about $1500-1900 in the past couple years.

    I see one listing for a 1 bedroom for $1495 and it’s between 4th and 5th Avenues.

    Guess I need to keep looking.

  • lechacal — my situation is very similar to yours (if you replace “3 bed” with “2 bed”).

    Signed my lease in fall of 07, renewed for a small increase last year even though I thought it was barely justifiable, and I will either get a nice rent reduction from my landlord this year or move.

    If rents don’t come down in Brooklyn, I’ll move back to Manhattan and get one of those no fee/1 month free places for a year and see where the market stands in 2010.

    I’d love to buy and just be settled somewhere, but I can’t see taking the plunge with all of the uncertainties in the job and real estate markets.

  • 11217,

    I didn’t say you could find a nice one bedroom on the park in Park Slope for $1500, but you can in other parts of Park Slope.

    And you don’t realize how many vacancies are out there right now. Like I said landlords are being very flexible with rents to get their apartments rented. If a landlord lists an apartment for $2000/mo and nobody even comes to look at it, you can bet he’d accept much less if a qualified potential renter showed up.

    And I wouldn’t be too thrilled with falling rents if I were you. Many fringe neighborhoods in Brooklyn which have improved substantially in the last several years could easily slip backwards and become high crime areas again if things keep going the way it looks like they’re heading.

  • daveinbedstuy

    “And I wouldn’t be too thrilled with falling rents if I were you. Many fringe neighborhoods in Brooklyn which have improved substantially in the last several years could easily slip backwards and become high crime areas again if things keep going the way it looks like they’re heading.”

    But they won’t, IronBalls, as long as people like you stay away.

  • slopefarm

    There’s always lots of rental inventory on CL. At least until you realize it’s the same brokers posting the same apartments twice a day. Every time we rented ours out, there were lots of apts on CL, but it seemed like all our prospective tenants were looking at the same 2-3 apartments.

  • The article says a two-bedrooom in Cobble Hill rented for $1900. I rented a two-bedroom in Carroll Gardens for $1900 from 2001 to 2004. Can someone familiar with the area please tell me: Have rents gone up since 2001 or have they stayed flat?

    (“Two bedroom” is actually a small floor-through in a brownstone, not a real two-bedroom apt.)

    Thanks.

  • “But at the end of the day, if you’re location is ideal, and your apartments are in excellent shape, flexible landlords still should be able to get decent rents. In reality the local NYC economy is bad, but not yet horrible. I’ve got 100% occupancy right now, but I’ve been very flexible in order to keep it that high.”

    I have some bad news: You will not “Make it” in fact most of the retards will be moving out soon to jack up somewhere else!

    Fringe neighborhoods like Clinton Hill, where our buddy Brownstoner resides, are going to see huge rent/price drops, unfortunately. Rents in Park Slope, as I mentioned in my previous post, are down considerably, but if your building is near the Park, subways, and restaurants — in other words on a “prime block” you’ll be ok. At least you’ll be able to find a credit worthy tenant.

    Park Slope is going to get hammed because plenty of “White Collar” jobs are going to be killed! I’m willing to bet very soon you can rent a 1 bedroom in PS for 1000.00 and everywhere else is going to get blasted!

    Macy’s Slashes 7,000 Jobs, Seeks to Buy Back Bonds (Update2)

    http://www.bloomberg.com/apps/news?pid=20601087&sid=alFaIp3xXrCI&refer=home

    Feb. 2 (Bloomberg) — Macy’s Inc., the second-largest U.S. department-store company, said it is cutting 7,000 jobs, or 3.9 percent of its workforce, and plans to buy back as much as $950 million in bonds due this year.

    The retailer also cut its quarterly dividend to 5 cents a share from 13.25 cents, it said in a statement today. The moves will save $250 million this year and $400 million annually starting in 2010.

    “The steps Macy’s has taken today are a recognition by the company of how bad things are for the economy and for Macy’s,” Pete Hastings, a fixed-income analyst with Morgan Keegan Inc. in Memphis, said in a telephone interview.

    See retards the trend is your friend..

    Buh bye retards! Nice knowing ya…

    The What (Obama will save us)

    Someday this war is gonna end…

  • daveinbedstuy

    Blah, blah,blah, blah, blah,blah, blah, blah,blah,blah, blah, blah, blah,blah.Blah, blah,blah, blah, blah,blah, blah, blah,blah,blah Blah, blah,blah, blah, blah,blah, blah, blah,blah,blah, blah, blah, blah,blah.Blah, blah,blah, blah, blah,blah, blah, blah,blah,blah

    See retards the trend is your friend..

    Buh bye retards! Nice knowing ya…

    The What (Obama will save us)

    Someday this war is gonna end…

  • East New York

    “I wonder exactly the same thing. As a landlord, I’ll admit that I’m nervous. Someone at the NY Times has it out for us landlords.”

    What, are you kidding me? Any reasonably intelligent renter who’s been AWAKE for the last 11 months doesn’t need the NY Times to tell him he/she’s got more negotiating room that in the past! The “secret” was out before it hit the real estate section fo the NY Times! Come on!

  • What,

    You’re preaching to the choir. Things could certainly get so bad that nice one bedroom apartments rent for $1000/mo in Park Slope.

    But remember that even with the collapse of investment banking, NYC is still the #1 economic powerhouse in this country. I don’t see that changing anytime soon.

    Where the hell else will real estate investors go? That’s right, there are ZERO better alternatives. Enough local investors still have enough cash and credit to keep things from truly going to hell.

    You’ve been preaching economic doom for years and I have never disagreed with you in that regard. I’m on board completely with all your bursting bubble predictions.

    And the fact that the federal government thinks it can borrow and spend our way out this recession is lunacy because every halfwit knows the money will be wasted and only lead to massive inflation — a reason why it’s not a bad time currently to buy real estate. There’s no better hedge against inflation.

  • daveinbedstuy

    Well, IronBalls, I don’t think so since I’m still getting $1,200 and could probably get $1,350 or so for my one-bedroom in Bed Stuy.

  • Nope, Dave.

    That game’s over. You have no idea how bad things have gotten.

  • I don’t think so either, as I’m helping two friends move to Park Slope right now and I’ve been not only scouring the internet and real estate listings constantly, but yesterday met with 3 different brokers in PS and saw 4 apartments yesterday afternoon:

    1. We looked at a 2 bedroom in South Slope which was 2700.

    2. We looked at a 2 bedroom in Center Slope which was 2500. Absolute Dump!

    3. We looked at a 1 bedroom plus “office” in the Center Slope and it was 2200.

    4. We looked at a 2 bedroom on 4th Avenue which was 2400. Not great location, nice apartment though. One of the bedrooms would fit a Full bed, nightstand and dresser and that’s about it.

    I also went to take a look at a studio for a another friend who might be moving from Manhattan on Saturday and it was on a great North Slope block and is renting for $1800. She thinks it’s a great deal, as she’s currently paying 2800 for a studio in the West Village.

    This is just some “from the field” info…

  • 99luftballons,

    It’s one thing making a deal like that with an existing tenant since their is a substantial cost involved in moving. I’ve been making similar deals myself with tenants.

    The question is how long that apartment would have sat on the market vacant if the tenant had moved out before you agreed to lower the rent enough to get it rented.

    There’s a big difference between what you might be able to negotiate with an existing in place tenant and someone incurring moving expenses who’s currently looking at what’s available on the open market.

  • “What, are you kidding me? Any reasonably intelligent renter who’s been AWAKE for the last 11 months doesn’t need the NY Times to tell him he/she’s got more negotiating room that in the past! The “secret” was out before it hit the real estate section fo the NY Times! Come on!”

    Yep ENY But now everything is in Blast mode! Go back and read my perdition’s 2009 is going to be real bad.

    “If rents don’t come down in Brooklyn, I’ll move back to Manhattan and get one of those no fee/1 month free places for a year and see where the market stands in 2010.”

    DING!!! DING!!! DING!!! DING!!! DING!!! DING!!! DING!!! DING!!! DING!!! DING!!! DING!!! DING!!! DING!!! DING!!! DING!!! DING!!! DING!!! DING!!! DING!!! DING!!! DING!!! DING!!! DING!!! DING!!!

    You better read this paragraph very carefully! The deal is when this spring comes people are going to move back to Manhattan! You can get a 2 Bedroom in Tribecca for 3100.00! That knock anything in Brooklyn out of the box and Harlem is going to pick off some people from “Brownstone Brooklyn”

    I don’t feel sorry for the retards who bought property here and I hope you get your heads knocked off!

    “But remember that even with the collapse of investment banking, NYC is still the #1 economic powerhouse in this country. I don’t see that changing anytime soon.”

    Oh and Publishing is going to get murdered!

    PENSION TENSION
    GRAY LADY’S $625M DEFICIT ADDS TO PUBLISHER’S WOES

    http://www.nypost.com/seven/02022009/business/pension_tension_153124.htm

    Just when it started to look as if The New York Times Co. had found a way to dig itself out from under its massive debt load, the beleaguered newspaper company may be on the verge of getting knocked down again.

    The cash-strapped publisher last week reported that its pension plan was facing a $625 million shortfall at the end of 2008, compared with a deficit of $48 million a year earlier.

    The trend is your friend.. Buh bye…

    The What

    Someday this war is gonna end…

  • daveinbedstuy

    IronBalls…I was stating a fact. I just resigned my tenants at $1,200. I wouldn’t raise it because they’re good tenants and nice people. How dense can you be???

  • BTW, my friend is interested in the 2700 a month South Slope 2 bedroom and is hoping to talk the landlord down to 2500.

    So yes, thinks are falling, but I don’t see rock bottom prices by any means.

    Especially if you consider that average rents in PS are more expensive than Hell’s Kitchen and the Lower East Side.

    As I said…I welcome some movement downwards, if for no other reason than so that more of my friends can afford it. Selfish, yes!

  • 11217,

    Those are all just asking rents. Folks can ask whatever they want.

    All that matters is the actual lease rent which is often MUCH lower in this market as the NY TImes article makes clear.

    Did your friend make any hard offers for these apartments? That’s the real proof in the pudding, dude.

  • daveinbedstuy

    “Especially if you consider that average rents in PS are more expensive than Hell’s Kitchen and the Lower East Side.”

    And they’ll stay thet way

    PS is a much nicer place to live than Hell’s Kitchen and the LES unless you want lots of noise and hundreds of people out partying on your blocks.

  • Not if you’re young and your goal is to party and get laid.

    If macking tops your list of priorities, PS is a freaking cemetery.

  • 11217,

    I posted before reading your second post.

    I’d tell your friend to offer $2000/month with a few extra months rent in advance.

  • And Dave,

    Signing a leasing with an existing tenant without moving expenses and finding a new tenant looking on the open market, as I stated before, are two completely different things in this market.

  • daveinbedstuy

    I haven’t had to go to a bar in years to pick someone up, IronBalls. That’s so 80s and 90s…such a waste of time. And I don’t mean Craigslist either.

  • “If macking tops your list of priorities, PS is a freaking cemetery.”

    Not everyone wants to eat where they shit, Ironballs.

    Plenty of macking can be done in Manhattan, and then come home to a glorious oasis makes it all the more pleasurable. Trust me.

    BTW, 2 of the apartments I mentioned above have “applications” out already on them and we asked to see them anyway in case they fell through (and also to just get an idea and see as many places as we could).

    You are making things sound quite a bit more dire than they are in real life.

  • daveinbedstuy

    I’ve had people who know the place that would pay $1,300, IronBalls.

    Discussion over.

  • Dave,

    Most young people living in NYC don’t share that philosophy.

    Your own lifestyle choices have nothing to do with anything.

  • Once again Dave, what you personally do doesn’t matter.

    If you choose to rent out a very nice apartment below market, how does that reflect current market conditions?

    It doesn’t.

  • daveinbedstuy

    I’m glad you cleared that up for me, IronBalls.

  • daveinbedstuy

    You jackass….you’re the one arguing that all the rental prices are too high and market is coming down. They are not in Bed Stuy. You miss the point as you so often do.

  • No Dave,

    You miss the point. But I won’t repeat myself or lower myself to juvenile name calling as you always do.

    Have a nice day.

  • Thanks 99luftballons & 11217. This is where I thought rents were.

  • wasder

    I have been away on holiday (still in FL actually) and haven’t been able to post for a few days but I have a couple of things to say.

    BHO–I rarely disagree with the premise of what you are saying but you are such an ASSHOLE! What is your problem? I guarantee you don’t act like this around your wife and daughter (I am more talking about the things you wrote on FRiday which were atrocious–and drop the dumbass CAse Killa wannabe talk please).

    11217 and Dave–I doubt you guys really want to fight about the percentage of Brownstones in Brooklyn. Many more important things to argue about. However I bet 11217 is right if you use a strict definition of Brownstone (ie row houses actually clad in Brownstone). IT is a massive borough with many many neighborhoods that have no brownstones at all.

    Rents–clearly coming down, but unless the bottom truly falls out of the economy (which is obviously a possibility) we are not going to see 1000 one bedrooms. And really, Who are these mythic evil strawmen landlords taking advantage of the downtrodden and where are they? Not on this board.

    You people are all hysterical and I love you all, except BHO.

  • daveinbedstuy

    I meant brownstone to include brownstone brooklyn and inclusive of most 1&2 family and probably up to 4 family that are typically not professionally managed investment properties….whether they are brownstone, brick, limestone or GOD FORBID, Fedders buildings is not the point. But maybe I was unclear on that.

    Wasder if you want some real fun argue with IronBalls on the $1,000 Park Slope rents when bed Stuy is at $1,200-1,500 for one bedrooms.

  • > “nice one bedroom apartments rent for $1000/mo in Park Slope.”

    I wish. Then all my poor lesbian pals could move back into the neighborhood.

  • If and when Park Slope has $1000 a month 1 bedrooms, all my friends who live all over the city (who are currently paying 1200-1800 a month to SHARE an apartment with 2 or 3 other people) will be moving to my hood so that they can live alone…This could be great!!

    Talk about low inventory!

  • daveinbedstuy

    No matter how bad the economy is there will still be people moving to NYC and looking for housing.

  • $1000 a month rent translates in to a very affordable $36G-40G a year income.

    If Park Slope (not 4th Ave – I mean real PS) is renting its 1Brs for $1,000 a month then either a nuclear bomb went off in NYC or every other city in North America (and some in Europe) will be empty with all their urban dwelling residents coming for the hot bargain of NY.

  • Dave: “Bed Stuy is at $1,200-1,500 for one bedrooms”.

    Ironballs: Bed Stuy is at $750 – $1000 for one bedrooms”.

    And Dave, if you refer one more time to the fact that you’re renting a one bedroom apartment in Bed Stuy for $1200/mo, I’ll be forced to barf in my own hat.

    There are also folks that pay $100/mo for one bedroom apartments in Greenwich Village.

    I’m talking about AVERAGE rents on a newly signed lease TODAY.

    I’m sure your rental apartment is not an average Bed Stuy apartment. Otherwise, you’d never get that much rent for it. NEVER

  • Average rents in the Bronx for a 1Br is approximately $850-$1050

  • daveinbedstuy

    I live in Bed Stuy but I guess you would know better.

  • I just figured it out. Rents are going down in Manhattan because everyone is moving to Brooklyn.

  • I kw alot of you “homewns on welfare now that are trying to get TARP money for your bad invesments from the government are feeling quit stupid for overpaying for your homes and getting stuck with the turd now. Don’t feel bad it is impossible to fix stupid. You thought you were so smart to buy and triple rents. Everyone else was just so stupid and at least not as smart as you.”useless debate without meaningful data” well look at all the for sale signs and in Carroll Gardens and Park Slope banks are not even putting up the “For Sale” signs as not to overflood the area with lower priced homes. Your rents are all asking prices and like a famous Native American saying goes.” You can want in one want and shi .. in the other and never snow which one will fill up first”

  • daveinbedstuy

    wow hannible…your incoherence never ceases to amaze me.

  • I did not understand any of the post at 7:29.

    Most illegals here speak better English than that.

  • Hmmmmm….so the reason we don’t see “for sale” signs in Carroll Gardens is because banks don’t want to flood the market? This is amazing. Hannible, maybe you can work out a secret deal.

  • 11217 It makes me happy to know you will be the most educated homeless person I have ever known. Hurray! the government is going to tighten the vice on greedy homeowners and adding new features to rent control. What are those poor homeowners that bought in the hopes of flipping this old home going to do? I know ask for TARP money.