Brooklyner 20% Rented, Move-Ins Underway
The Brooklyner, aka 111 Lawrence Street, aka the new tallest building in the borough, hit the market last month and about 20 percent of the 490 units are rented already, according to a rep for the building. What’s more, the first tenants began moving in last week. As for how much it costs: Brooklyner’s site…
The Brooklyner, aka 111 Lawrence Street, aka the new tallest building in the borough, hit the market last month and about 20 percent of the 490 units are rented already, according to a rep for the building. What’s more, the first tenants began moving in last week. As for how much it costs: Brooklyner’s site has the cheapest unit, a 402-square-foot studio, going for $1,450, and the priciest line of units, 976-square-foot two-bedrooms, starting at $2,995. (It doesn’t look like these rates include concessions, such as one or two months of free rent, but we’re not 100% on that.) Of course, the Brooklyner has plenty of competition right now, with Avalon Fort Greene, 80 Dekalb and Brooklyn Gold all renting brand-new Downtown apartments too.
Brooklyner Availabilities [Official Site]
Details Leaked on 111 Lawrence Rents [Brownstoner]
Development Watch: 111 Lawrence Street [Brownstoner]
111 Lawrence Gets Its Glass On [Brownstoner]
1111 Lawrence Revealed [Brownstoner] GMAP P*Shark
111 Lawrence Rising [Brownstoner] DOB
Development Watch: 111 Lawrence Street [Brownstoner]
Digger, Not Much Else at 107 Lawrence [Brownstoner]
Clarett’s Big Plans on Lawrence Street [Brownstoner]
Development Watch: 107 Lawrence Ready for Next Stage [Brownstoner]
i personally really dislike the location of all these buildings that are right on/off flatbush, but agree with ftgreenecorey that long term is an excellent investment for the landlord.
I’m not sure about Clarrett, who have clearly had their issues, but companies like Avalon Bay do 30 year projects as to population growth, median income, surrounding development, etc. Downtown Brooklyn is very attractive to developers and potential renters for a number of reasons (primarily access to transportation and proximity to Manhattan). I’m sure that, over time, all of the rental buildings (Brownstoner, 80 Dekalb, Avalon, Brooklyn Gold) will be just about fully occupied. You can’t look at it from a 3-5 year prospective…it’s more of a 10-20 year analysis.
My sentiments exactly, DitmasSnark!
“This building will get their money”
I don’t know, cmlla. They bought the land sometime before 2007. Wild fantasies about perpetually rising rents back then (enter Tishman Speyer). You should “worry” about ALL landlords. Wait a minute – didn’t Clarett own Forte’ and then vice versa?
***Bid half off peak comps***
It’s Downtown Brooklyn, frownstoners…it’ll be ok. This building will get their money, I think you should be worrying about the 2 and 3 family houses on the outskirts getting their rent.
> 80 apartments for nearby landlords to compete with today.
> Many more tomorrow.
Hurray for new additions to the housing supply!
“My understanding is the bldg. has TCO for 5 – 25 floors.”
So about half of the 40% that have made it to market. 80 apartments for nearby landlords to compete with today. Many more tomorrow.
***Bid half off peak comps***
Grocers on Montague, Smith, Hoyt-Sherm, Atlantic. FreshDirect may deliver here. My understanding is the bldg. has TCO for 5 – 25 floors.
BHO, I don’t think Clarett has received its TCO for most of the building. Only some lower floors are available, if what I heard is correct.