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November 8, 2006
Eating Our Words: Clinton Hill Eyesore Rents Out
It looks like we have to eat our words on this Grand Avenue rental building. Evidently there was no shortage of people looking to drop more than $2,000 a month for a one bedroom in a (to be kind) bland new-build in Clinton Hill. From our vantage point on the street and the fact that the listing is no longer up on the Douglas Elliman site, we can only conclude that this baby is fully rented. Anyone know what the mix of tenants is? Is it mostly Pratt students or young professionals?
Ungrand on Grand: $2,200 a Month for That? [Brownstoner] GMAP
Comments
no way that rented that quickly for that money.
Posted by: anon at November 8, 2006 10:10 AM
Ugh! These can't be intelligent people.
Posted by: Clinton Hillster at November 8, 2006 10:14 AM
The people who are posting on this site have no idea about the reality of prices and stock in NYC. Obviosly, if you've been in a brownstone for the past ten years you have lost sight of housing prices and of rent. I pay 2475 for an apartment in midtown that is about 850sqft and that is considered really cheap for what I'm getting. My landlord has raised it to 2575 and I dear not move because it is really cheap compared to what others I know are paying for similar or even smaller places. Assuming the space is nice, the $2000/month in clinton hill is not unreasonable.
Posted by: Anonymous at November 8, 2006 10:31 AM
Absolutely rented. First there is segment of population that prefers greatly new space. And will pay more for it.
And to think there is a selection or plenty of floor-thru brownstone apts. available in $1500 price range(claim from your orig post)- that are in good to great shape is grossly mistaken.
Posted by: Anonymous at November 8, 2006 10:36 AM
I agree with anon 1:36. For some renters newness is a very important factor.
Posted by: Anonymous at November 8, 2006 10:43 AM
I also agree that most brownstone floor throughs in good shape in the area are not in the $1500 range, more like 1850-2100 or more.
Posted by: lp at November 8, 2006 10:55 AM
Some people are willing to pay a premium for what they may personally consider to be a decent place to live.
BTW, do those above mentioned brownstone floor through apartment rents apply to Crown Heights? e.g. Park Place, New York/Brooklyn Aves.
Posted by: Hal at November 8, 2006 11:09 AM
Eh gads, when I was a Pratt Student, back in the early 1980's, there would be no way I could afford the 80's equivalent of $2000 a month for an apartment. I paid dorm fees and then moved into a Ft. Greene house that was a dump, but $900 per month and split 7 ways, everyone with their own bedroom and share of the two kitchens and 3 bathrooms. It was a struggle to get everyone to pay their $130 each of rent, plus the electric and gas (including heating the building in winter).
Either Pratt Students are a lot more affluent now a days, or they are just not renting in places like this.
Posted by: Anonymous at November 8, 2006 11:12 AM
Brownstone floorthrough rentals are cheaper because
a) owner needs the cashflow and sanity and tend to prefer to keep rents down a little to reduce turnover.
b) taxes are lower due to different tax class and long ownership.
Posted by: Anonymous at November 8, 2006 11:15 AM
nice floor throughs in good shape and well maintained are not much cheaper.
Posted by: lp at November 8, 2006 11:23 AM
there's a floor-through 1.5 bedroom around the corner going for $1600 for something like 800 sq ft. even that seems outrageous to me, but it's cheaper than this thing.
Posted by: Jimmy Legs at November 8, 2006 11:30 AM
Yuck, this is another case of residents supporting the developer notion that good design doesn't matter.
Posted by: Anonymous at November 8, 2006 11:45 AM
I lived in a 2 br apt in a brownstone in Prospect Heights, close to Atlantic Center and Bergen St train stations, and we only paid $1900 and the current renters pay $2000. Paying the same price for a 1 br with less train accessibility seems high.
Posted by: dahl at November 8, 2006 11:53 AM
They rented very fast. One day a couple of apartments seemed occupied, and within a week or two they all were.
This is on Grand Ave., between Lexington and Greene. Almost all of the surrounding buildings are residential. There's one old 2-story building across the street that is some kind of telecommunications business. I think it's used as a warehouse and office. No noise, not much traffic except for the UPS truck blockng the sidewalk once in a while. But it's a very nice block.
Posted by: Anonymous at November 8, 2006 1:27 PM
I have been there. Nice big windows let lots of light in and has nice rooftop views from some of the apts. Not the agent, just have been there. It looks completely rented, and quickly. Many people in the city actually prefer new architecture to the old architecture. I know this is heretical to some on this blog.
Posted by: Anonymous at November 8, 2006 6:10 PM
Of course they're rented out. Nobody's blinking in the sales market.
When sale prices crash land into the inflation curve, rents will ease.
Posted by: Anonymous at November 8, 2006 11:33 PM
The back of my apartment sits catty-corner to this building, so I can see the back of their apts. I can confirm that they all appear to be full. They all have terraces on the back and big windows. I've seen a few people on their terraces, and they all look like couples in their late 20s or 30s. No artist-looking, college kids. Urban professionals with bikes, cats and curtains. (I'm totally not a stalker, but it is fascinating to watch a building built and then notice people as they move in. I'm totally not as creepy as I sound right now...)
Posted by: anon at November 9, 2006 4:06 PM
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