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October 16, 2007
Rental of the Day: 364 Myrtle Post-Scarano Switcheroo
It's been a long slog for the developer of 364 Myrtle Avenue, the Scarano-designed building at Adelphi Avenue in Fort Greene. The three-units, which range in size from 1,500 to 1,700 square feet, first hit the market in early 2006 as condos asking between $877,000 and $919,000. The prices were too high. After an across-the-board reduction of more than 10 percent in the summer of 2006, however, all three units went into contract. And then the waiting began. The unlucky buyers were given precious little information as Scarano's problems kept holding up the C of O. Finally, last spring, with no resolution in sight, the developer upstandingly let buyers out of their contracts. And now, presumably with the C of O squared away, at least two of the units have resurfaced as rentals, one asking $4,800 a month and the other $5,000. Sound like a reasonable price to you?
364 Myrtle #1 [Corcoran] GMAP P*Shark
364 Myrtle #2 [Corcoran]
364 Myrtle Avenue: Scarano Strikes Again [Brownstoner]
What's Up With The New Building on Myrtle? [Brownstoner]
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Comments
That is a crapload of money, particularly for a rental in that area. I know its up and coming, but its still a lot.
Posted by: guest at October 16, 2007 12:49 PM
$5K to live 1 block away from the projects and the BQE?
Posted by: guest at October 16, 2007 12:51 PM
I pay less than that for 1700 sq. ft. in prime Brooklyn Heights. Ludicrous!
Posted by: guest at October 16, 2007 12:53 PM
That's the same price as the UWS or even the East Village...
re the asking price: dull, dull space, hotel-like bathrooms and skimpy kitchens. Nice light, tho. Think if I were the developer I'd whack the price and sell, but maybe that's not an option. Nothing like 5 years of renters to trash a building...
Posted by: guest at October 16, 2007 12:54 PM
How dare ANYONE make fun of Scarano after all he's been through?
LEAVE SCARANO ALONE! You are lucky he even designs buildings for you BASTARDS!
LEEEAVE SCARRRANNNNOOOO ALOOOOONE!
Please!
LEAVE ROBERT SCARANO ALONE RIGHT NOW! I mean it! Anyone has a problem, deal with ME, cuz he's not well right now!
Leave him alone!
Posted by: guest at October 16, 2007 12:56 PM
Take your meds, 12:56pm. Everything is going to be o...k.
Posted by: guest at October 16, 2007 1:03 PM
Will they get that? Sounds crazy!
Posted by: guest at October 16, 2007 1:05 PM
Whatever happened to location, location, location?
Posted by: guest at October 16, 2007 1:07 PM
lol. $5000 a month. I can get a sick place in Tribeca or anywhere else in the city or in a nicer part of Brooklyn for that. Who pays such an ungodly amount of money to live in the ghetto. no way these rent for this price, unless Jay-Z decides to rent to be close to his Nets in AY.
Posted by: guest at October 16, 2007 1:18 PM
12:56 is a Chris crocker/Brittney Spears reference, might be too old of an audience on here to get it...
http://youtube.com/watch?v=cDDEhLw1PVI&mode=related&search=
Posted by: guest at October 16, 2007 1:20 PM
I live in the area and really like it but that is way too much.
Posted by: guest at October 16, 2007 1:22 PM
While not the "ghetto" referred to above, this seems out of whack with rents in the area.
Posted by: guest at October 16, 2007 1:29 PM
5 Large for Myrtle? What a joke. Scarano and his backers don't have to be stopped. The market will sort it all out and he will go back to teaching full time.
Posted by: guest at October 16, 2007 1:46 PM
lol 1:18. Jay-z wouldn't pay 5k a month for a rental (especially here) even though he can certainly afford it
Posted by: guest at October 16, 2007 2:11 PM
lol 1:18. Jay-z wouldn't pay 5k a month for a rental (especially here) even though he can certainly afford it
Posted by: guest at October 16, 2007 2:12 PM
Anyone knows what's going on next door with the store front? It has been boarded for a long time, I think a sidewalk cafe would work great on that corner,
Posted by: guest at October 16, 2007 2:16 PM
I think that side of the street will pick up once the new building on the other side gets tenants and the walgreens.
Posted by: guest at October 16, 2007 2:34 PM
It's also 1 block from Ft. Greene Park. Maybe that's why it's high?
Posted by: guest at October 16, 2007 2:37 PM
It is not any higher than the ridiculous prices people are paying for condos and homes in Brooklyn now irregardless of location. Developers are building and people are buying. Bottom line. As to who would pay that to live in the so called "ghetto", apparently people who can't afford to live in Manhattan obviously, the so called gentrifiers.
Posted by: guest at October 16, 2007 2:46 PM
There's a very nice and large loft conversion just a few blocks away on Park that has rentals for less than half this price.
Ok, so you're _right_ next to the BQE, BUT, it's further from the projects, convenient to more buses, and did I say half the price?
And even there, there's always vacancies.
half the price.
Posted by: guest at October 16, 2007 3:07 PM
No.
Posted by: Carol Gardens at October 16, 2007 3:29 PM
2.46, I hear what you're saying, but if you're buying a luxury condo or rowhouse and paying a $5000/mo mortgage, that's one thing. Here you're paying rent, so it is money down the drain, unless you have funds that you would have used for a down payment that you are now investing in some other high yielding asset or strategy.
Posted by: guest at October 16, 2007 3:31 PM
So is this building now underbuilt with the new zoning along Myrtle?
Posted by: guest at October 16, 2007 3:36 PM
2:46: Irregardless, with its illogical negative prefix, is widely heard, perhaps arising under the influence of such perfectly correct forms as: irrespective. Irregardless is avoided by careful users of English. Use regardless to mean 'without regard or consideration for' or 'nevertheless': | I go walking every day regardless of season or weather.
Posted by: guest at October 16, 2007 4:14 PM
12:54, you are absolutely right about the bathrooms. Blech!! Cold and impersonal. The addition of personal stuff, towels, etc wouldn't warm it up either.
No,no, no. Next.
Posted by: guest at October 16, 2007 4:25 PM
4:14 - I prefer disirregardless
Posted by: guest at October 16, 2007 5:34 PM
They are smoking something if they think five large is going to fly in that area. No way.
Posted by: gwbrubaker at October 16, 2007 6:08 PM
Future Crack House.
BTW The meltdown is going down. RIP Mutant Real Estate Bubble!
The What
Someday this war is gonna end
Posted by: guest at October 16, 2007 10:08 PM
Worst. Balconies. Ever.
Posted by: guest at October 18, 2007 10:39 PM
It should be noted that these rentals have been listed at these prices for at least few months now, so clearly there hasn't been much interest.
I'm curious why, if they now have their CofO they decided to go with rentals rather than sell them off?
Also, btw, this location isn't perfect but it's not bad. A block from the park, will be across from a new condo development, and is within a few blocks of great restaurants. Certainly not worth those prices though.
Posted by: jenn at October 20, 2007 3:24 PM
Two months later and still for rent...
Posted by: guest at December 11, 2007 7:59 PM
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