« Just Sold in Brooklyn BREAKING: 227 Duffield Saved From Eminent Domain Death »
November 30, 2007
Rental of the Day: 562 Court Street
This eight-unit baby nestled next to the BQE was originally conceived as a condo, but it recently popped out as a luxe rental instead. The two-bedroom, two-bath apartments are all around 1,000 square feet and renting between $3,200 and $3,500, according to Brown Harris Stevens broker Helen Van Rhyn. “The rents aren’t cheap, but the units get amazing light and all the finishes are excellent, like the ones you’d find in a new condo or luxury rental,” said Van Rhyn. “People have been a little wary of being so close to the highway, but I think that’s going to change since Carroll Gardens has become such a hot commodity.” Think it’s hot enough for a building that looks like this to command these rents?
562 Court Street Listing [Brown Harris Stevens] GMAP
Trackback Pings
TrackBack URL for this entry:
http://www.brownstoner.com/mte/mt-tb.cgi/3056
Comments
Come on! It's a Fedders building right on the BQE! The broker should be embarrassed. Sure, they couldn't sell those units as a condo, so they made it a rental building. Rip-off rentals. Park Slope 2BRs are cheaper than that. What a joke.
Posted by: guest at November 30, 2007 1:02 PM
Very, very cheap looking. Everything inside looks like it came from Home Depot or Lowes (which isn't a bad thing, unless it looks cheaply done, which it does).
I'm shocked what people get these days for a rental.
Posted by: guest at November 30, 2007 1:07 PM
amazing light from what, the headlights of cars rushing past? that amount of rent is a crime.
Posted by: guest at November 30, 2007 1:07 PM
I wouldn't pay that much for a shaking building. There is no way being that close to the BQE that building isn't going to shake.
Add to that the downshifting trucks at all hours of the day and night.
I used to live a block away from here and while you get used to it to a certain extent, you shouldn't have to 'get used' to something for that much money. There are much nicer places in better parts of CG for equal or less money.
Posted by: guest at November 30, 2007 1:09 PM
Yeah. I agree with the above. I was watching that thing go up during the past year, and its a piece of crap.
For renting, sure, no problem, so you deal with the BQE twenty feet from your window. But the rent is way too high.
....two bedroom...close to the Simith/9th St F/G, and two people splitting the rent...maybe.....$2,500/month.
Posted by: guest at November 30, 2007 1:12 PM
no
Posted by: guest at November 30, 2007 1:17 PM
This area is a great neighborhood, unfortunately the people who've lived there for years don't seem to understand why and now they're building this monstrosity and charging $3500 for a $2000 space, and don't even get me started on the joke known as Leo's Corner.
Posted by: guest at November 30, 2007 1:23 PM
"close to the Simith/9th St F/G"
Which will be shuttered next year, of course.
Posted by: guest at November 30, 2007 1:26 PM
"Nestled" next to the BQE? How cozy, like a duckling in its mother's wings, or a kitten nuzzling up to its mama's warm, fuzzy belly! Except that "mama" in this case is the highway to hell! ROFL
Posted by: Brenda from Flatbush at November 30, 2007 1:32 PM
This may take the cake for best broker hype/act of desperation on a rental this year. Sure, the neighborhood is changing, but last I checked this elevated section of the BQE isn't going anywhere anytime soon. The northwest corner of the building is probably 40-60 feet from the edge of the highway, with Court Street and Hamilton Avenue at ground level. There is the tire changing shop across the street and the sound of the air compressor will surely help lull you to sleep.
I watched this thing go up, and while I cant comment on the interior finishes, the exterior was slapped together after sitting and rusting for quite a while.
Posted by: guest at November 30, 2007 1:34 PM
Almost bought in the condo across the street, and thankfully didn't go through with the deal. That was back in spring of 2006. Having the Smith and 9th street station closed for nearly two years is going to be a bummer! The area is really marginal. Red Hook projects not a good selling or renting point either.
Posted by: guest at November 30, 2007 1:35 PM
you can get cheaper rentals closer to trains in Carroll Gradens.
but everyone already said that
Posted by: guest at November 30, 2007 1:38 PM
ahhh, the sweet smell of car and truck exhaust, 24/7. Invigorating! I'll pay double for that!
Posted by: guest at November 30, 2007 1:43 PM
The over-supply of POS would-be condos is so great that there'll be lots of "luxury" rentals like this in the months to come. I wonder when the developers will get around to offering depression-era style concessionsof a few months rent in an attempt to lure tenants?
Posted by: Bob Marvin at November 30, 2007 1:48 PM
i seriosly want to know who is renting apartments in this place.
im going to stand outside and yell at people that enter and exit.
Posted by: guest at November 30, 2007 1:59 PM
this is not really a luxury anything. it is ok as a rental.
market will determine if there are any takers.
given that it is new and has outdoor space, some will be interested.
Posted by: guest at November 30, 2007 2:00 PM
Okay...so add 15% brokers fee and you have rents amortizing out at $3,680-$4025...you could have your choice of Dumbo, Park Slope, Boerem Hill, Downtown, Fort Greene, Clinton Hill, Williamsburg....hell you could move into a small Manhattan (not prime) 2 bedroom for that.
Don't take my word for it. Here's the link on Craigslist: http://newyork.craigslist.org/search/aap?query=&minAsk=3200&maxAsk=3500&bedrooms=2&hasPic=1
That's an owner so far under water they can't think straight. If that's the nonsense that broker is pumping they won't be in the business a year from now.
Posted by: kuroko at November 30, 2007 2:01 PM
Think this over-supply will ever become truely "affordable"? or am I just dreaming. Would be nice to entice those of us who don't make megamillions. I suppose for this to really happen it would involve some kind of gov't subsidy.
Posted by: guest at November 30, 2007 2:03 PM
aww, Mr B. where i come from we call this "shooting fish in a barrel."
the positive spin for me is my mortgage is less than this and i get 3x the space. i do envy those sinks that look like orthopedic walkers, tho!
Posted by: Jimmy Legs at November 30, 2007 2:05 PM
$3200+? people are out of their fucking minds....
Posted by: guest at November 30, 2007 2:14 PM
"im going to stand outside and yell at people that enter and exit."
Go ahead, but they won't be able to hear you over the din of the BQE.
Posted by: guest at November 30, 2007 2:18 PM
I had some interaction with Van Rhyn recently, and was underwhelmed, to put it mildly. She's dreaming if she thinks these prices are going to fly in this location.
Posted by: guest at November 30, 2007 2:31 PM
"all the finishes are excellent, like the ones you’d find in a new condo or luxury rental" doesn't look like it in the photographs. they look like finishes that imitate the ones in contemporary condominiums.
Posted by: guest at November 30, 2007 2:43 PM
just looked at their listing. funny how there are no pictures of the exterior...
Posted by: guest at November 30, 2007 2:50 PM
If this isn't a sign of the apocalypse, I don't know what is.
Posted by: guest at November 30, 2007 3:19 PM
i saw an ad in the same area for a 2000 sqf house/warehouse with a garage for $3000
Posted by: guest at November 30, 2007 3:46 PM
These rental listings are kind of embarrassing for an SVP of Brown Harris Stevens, no? And after reading the broker's statements above, BHS's respectability just went down a couple of notches in my mind.
Posted by: bklyn22 at November 30, 2007 4:01 PM
"If this isn't a sign of the apocalypse, I don't know what is."
Nah, a real sign of the apocalypse would have been if this place had succeeded in selling out as condos.
Posted by: guest at November 30, 2007 4:24 PM
Can you imagine what the suckers will feel like when they view the BHS listing, don't even notice there is no picture of the exterior, and then go to see the apartments?? It's hillarious, they'd be walking down the street looking for the building, getting closer and closer to the looming BQE, the roar of the traffic starts to drown out their conversation, and they're thinking WTF, it can't be that building so close to the BQE that you could get hit by a car in your living room!!
Posted by: Brooklynnative at November 30, 2007 4:31 PM
I don't think I've ever seen the peanut gallery so united. Even the broker/owners posing as guests are afraid to post something positive.
Is this a subtle new tactic by Mr Brownstoner to get a group hug going or something? find the cheapest disaster listing imaginable, then promote it with a straight face?
Posted by: guest at November 30, 2007 6:03 PM
$3200 what the fuck?! Ten feet from the fucking bqe in a shady area. Rent should be total $1500.
Posted by: guest at November 30, 2007 6:49 PM
As always, the market will dictate the going rate. Sucking carbon monoxide all day must have some value. However, calling it ugly seems a bit disengenous though. Looks much better than the building next to it and probably better than some of the ones you naysayers live in too I bet. I would rather see a fedders box than an AC unit sticking precariously out of a window. The location, well that's another story.
Posted by: guest at November 30, 2007 7:17 PM
``That's an owner so far under water they can't think straight.''
You're right on that! A lot of these places were financed in short term deals due to the speculative market, a lot of these developers way overpaid for the land these shoddy creations are built on.
Since the condo market just went "pop" a lot of these buildings are offering as rental units now and the landslide will really come in '08 when there will be a saturation point.
I don't blame the developers for trying to break even but then again, that part of CG is way over priced anyway and that's for all the used houses. I had a friend that lived on 4th St. right near there and she was paying like $2000 for two bedrooms. So these new and "luxury" thing they might just get a little chunk of that so they'll try and rent them out at near and above what the neighborhood is renting at.
We all know this isn't going to work and the repo guys will come and foreclose on a lot of these places in '08 after the rest of the market collapses. The sliding property values will further increase the need to dump these as fast as possible and we'll see phenomenal decreases then. Right now, there's a lot of cognitive-dissonance in the market but the reality will soon hit everyone in the face pretty hard and fast.. soon!
Posted by: guest at December 1, 2007 3:20 PM
This building and others like it are the reason we have a crashing economy. Whoever thought they would be able to get these kind of prices deserves debtors' prison, not foreclosure.
Posted by: slick at December 1, 2007 3:55 PM
Rent may be a bit high but we'll see. Check out rents for renovated 2 bedroom in neighborhood and you'll see floor thru units $2500 at least to $3000.
And the '2nd bedroom' in those are usually quite tiny.
And in brownstoner rentals - you might not hear the BQE - but you'll hear upstairs neighbor walk around, their stereo and kids running around. New construction like this has concrete between floor - so maybe - just maybe much quieter and more spacious than u think.
Posted by: guest at December 1, 2007 5:37 PM
Thanks brownstoner for posting this listing, I now know that I will not be calling brown harris stevens to sell my 2.3 million dollar 2 family house come this spring.
Posted by: guest at December 2, 2007 7:50 AM
Don't confuse the bad design of this place and the Shanggri-La in Greenwood Heights as the leading edge of an impending bust. As anybody with basic real estate knowledge knows, bad design = bad business. New Yorkers who can afford something like this know better. Rightly so, these developers are losing their shirts.
Posted by: lincolnlimestone at December 3, 2007 12:49 PM
$3500! This may edge out the patricidal orphan for the new definition of chutzpah.
I'm willing to bet they have not rented a single unit at those prices . . . nor will they, without some gimmick like "first 6 months free & owner pays broker fee" and throws in a 50" plasma TV.
Come on, now. Then again, BHS is also marketing the unbelievable shitbox conversion known as the Carroll Gardens Atrocity on 3rd & Clinton . . . maybe there is some sort of collective, degenerative neurological disorder in their Brooklyn office?
Posted by: guest at December 15, 2007 1:12 PM
BEWARE .... THIS BUILDING DOES NOT HAVE A C.O. and yet they are agressively trying to rent units. They'vve already accepted money for a unit and tried to move a couple in for Feb 1st (totally illegal)
Very shady operation. Beware.
Posted by: guest at February 4, 2008 3:33 PM
Post a comment
Please be patient while your comment is published. It may take a moment.