Rental of the Day: 477 Bergen Street

Chinese food will be worthless once AY is built.

Posted by: guest at December 18, 2007 12:41 PM

Our newly renovated brownstone floor-through one-bedroom rental goes for $1,800 just 2 blocks from here so this looks very high to me. The location is noisy: a few yards off Flatbush and with a police station and fire house around the corner. But I will say this reno has vastly improved the exterior appearance of the building. It's plain and simple -- works nicely with the local vernacular.

Posted by: guest at December 18, 2007 12:47 PM

Friends renting a large 1 bedroom in midtown for this price - not sure if this makes sense to me.

Posted by: guest at December 18, 2007 12:49 PM

I pay less than that for my 1BR in a doorman building with an elevator on the UWS...

Posted by: guest at December 18, 2007 12:54 PM

Rents are going down. Also, you corco prices very high -- typical response is to knock 10% off .

Posted by: guest at December 18, 2007 12:55 PM

Okay, I have track (instead of recessed) lighting and window (instead of central) air conditioning and I bet my kitchen isn't quite as nice. But I have use of the back yard, including the grill, and I pay over a grand less to live on a quieter street that is a block away from two subway lines. I hate writing that check every month, but these ROTD posts almost always make me feel better. No one say nothing to my landlord.

Posted by: guest at December 18, 2007 12:56 PM

Ditto, 12:54. I also pay less than that on the UWS, and I'm not rent-stabilized. Doorman, elevator too.

Posted by: guest at December 18, 2007 1:02 PM

Isn't that right next to the AY site? Love it or hate it, that's going to be a LOT of construction starting nice and early. Bonus amenities: idling trucks in the morning, bouncing empty trucks at night.

Posted by: guest at December 18, 2007 1:12 PM

Not pictured is Bergen Bagels, just to the left of the bodega. Being able to go to (for my money) the best bagel place in Brooklyn in ten steps has got to be a nice perk. (I live in BH now, and we regularly go back there for the bagels.)

But yeah, that area can be loud. Hopefully they didn't cheap out on acoustics. And if you have a car, forget about parking anywhere nearby with the cops there.

Also, the 2/3 stop is just out of frame. The train must go literally beneath this building. Wonder how that is going to be?

Posted by: guest at December 18, 2007 1:17 PM

Seems high to me.
Rentometer.com says it's high too, but I've never been able to figure out how accurate their data is...
http://www.rentometer.com/

Posted by: guest at December 18, 2007 1:19 PM

curious why there are so many people from teh UWS who are even reading this blog, and why they care enought to post. It's an even weirder point of comparison- the rental markets in park slope and prospect heights vs. UWS have been at a similar price point for some time -- some people choose to live in the BKLN nabes. I own, but had the opportunity years ago to rent on the UWS vs. Park slope for the same price and similar space. I chose...the East Village.

Posted by: guest at December 18, 2007 1:30 PM

test

Posted by: guest at December 18, 2007 1:33 PM

Bergen Bagels is great, but that block must rate as one of the Top 10 Noisiest Blocks in Brooklyn. $2000-2200 tops.

Posted by: guest at December 18, 2007 1:33 PM

test

Posted by: guest at December 18, 2007 1:33 PM

"curious why there are so many people from teh UWS who are even reading this blog, and why they care enought to post. It's an even weirder point of comparison- the rental markets in park slope and prospect heights vs. UWS have been at a similar price point for some time -- some people choose to live in the BKLN nabes. I own, but had the opportunity years ago to rent on the UWS vs. Park slope for the same price and similar space. I chose...the East Village."

because the upper west side also has beautiful brownstones.

Posted by: guest at December 18, 2007 1:42 PM

those prices are ridiculous for that area

Posted by: guest at December 18, 2007 1:55 PM

My God, I lived around the corner from there ten years ago and rented a three bedroom for 900!

Posted by: guest at December 18, 2007 1:56 PM

I think Corcoran is in their own world which particularly of late bears very little resemblance to reality

Posted by: guest at December 18, 2007 1:56 PM

granted, you're always going to pay a premium for the convenience of being adjacent to a chinese take-out place. but could rent a great 1BR in brooklyn heights for that price.

Posted by: guest at December 18, 2007 2:02 PM

I love this area.

The other side of Bergen between flatbush and 5th avenue has turned into Bleeker Street circa 2000.

Some quite cool shops.

Don't think the price sounds outlandish at all. A few blocks away in the North Slope...named streets near the park, a nice 1 bedroom can cost you 3000 bucks a month.

Posted by: guest at December 18, 2007 2:21 PM

!2:55?

Ummm...I believe rents are going up. Not this much, but they are definitely on the rise

When people have difficulty obtaining mortgages the rental market usually shows an increase. With that said, I know there is an abundance of new rentals on the market in Brooklyn. I think we will see the greatest shift in the 1,500 - 2,200 price point.

Posted by: guest at December 18, 2007 2:28 PM

1:30 - This is the upper west sider from 12:54. From what I've seen, the UWS still has a premium compared to park slope, but even if you're right I'm talking about a doorman/elevator building which usually adds at least $200 to the rent - so the UWS apt I'm comparing with should still come out about $200 higher, not $100 cheaper.

Oh, and I'm reading Brownstoner because I am looking into moving out of my UWS rental and buying something in Brooklyn. This is the best way to get a feel for the neighborhoods and market rates. That and alot of walking around.

Posted by: guest at December 18, 2007 2:34 PM

Hey 2:34- The people in prospect heights the north slope are much nicer in person than anyone on these boards- best of luck with your search.

Posted by: guest at December 18, 2007 2:39 PM

"Ummm...I believe rents are going up. Not this much, but they are definitely on the rise. When people have difficulty obtaining mortgages the rental market usually shows an increase"

Bullshit. When people have difficulty obtaining mortgages, they stay put and ride it out. The "temporary" increases in rental prices come from brokers who inflate rental prices in order to make higher commissions, since they can no longer rely on percentages earned from sales/purchases due to the consumer's lack of interest (or affordability) in buying/selling in this climate.

Rental prices will go down simply because all of those condo's that are flooding, and due to flood, the market will be turned into rentals...because no one will buy them.

Posted by: guest at December 18, 2007 3:44 PM

Who in their right mind would rent a 1 bdrm at that corner for that price when you can get a 1bdrm in manhattan proper (below 96 st) for less? The brokers at Corcoran has clearly lost it.

Posted by: guest at December 18, 2007 4:38 PM

dumpy building, dumpy rentals, who gives a shit about this?

Posted by: guest at December 18, 2007 4:44 PM

"dumpy building, dumpy rentals, who gives a shit about this?"

You do.

Posted by: guest at December 18, 2007 5:05 PM

Plenty of protection here for nervous yuppie types. The police station is across the street.

Posted by: guest at December 18, 2007 5:08 PM

This apartment should be no more than $1500. Just shows you how fucked up the market it is.

Posted by: guest at December 18, 2007 5:32 PM

Could you repeat that? I can't hear you over the din of Flatbush!

Posted by: guest at December 18, 2007 5:35 PM

Well, of course they'll get this rent. It's a huge 1 br (no sq. footage, but has to be at least 1,000). It's still a cheaper monthly nut than buying an equivalent (new or remodeled) floor-through in PH (guessing 600k to buy, plus $400 monthly maint, more if co-op, but I'm erring on condo side).

A $450k mortgage will cost you around 2500 a month by itself. Figure $3,000 to carry it, IF you can afford to put down 150k.

Viewed from that angle, it's not out of line.

As for the "i pay 1,500 for same space a block away"...how long have you lived there? Many landlords aren't going to raise the rent to current market levels for good tenants.

Posted by: guest at December 18, 2007 7:35 PM

I think the "flatbush din" comments are overstated. It fronts Bergen- yes, very near flatbush, but not directly over it. I live on a different block but similarly near Flatbush, and I don't really hear it.

Posted by: guest at December 18, 2007 8:09 PM

That's actually a newly-built building (and one of the handomest and most-contectually-appropriate ones I've seen in nearly forever), not a renovation, and the owner has spared no expense on the construction or the finishes, which are truly condo-worthy. In addition to all-new everything and central-air coniditoning, the units all have special Anderson windows which reduce noise. Added to that, the owners will allow pets (even dogs), with additional security (and they are the best landlords ever).

And you'd be hard-pressed to find a studio in this area for $1500. I rented out a one bedroom around the corner on Carlton last month for $1800 -- brownstone floor-through, shared garden, much smaller than this building, and no a/c.

These apartments are worth the asking price. And when will people higure out that some people live in Brooklyn because they WANT to -- not because they can't afford Manhattan. Who cares what you can get for this price there (not much, incidentally -- it would never ahve all these features)?

Posted by: guest at December 18, 2007 8:42 PM

While the owner may have "spared no expense" in the finishes, and the AC is a bonus, (s)he might have considered including more than ONE CLOSET in Apartment #3.

Free bonus tip: If the selling point is how nice the apartment is, consider including photos (at least one) in the listing.

Corcoran is over-reaching here, but that's in their corporate DNA. Unless one is looking to rent at the very high end (which this listing is not), then it is far better to go with a local agency.

Posted by: guest at December 18, 2007 9:02 PM

This building is hideous, it has no design whatsoever. no proportions, no relation to the adjacent buildings, nothing. A brick box with too-large windows, all the same size, plumked in. Really one of the ugliest and most braindead designs I have ever seen.

Posted by: guest at December 18, 2007 9:11 PM

"And you'd be hard-pressed to find a studio in this area for $1500. I rented out a one bedroom around the corner on Carlton last month for $1800 -- brownstone floor-through, shared garden"

Put your crack-pipe down. You wouldn't be hard-pressed to find a studio in 99% of brooklyn for $1500. Brownstone apartment's with garden access are rented for a premium. That being said, who ever rented it at $1800 is just as dumb as the broker that thinks these shitty apartments will rent for anywhere near $2000. Get real. Tell your client to stop over-extending themselves in the hopes of making a profit and trying to stick someone else with the bag. $50 bucks says they tried to sell this piece of shit first and couldn't find any buyers.

Posted by: guest at December 18, 2007 11:45 PM

According to Streeteasy, one of the units rented last month, leaving the two listed here. They've been available for nearly two months now, which suggests that they are overpriced.

Posted by: guest at December 19, 2007 12:36 AM

Central A/C is only a perk in a rental if the owner is paying for it.

Posted by: guest at December 19, 2007 1:13 AM

Not the best time of year to be renting, but those rents seem about right to me.

Posted by: guest at December 19, 2007 9:04 AM

7:35 is right, compared to buying it's a bargain. Not sure though so many commentators think these are overpriced when they're okay with a similar 1-bedroom selling for $600K.

When I was looking 2 years ago I saw much worse than these apartments for about the same price... so I think they'll rent.

Posted by: guest at December 19, 2007 10:51 AM

"When I was looking 2 years ago I saw much worse than these apartments for about the same price... so I think they'll rent."

Where the hell were you looking? Certainly not in this neighborhood, as these units are priced a few to several hundred dollars too high.

Period.

Posted by: guest at December 19, 2007 1:37 PM

Please show evidence of a 1 bedroom apartment in Prospect Heights that has sold for $600K.

Posted by: guest at December 19, 2007 1:55 PM