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September 18, 2008

Zoinks! The Clermont Going Rental

clermont-condo-0908.jpg
It ain't the first and it sure as heck won't be the last. The Clermont Condominium, the 52-unit project that opened for business back in April is packing it in and going rental, according to industry sources. In a declining market, the attractive but not particularly sexy building evidently had a hard time competing against some of the higher-profile projects in Fort Greene and nearby Downtown Brooklyn. While the developers can't be too psyched about the change in direction, we suspect they will find strong demand from renters. While the Myrtle location might have given buyers pause, there's gotta be plenty of young professionals and even wealthy Pratties for whom this location will work perfectly. No word on rental pricing yet.
The Clermont Condominium Open For Business [Brownstoner] GMAP
Streetlevel: Walgreens Signage at The Clermont [Brownstoner]
Development Watch: The Clermont Primps for Pre-Sales [Brownstoner]
Development Watch: The Clermont Revisited [Brownstoner]
Streetlevel: Walgreens Coming to Myrtle Avenue [Brownstoner]
Development Watch: The Clermont [Brownstoner]
New Development at Myrtle and Clermont Avenues [Brownstoner]




Posted by Brownstoner at 10:31 AM | Comments (18)
Categories: Condos, Fort Greene, Rentals

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Comments

Prices?

Posted by: Prodigal_Son at September 18, 2008 10:39 AM

When is that walgreens gonna open?!?

Posted by: kjp216 at September 18, 2008 10:43 AM

Wow! I was wondering how the sales were going over there. Makes much more sense as rentals given the location and lack of convenient subway access.

Posted by: 7andfive at September 18, 2008 11:01 AM

It's not surprising that no one bought these apartments. When I went to the open house I thought it was completely crappy. The doors didn't open right, the stupid bookshelf island facing the living room, the odd bathrooms.

Posted by: daleed77 at September 18, 2008 11:08 AM

I think there was a sense in the market place that the developers did a cheap job on the property, opting against high end amenities and finishes. To be fair, I think that approach was reflected in the prices, which were a lot lower than Forte, Oro, Toren, etc. It will be interesting to see what happens with the Absolute up the street.

Posted by: FtGreeneCorey at September 18, 2008 11:18 AM

yeah, who cares about prices, own vs. rent. WHEN IS THE WALGREENS GOING TO OPEN ALREADY?????????????

Posted by: CHAOCguy at September 18, 2008 11:26 AM

...and the trend continues. More inventory, lower rents. See my comment in Thursday links about rents dropping.

Posted by: DOW8000SP800 at September 18, 2008 11:32 AM

When someone's whole life is centered around hoping for a Walgreen's that person ought to rethink the big picture.

Posted by: daveinbedstuy at September 18, 2008 11:51 AM

for every condo building that goes rental - i cheer. it's going to diminish supply while still gentrifying that area.

it's a win win situation if you own in that area. Your place gets more valuable while the neighborhood improves.

Posted by: wine lover at September 18, 2008 11:55 AM

I don't doubt your name, wine lover @ 11:55.

More rental inventory means lower rents. That attracts lower income residents, the exact opposite of gentrification. Lose lose.

You wanna win? Sell sell.

Posted by: DOW8000SP800 at September 18, 2008 12:34 PM

Sorry to echo but: Walgreen's open date? Average apt. price? Bueller?

Posted by: bklynbred at September 18, 2008 12:40 PM

Yeah DOW, it is just a matter of time before Section 8 overtakes this place.

Posted by: 11233 at September 18, 2008 1:00 PM

Sell prices may have been lower than Oro and Forte, but it was still priced way too high for that location. I'm not surprised at all that its going rental.

Posted by: mksk at September 18, 2008 1:04 PM

daveinbedstuy - walgreens sort of is a big deal, when the nearest drug store in the neighborhood that stays open past 6pm is at the atlantic center.

i also didn't realize that asking a question made someone's whole life centered around something. weird.

Posted by: kjp216 at September 18, 2008 1:46 PM

I disagree with other comments... I thought these apartments were actually fairly nice. A bit sterile, but then again all these new condos have a feeling of being in a really high end hotel room. And they were actually priced fairly reasonably I thought, considering that they were nice apartments in a descent location. As for that I'd much rather by on Mrytle than in one of these condos going up on like Franklin or Bedford in "Prospect (actually Crown) Heights."

So if the developers choose go rental now what are the chances of a tenant being able to buy the apartment a few years down the road?

Posted by: clintonhillbuyer at September 18, 2008 2:50 PM

I haven't been inside but the building architecture is very nice I think, fits nicely into the neighborhood. I like it. The problem with this place is the location, since it is a really nice walk to the C or D train.

Posted by: donatella at September 18, 2008 9:51 PM

Anyone know when the Wallgreens is going to open.

Posted by: Xander Crews at September 18, 2008 9:52 PM

The Walgreens finally has stocked its shelves (as of last night).. so it has got to open soon, right?

Posted by: brooklynfamily at September 19, 2008 10:18 AM

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