Rental of the Day: 383 Carlton Avenue

There are three penthouses at the Greene House Condos at 383 Carlton Avenue in Fort Greene, and all three of them were bought from the developer for $1,206,000 in late 2005. One of them had an ignominious spell on the market last year, starting at $2,750,000. After six price cuts, the price ended up at $1,590,000 where it failed to sell and was ultimately pulled from the market. Now one of the penthouses (we're not sure if it's the same one) is available for rent for $5,500, quite a bit less than it would cost to carry a purchase of a $1,590,000. The two-bedroom apartment definitely has some sex appeal: high ceilings, lots of glass windows, three terraces and panoramic views. Think this will find a taker?
383 Carlton Avenue [Douglas Elliman] GMAP P*Shark
Greene House Penthouse Continues to Plummet [Brownstoner]

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Comments

I don't think that's a bad price to rent a place like that, my hunch is that there just aren't a lot of people looking rent something at that price in this neighborhood, whether or not it's a good deal for the space.

Posted by: plgdude at November 19, 2008 1:14 PM

then it's not a good deal. price is completely set by supply and demand - there is no abstract value to real estate.

Posted by: gkw at November 19, 2008 1:28 PM

i like the loyalty. these places were listed with minsky when they were for sale...looks like they're stickin' with him for the rentals too.

Posted by: just me at November 19, 2008 1:34 PM

"then it's not a good deal. price is completely set by supply and demand - there is no abstract value to real estate."

QOTD

Posted by: DOW8000SP800 at November 19, 2008 2:09 PM

"$5,500, quite a bit less than it would cost to carry a purchase of a $1,590,000"

How much less? Would somebody please do the math. I'm lazy (or incompetent).

Posted by: DOW8000SP800 at November 19, 2008 2:11 PM

Or both.

Posted by: daveinbedstuy at November 19, 2008 2:14 PM

20% down on 1.59million would get you a mortgage around $8,000 with 6.5% interest rate. add maintenance and taxes on top of that.

Posted by: TD at November 19, 2008 2:16 PM

and since i'm having fun with corcoran's mortgage calculator... a purchase price of about 1.1million would get you down to the $5500 range. plus maintenance and taxes.

Posted by: TD at November 19, 2008 2:19 PM

"Or both."

2nd runner up.

Posted by: DOW8000SP800 at November 19, 2008 2:29 PM

I think it'll find a renter for $5,500.

Posted by: FatLenny at November 19, 2008 2:38 PM

If I had $5500/month, I would buy something less expensive instead of renting a gigantic luxury apartment.

Posted by: cwbuecheler at November 19, 2008 2:54 PM

Considering some of the crap renting in Williamsburg for $4K/month, that actually looks kind of reasonable to me. Duplexes in brownstones around there can also go at about $4k/month.... this is, amenities-wise, much, much nicer.

Posted by: Heather at November 19, 2008 3:10 PM

Tip of the iceberg. Going forward, opportunities like this will come a dime a dozen. So rents will drop significantly until sale prices do. Developers/bagholders will rent out and hope for a recovery and then dump and cut losses when reality sets in. Good time to be a renter or a buyer.

Posted by: DOW8000SP800 at November 19, 2008 3:38 PM

hey dow, soon your name will reflect optimism in the financial markets...testing 800 hard here...

Posted by: Diego Maradona at November 19, 2008 3:42 PM

I rent in Fort Greene now and want to move up. I think this is way high. That location is not worth that rent even if the apartment is spectacular.

My plan is to buy in 6 months when prices drop like a stone.

Posted by: leftmanhattanneverlookedback at November 19, 2008 7:42 PM

That dining area is seriously claustrophobia-inducing.

Posted by: 8thandprez at November 19, 2008 11:40 PM