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January 14, 2009

No Takers, 43 Love Lane Now For Rent As Well

43-Love-Lane-0109.jpgThe whole selling thing hasn't panned out for the nouveau carriage house at 43 Love Lane in The Heights (it started asking $3,500,000 almost two years ago and is now down to $2,499,000) so now they're testing the rental waters as well: The 2,300-square-foot pad is asking a fairly astonishing monthly rent of $9,500. Who has that kind of cash anymore?




Posted by Brownstoner at 10:48 AM | Comments (50)
Categories: Brooklyn Heights, Rentals

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Comments

maybe they intend to rent it for films? Or to morons.

Posted by: BrooklynCouch at January 14, 2009 10:51 AM

Biff....I'm thinking you're going to lose a bet.

Posted by: daveinbedstuy at January 14, 2009 10:53 AM

The price is nuts, but the strategy is good. I would think potential buyers would be put off by the construction pit that is the Love Lane condos. Maybe they will have an easier time in a year or two when the construction is complete -- I think they will be nice. Of course, this assumes the financing doesn't fall apart (does the Mets dude have any money left post-madoff?) and the market doesn't fall apart.

I know people on grace court mews that pay 10k for one of those carriage houses -- but that was a lease signed in the olden days.

Posted by: Ringo at January 14, 2009 10:59 AM

DIBS, Love Lane is a far cry from Remsen Street and the two places are completely different. Having said that, I'm already considering where and when the next drinkup should be held, which shows how confident I am in our bet!

Posted by: Biff Champion at January 14, 2009 10:59 AM

i can live comfortable in 120 square feet of space. so that place could theoretically house 19 of people like me. at 9500 dollars a month that would only come out to 500 dollars a person. not bad at all!

*rob*

Posted by: PitbullNYC at January 14, 2009 10:59 AM

Ringo, I would be interested to see if and when those Love Lane condos are completed. I'm also wondering how well the 20 Henry Street condos are selling these days. I'm guessing not very quickly at the initial asking prices.

Posted by: Biff Champion at January 14, 2009 11:07 AM

I like the look of 20 Henry, not so sure about the new building there (and in fact I wonder if they intent not to go ahead with it right now but needed to get the shovel in to qualify for the j-51). But those prices?? Why? Why not take 20% off now and sell the things. I don't get it.

166 Montague is selling -- I think the floorplans and finishes are inferior but the prices are in line with reality. It's all about prices, right?

Posted by: Ringo at January 14, 2009 11:16 AM

Where is our resident cheerleader on prices?

Posted by: DeLepp at January 14, 2009 11:17 AM

Wow, I could make 2 mortgage payments a month, pay off the bank in 12 years, instead of twenty-five, and bank some extra dollars with what's left over, for the monthly price of renting this place. It's so not fair!

Posted by: Montrose Morris at January 14, 2009 11:18 AM

Ringo, I also prefer the renderings of the interiors of 20 Henry (as well as slightly preferring the location). But 166 Montague is a beautiful building and, you're right, the apartments seem to be much more realistically priced. I'd also like an update on The Bossert. I'm still refusing to face reality and holding out hope that it won't really be turned into student housing like the St. George Hotel.

Posted by: Biff Champion at January 14, 2009 11:30 AM

One good thing about so many properties coming up for rent as well as sale, is that you can do a quick rent/sale calculation. Historically, things sell for about 15 times annual rent. If this place is 9500 a month (which I think is high, but let's use it anyway), then the annual rent is $114,000. So, at 15 times annual rent, it should have a sale price of $1.71 million.

So, for what it's worth, it indicates that the rent is either too low or the sale price is still too high.

Posted by: LOL at January 14, 2009 11:36 AM

Wilpon sold the Love Lane project for 10m last summer. Hopefully, he didn't give it to Madoff, who lost as much as 300m for Wilpon.

Love Lane / College Place will be nice if it ever gets finished. 9500 per month is very steep for this little house as a rental.

Posted by: buttermilk channel at January 14, 2009 11:36 AM

"...15 times annual rent...it indicates that the rent is either too low or the sale price is still too high."

Hmmmmm. Which one is it? That's a toughie. Good analysis.

***Bid half off peak comps***

Posted by: Brownstones Half Off at January 14, 2009 11:43 AM

$9,500 a month? To view a construction site? And nothing else? Total insanity!

Posted by: GHB at January 14, 2009 11:44 AM

Biff - the Bossert deal fell through. The developer (Robert Levine) couldn't put the financing together. That building will not be sold until the market/financing conditions improve.

Posted by: Make My Heights the P Heights at January 14, 2009 12:30 PM

Make My Heights the P Heights, YOU JUST MADE MY DAY! Thank you. Think what one will of the Witnesses, they keep their buildings in great shape.

Posted by: Biff Champion at January 14, 2009 12:34 PM

The Bossert is still being marketed. It would be hard to put financing together, but not impossible. NYU has looked at it. Don't exhale yet.

Posted by: Ringo at January 14, 2009 12:46 PM

Thanks Ringo. I realize the JW's will still try to sell it, but I'm just hoping it'll go through a condo conversion like 166 Montague rather than being used for student residences. Although it's hard to imagine who would want to convert and sell condos these days, even in a building as beautiful as the Bossert.

Posted by: Biff Champion at January 14, 2009 12:55 PM

Aaahhh...Love Lane

- History of the Name
Dating from before the revolutionary War, this lane divided the DeBevoise and Pierrepont estates. Two older, unmarried members of the DeBevoise family, John and Robert, adopted young Sarah, the daughter of their housekeeper. She later charmed a wealth of gentlemen callers. According to local folklore, Love Lane comes from the so-called love-lines – initials of Sarah DeBevoise and her suitors – scrawled across the fence near their home.
- From the book, 'Brooklyn By Name'

Posted by: bayridgegirl at January 14, 2009 1:01 PM

Interesting Bayridgegirl. I always thought the name came from what was originally a brothel====>D'Agostinos====>Rite Aid

Posted by: GHB at January 14, 2009 1:05 PM

Or is it a CVS?

Posted by: GHB at January 14, 2009 1:20 PM

This would be a sweet flophouse. And walking distance to Biff's stoop, where me and my buddies can drink 40s of miller high life @ 4am (considering stoops are public property)

Posted by: dirty_hipster at January 14, 2009 1:25 PM

Hannible! Now's your chance. Someone has lost their Wall St. job and can't rent or sell at last year's crazy prices.

Posted by: mopar at January 14, 2009 1:37 PM

During the 19th C. the most notorious brothel in brooklyn heights was on the corner of Peirrepont and Henry in a magnificent mansion. It is now apts. It is one of my favorite houses in all of Brooklyn, every time I'm in the nabe I have to walk by. I imagine women of ill repute hanging out by the windows waiting for male callers. During that same time, Love Lane was used for illicit activity.

So, this house on 'Love Lane' for $9,500 a month you better get some bang for your buck!

Posted by: bayridgegirl at January 14, 2009 1:39 PM

dirty hipster, come on over and we'll crack open a few while anxiously anticipating the erection of Dock Street.

GHB, it's a CVS.

Posted by: Biff Champion at January 14, 2009 1:41 PM

I got to go see this street and the brothel and imagine the illicit activity.

Posted by: daveinbedstuy at January 14, 2009 1:47 PM

I understand the Love Lane condo project is steaming full speed ahead. Surprising but true.
This little carriage house is very attractive but I can't get over how stupid of the builder not to include a real one-car carage behind the garage door.

Posted by: sam at January 14, 2009 1:53 PM

Can you guys make up your minds? Is Brooklyn Heights boring and uninteresting or is it a center for vice and illicit sex?


Posted by: sam at January 14, 2009 1:55 PM

Its the center for boring sex, I believe. Ask Biff. we've started to veer off topic with this and I'm fearful of a 11217 admonishment again.

Posted by: daveinbedstuy at January 14, 2009 2:00 PM

BRG, the Behr mansion was built c1890, and its brothel days were early to mid 20th century as the Palm Hotel.

Posted by: NorthHeights at January 14, 2009 2:00 PM

Here you go DIBS

Behr Mansion -
http://brooklynheightsblog.com/wp-content/uploads/behrdphetteixflickr.jpg

Love Lane is really a very shitty alley. Nothing gorgeous on it or about it.
Do a street view on google. I think there's only this one carriage house, could be another on it and the rest is 'Schlock', sides of buildings and brick walls.

Strew a few hookers along this alley and maybe it'll garner some interest.

Posted by: bayridgegirl at January 14, 2009 2:02 PM

How did it progress so quickly from the Behr Mansion to the Palm Hotel??

Posted by: daveinbedstuy at January 14, 2009 2:03 PM

thanks northheights...I'm still living in the 20th Century!

Posted by: bayridgegirl at January 14, 2009 2:04 PM

Love Lane is a service alley, about midway it connects with College Place which has the best collection of 19th century carriage houses anywhere. It is certainly not "shitty". Although I suppose you are comparing it with the splendors of Bay Ridge.



Posted by: sam at January 14, 2009 2:08 PM

But you can go out at midnight in Bay Ridge for a "looooobe job" as the commercial says.

Posted by: daveinbedstuy at January 14, 2009 2:13 PM

I'm not comparing it with anything.
Love lane is NOT College Place and Yes, Love Lane (as a stand alone) is 'shitty'.

If you plunk down $9,500 dollars a month to live on a 'service alley', you better hope you get a 'loooooobe job'

Posted by: bayridgegirl at January 14, 2009 2:25 PM

So one can after all get serviced on Love Lane?
College Place is a wonderful little street to be explored.

Posted by: Biff Champion at January 14, 2009 2:26 PM

I actually love Love Lane, It is a handy shortcut in the Heights. I like all the service alleys (or mews if you're fancy) in the Heights, including College Place, Grace Court Alley, and Hunts Lane.

Posted by: sam at January 14, 2009 2:35 PM

Hunts Lane is probably the least nice of them all. I think Grace Court Alley is the nicest but College Place has more character.

Posted by: Biff Champion at January 14, 2009 2:40 PM

College Place is great and what BRG does not realize is that when looking out from inside this carriage house, what one sees is College Place.

Posted by: sam at January 14, 2009 2:47 PM

Biff, Dave says that we should ask you to tell us about boring sex.

Posted by: sam at January 14, 2009 2:50 PM

Isn't "boring sex" an oxymoron?

Posted by: Biff Champion at January 14, 2009 2:55 PM

Who is this Boring Sex person and why are we talking about him?

Posted by: bxgrl at January 14, 2009 3:14 PM

it's prob my ex-boyfriend. zzzzzzzzzz

Posted by: bowl of dicks at January 14, 2009 3:21 PM

'College Place is great and what BRG does not realize is that when looking out from inside this carriage house, what one sees is College Place.'

Yes, Sam, but once you step outside and you look to the left, you see ugly and look to the right you see more ugly.
Best to sit in this house and stare out the window.

Posted by: bayridgegirl at January 14, 2009 6:39 PM

BRG, most people think that the center of Brooklyn Heights is rather attractive, but to each their own taste.

Posted by: sam at January 14, 2009 9:03 PM

I used to park illegally on that street when I needed to run in to D'Agostino's. I distinctly remember thinking to myself, "I'd pay at least $12,500/mo to live here and have unfettered access to overpriced produce. If it ever became a CVS, though, I wouldn't pay a dime over $9,500."

Posted by: lapmax75 at January 14, 2009 11:07 PM

15x annual rents is too high. That number comes from studies comparing median sales to median rents in parts of the country where the median owner occupied house is of considerably better quality than the median rental property.

In NYC, unlike most of the country, units of every quality level exist both as rentals and as sales, so the national number is inappropriate.

Comparing comparable units, the NYC ratio, pre-bubble, usually was in the range of 8-10 x annual rents (except in the really bad years, when it went lower, based on expectations that rents would not keep up with inflation). This number makes sense, since it is rarely possible for a long-term investor to make money renting (and maintaining) a building if they pay more than that. And in rational markets, owner-occupants do not pay more than investors, if for no other reason than owner-occupants, as a rule, are less diversified and therefore taking a bigger risk.

So if $9500 is a fair rental, the fair sales price for this home should be no more than $1.15m. Or, alternatively, if $2.5m is a fair sales price, it should be rentable for $20,000 per month -- that's about the real cost, including maintenance & taxes, opportunity cost on the downpayment, and mortgage, of buying it.

Posted by: FinanceGuy at January 15, 2009 12:10 AM

Who want's to pay that much for a carriage house you can't
pull your carriage into???Where you gonna park?

Posted by: richierich at January 20, 2009 5:01 PM

down to 2.1 mil

Posted by: Santa at February 13, 2009 8:14 PM

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