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April 15, 2009

Checking In On 110 4th Avenue

We checked in with the broker overseeing the rental process at 110 4th Avenue in Park Slope yesterday to see how it was going. To date, they've rented about 20 percent of the 49 units. According to a price list we saw, monthly rents range from $1,865 for a second-floor studio to $4,100 for a sixth-floor two-bedroom. The broker, who also deals with other properties in the area, said that in general the rental market in Park Slope had been weakening, saying that a two-bedroom that would have rented for $2,500 last year would now go for $2,200. Sound about right?
110 4th Avenue Starts Renting [Brownstoner] GMAP
Facade Revealed at 4th and Warren [Brownstoner]
Development Watch: 110 4th Avenue Topping Out [Brownstoner]

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Comments

4100 dollars for a 2 bedroom hahahahahahhahahahahahahhahahahahahahhahah
ahhahahah
ahhahahahahahahhahahahaha
hahahahah
ahhahahahahah

HA!

*rob*

Posted by: PitbullNYC at April 15, 2009 11:06 AM

yeah, $4100 for a 2 bedroom sounds pretty extreme. and it's a 6th floor 2-bed, so it's not even the penthouse with a great terrace and views. i think $4100 would even be pushing it for a top floor 3-bedroom with a terrace.

Posted by: funkymonkey at April 15, 2009 11:11 AM

4100 for a 2 bedroom????? ON 4th AVE!!!! That is so fucking absurd.

Posted by: billyboomer at April 15, 2009 11:11 AM

But for that $4100, you get the aromatherapy benefits of the smells wafting from the KFC across the street.

Posted by: SnarkSlope at April 15, 2009 11:12 AM

So many things wrong with this picture.

First of all, 1800 for a studio down there? Oh HELLS TO THE NO! Why are they saying that rents for 2 bedrooms have fallen to 2200, yet theirs are 4100?? Don't get it.

In any case, yes the Park Slope rental market HAS weakened. As has the rest of the city. For 2200 you can get a 2 bedroom now...it's not necessarily going to be the cream of the crop, and there's only a handful of listings at that price, but it is possible to find something around that price point.

Most 2 bedrooms are still upwards of 2500 though.

I can't believe they are asking the prices they are for this place. Did they ever think that if they priced these 30% less, they'd be sold out?

Who in GODS NAME would spend 1800 for a studio here, when you can get one for less than that in the prime areas of Park Slope?

Rant over.

Posted by: 11217 at April 15, 2009 11:12 AM

two-bedroom that would have rented for $2,500 last year would now go for $2,200.... and we have 2-bedrooms that will rent for $4100 on beautiful 4th Avenue.

Posted by: tybur6 at April 15, 2009 11:13 AM

1800 for a studio and Fried Chicken every night for dinner sounds like fucking Park Ave to me MARTY FARTKOWITZ

Posted by: billyboomer at April 15, 2009 11:14 AM

With that being said, I don't think this is the ugliest of the 4th Avenue lot.

Posted by: 11217 at April 15, 2009 11:15 AM

Over 1800 for a second floor studio seems even crazier than the 4000 2 bed. I have a full floor of a brownstone, just off 6th ave, for 1800, and I got it two years ago. I'm pretty sure you can get a decent sized east village studio for 1800 these days; certainly there must be some in prime park slope for less.

and snarkslope is right, but understates it. Not only do you get the lovely smells of the KFC...but that's probably the best dining option in the immediate vicinity.

Posted by: toadie at April 15, 2009 11:19 AM

I agree with you toadie about all but your last sentence...

First of all, 5th Avenue is one block away with 100 restaurants...many of which are very fine.

Secondly, Sheep Station is just a couple blocks away, as is the new ZuZu Ramen place and a few others.

You might need to take a walk down 4th if you haven't recently...it's not nearly as horrendous as some people say it is.

(I have a friend who just finished up a search for a studio in downtown Manhattan and he said the cheapest thing he found which was livable was 2100). So not sure about the 1800 studio in the East Village, but it's DEFINITELY possible up the hill in a more prime area of PS.

Posted by: 11217 at April 15, 2009 11:25 AM

these prices are bait to catch the "always to my surprise" loose $$$ suckers roaming this great city. if this bldg is fully rented out, I would open a dry cleaning shop at ground flr and charge double mkt rate (ie hey never know what these suckers will pay)

Posted by: more4less at April 15, 2009 11:26 AM

Good on them for at least putting in retail space at the ground floor. I can't think of ANY of the other 4th Avenue developments which have done that...

Posted by: 11217 at April 15, 2009 11:28 AM

I have a co-worker who just snagged a nice studio in the East Village for $1700. With a roof deck.

Posted by: SnarkSlope at April 15, 2009 11:30 AM

also have to concur it's 1 of the nicer looking new construction hi-rise on 4th ave

Posted by: more4less at April 15, 2009 11:31 AM

the east village is a pretty crappy neighborhood these days tho. there is nothing nice about living there other than maybe having access to the eye hospital or something.

*rob*

Posted by: PitbullNYC at April 15, 2009 11:36 AM

rob's on a roll

Posted by: southbrooklyn at April 15, 2009 11:42 AM

I agree with you Rob. The East Village is a nightmare actually.

The couple people I know who live down there have been now relegated to living near Avenues B, C and D, in which case it's a 15-20 minute HIKE to the subway. I would absolutely hate that.

Posted by: 11217 at April 15, 2009 11:44 AM

I want the person(s) paying 4100 for a 2 bed over there presented to me so I can beat them about the head and shoulders with my shoe. Seriously. Do these apts come with a hooker on call? WTF

Posted by: InsertSnappyNameHere at April 15, 2009 11:55 AM

It's sucky, fucky 2 dolla, InsertSnappyName.

Not 4100

Posted by: 11217 at April 15, 2009 11:59 AM

ROFL 11217!!!!!

Posted by: InsertSnappyNameHere at April 15, 2009 12:04 PM

> "The East Village is a nightmare actually."

Not my choice either, but it's where he wanted to be. And where, I venture, a lot more people want to be than across the street from KFC on 4th Avenue.

Posted by: SnarkSlope at April 15, 2009 12:12 PM

I don't know about rents going down. I have a 1 bed I just rented out for $1700 in the north slope. That's a couple hundred more than i got from my last tenant...

Can anyone help me price my 2 bed rental that's ending soon? It's a 2 bed/2 full bath, around 800 square feet on second floor of a small owner occupied building in the north slope...

Thanks!
Lee

Posted by: lee maison at April 15, 2009 12:17 PM

True dat, Snark. Your friend sounds like he/she scored a great deal.

By the way though...there are all these dreaded chains in the East Village too. There's a KFC on East 14th Street.

Posted by: 11217 at April 15, 2009 12:24 PM

LeeMaison... sounds like you could price it at around $3950. It's not new construction like the 4th ave place, so you'll have to shave off a little bit of the price.

Posted by: tybur6 at April 15, 2009 12:26 PM

Lee - what kind of dimensions can you possible have with 2/2 at under 800 SF? One room must be tiny?

Posted by: saminthehood at April 15, 2009 12:26 PM

> "There's a KFC on East 14th Street."

I had a friend who used to live down the street from a KFC in Cambridge. The aroma would waft through her windows and skylight constantly. To this day she cannot eat fried chicken of any sort.

Posted by: SnarkSlope at April 15, 2009 12:32 PM

I've never had KFC.

Posted by: 11217 at April 15, 2009 12:35 PM

I prefer Popeye's when I'm in that mood.

Dang, now I'm in that mood, but I'm in midtown.

Posted by: SnarkSlope at April 15, 2009 12:38 PM

Ave A/B/C/D is not all of LES and East Village.

There is Essex, Lafayette, area which is far better than PS in regards to restaurants, bars, shopping and etc. It is not family friendly or quiet. But if you are 20 something, pretty sure LES and East Village makes more sense than PS.

(and I have property in PS).

Posted by: crimsonson at April 15, 2009 12:53 PM

tyburg6 is way off on the market rate for Lee's place. 3950 will get you a nice 3 bed in north slope right now. You can even get a decent 3 bed for a bunch less than that. I'm not familiar with the rental market for an 800 sf 2 bed but I wouldn't be at all surprised if the market rate were below 3000.

I assume the agent for this property is Ideal Properties. They opened up a snappy new office on Berkeley and 7th Ave a few months back. I seem to recall they work on a lot of the new construction rental properties.

Posted by: lechacal at April 15, 2009 12:54 PM

Reminds me of when Kenny Rogers moved across the street from Kramer...

Posted by: GHB at April 15, 2009 1:00 PM

Our beautifully renovated garden floor one-bedroom on a tree-lined block in Prospect Heights 5 minutes from 2 subway lines rents for $1,800. Why would anyone pay more for a studio on 4th Ave???

Agree that this building is marginally less of an eyesore than the most of the new development on the new "Park Ave" of Park Slope. But overall it's heartbreaking that the rezoning didn't come with some basic aesthetic standards and/or an overall streetscape vision that developers would have been obliged to comply with. I LOVE modern architecture but the new buildings on 4th Ave represent a major lost opportunity to do something innovative. The Boymelgreen monstrosity nr 3rd St especially gets my goat. The massive blank streetwall is g--awful. And why no decent retail to create streetlife? Just a medical office. Jeez, are we back to the late 70s/early 80s when the only viable commercial tenants were methadone clinics and kidney dialysis offices?

Posted by: grand army at April 15, 2009 1:13 PM

lechacal - I'm pretty sure tybur6 was being snarky.

Posted by: SnarkSlope at April 15, 2009 1:13 PM

snark - got it. Maybe my snarkdar is not working properly today.

Posted by: lechacal at April 15, 2009 1:24 PM

Prob the sleep deprivation.

Posted by: Heather at April 15, 2009 2:03 PM

haha - yeah, prolly it (paternity leave is fun though)

Posted by: lechacal at April 15, 2009 2:14 PM

Congrats!

Posted by: Heather at April 15, 2009 2:28 PM

i didn't look at these, but old or new outside, many people will pay more for clean and new and for things like a washer/dryer. i am way too old for one to endure either radiator heat or window A/C's. if you have even 1 kid, then a washer/dryer saves boat loads of money.

Posted by: wine lover at April 15, 2009 4:32 PM

Prices are f*n crazy!!!
I bet the 20% already rented are people moving to the city - the ones who were told "NYC rents are really high, so be prepared to pay a lot." Then they went to a broker with a $4000 budget for a 2BR and were pushed to B'klyn not knowing any better...

Those rents are INSANE!!! I live DOWN THE STREET and pay $2300 for a 2BR, 1.5BA duplex.
The eyesore on Baltic/4th (which is actually really nice on the inside) was $2700 for a 2BR and $1900 for a 1BR last June.

Does anyone know the square footage on these apts? I'm willing to bet that's not making up for high price...

Posted by: Bklynight at April 15, 2009 4:32 PM

I would like to commit a heresy here on Brownstoner, and say that I like this building. I hope that more like it sprout up on 4th Ave.

I am not in the market for a rental right now, so I can't speak about the price. I do agree with wine lover, however: I prefer a modern apartment.

Posted by: benson at April 15, 2009 5:24 PM

What on earth's wrong with radiator heat, wine lover? Much preferable to forced hot air imho.

Posted by: grand army at April 15, 2009 7:46 PM

$4100 for a 2-bedroom (not even a penthouse) in this building sounds hysterical. We used to live at 567 Warren St. (a new 7-story building right between 4th and 3rd, same color as the one on 4th Ave), and we saw this building being built from start to finish. We were paying $2800 for a huge 2 bedroom penthouse duplex with an enormous roof terrace. Eight months ago we moved out and the new tenants rented it for $2850.

Don't want to sound like an ass but I have to tell you: we moved to Manhattan (East 66th between 1st and 2nd) to a very good size 2-bedroom in a lovely building for $3775. Now, listen to this, apartments in our building (exactly like ours) are now renting for... are you ready? $3140!!! We are now planning to move out when our lease ends and rent a 3-bedroom for what we are paying now.

I have a dilemma: a 2-bedroom on 4th Ave for $4100 or a 3-bedroom on Upper East Side for $3800? Hm... Let me think... The proximity of KFC sounds so irresistible. Don't know what to do!

Posted by: MP at April 15, 2009 8:14 PM

Has anyone informed those two tenents that rented for 4100 that they are getting robbed big time every beginning of the month?

Posted by: hannible at April 15, 2009 9:31 PM

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April 15, 2009

Checking In On 110 4th Avenue

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