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August 3, 2009

Bedford Avenue Building Leased in One Day

Recession? What recession? The new 14-unit building at 320 Bedford Avenue (at South 2nd Street) went on the market at 11:00 a.m. on Sunday, July 19, and leased all of the "loft-inspired" apartments within 24 hours, according to the real estate marketing firm aptsandlofts.com. The apartments include studio, one-bedroom, and two-bedroom units, with rents from $1,800 to $3,300 per month, as well as nearly 6,000 square feet of retail space. So the big question is: is this a sign of better days to come or just a fluke? With only fourteen units, this could be either a statistical anomaly, a market indicator, or evidence of a savvy business plan. Only time will tell. But before anyone gets too excited, remember that the fact that this is a rental at all is a sign of a sickly market. GMAP

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Comments

"apartments and lofts"

nuff said. arent they the brokers who prey on midwestern kidults?

*rob*

Posted by: PitbullNYC at August 3, 2009 9:34 AM

wait, we're excited because a bunch of apartments were /rented/ for reasonable rents now?

Posted by: sashae at August 3, 2009 9:56 AM

I wonder if this was a bulk rental? Anybody hear about the renters that were forming groups to use leverage and rent in a group to get better prices?

Posted by: brickoven at August 3, 2009 10:05 AM

How is $1800/mo for a studio "reasonable"?!

Jaysus F. Christmas.

Posted by: tybur6 at August 3, 2009 10:11 AM

My friend tried to rent one of these. It was a madhouse.

Posted by: dirty_hipster at August 3, 2009 10:12 AM

Did they rent out the retail space a well?

Posted by: DitmasSnark at August 3, 2009 10:14 AM

DH, are those prices juicy compared to other rentals near that area? nice looking bldg but 1800 for a studio or 3300 for a 2 bdrm doesnt scream bargain or does it for that area?

Posted by: more4less at August 3, 2009 10:16 AM

Can't really speak about pricing and if they are a good deal. From what I've seen - the majority of rentals around the Bedford L are 1 bedroom railroads that are sorta dingy and go for at least 2k.

This building and 44 Berry filled up pretty quickly so I guess someone thinks they are a good deal.

Posted by: dirty_hipster at August 3, 2009 10:28 AM

if dingy 1 bdrm goes for at least $2k, guess those prices are at least very competitive if not juicy

Posted by: more4less at August 3, 2009 10:30 AM

No one could say that this single building's rentals are sign of the next boom - but I find it sadly ironic that just as every occurance during the last boom was viewed through lenses designed to only see the positive; now all events are viewed in the most negative light possible. It is silly psychology like this that results in bubbles and depressions.

The fact that in the midst of a strong recession, with tons of supply and falling prices studio apartments in Williamsburg can be rented for $1800 in a single day - certainly is good news to those that fear that NYC is headed back to 1977.

Posted by: fsrg at August 3, 2009 10:31 AM

That building has been under construction for 4 or 5 years. it's been a terrible eyesore on what is otherwise a pretty well developed little block. My friend has a business on this block and I've always felt that the construction on that corner made it look like you had reached the end of the trendy end of bedford ave. hopefully she'll see a business boost!

Posted by: sendmemedia at August 3, 2009 10:34 AM

I don't always agree with fsrg but his post is spot on.

Money is money- if you're making money as a rental or through sales, sorry but I can only wonder- why? The building is not empty, the prices seem a little more reasonable (although not so much) compared to the last few years, all the apartments will be occupied. Yet some people will still cry with a loaf of bread in their mouths. Good luck that anti-renter attitude, ischeff. Love to hear what you would say if no one rented at all.

Posted by: bxgrl at August 3, 2009 11:09 AM

"the big question is: is this a sign of better days to come or just a fluke?"

Uh, that's not a big question. That's a stupid question.

"Anybody hear about the renters that were forming groups to use leverage and rent in a group to get better prices?"

No, not for rentals. lechacal had that idea about sales. If substantiated, this case is suspect. Or, did everything rent out as listed? (well of course if they went THAT fast - that was another stupid question).

***Bid half off peak comps***

Posted by: Brownstones Half Off at August 3, 2009 11:15 AM

This doesn't surprise me at all. The building looks nice for what it is, decent location and definitely decent prices.

1800 for a studio isn't bad. The average in Manhattan (despite dropping rents) is still over 2K. And Brooklyn is most definitely preferable to what seems like an ever increasing number of people.

Posted by: 11217 at August 3, 2009 11:23 AM

I was at the open house and there was a lot of foot traffic. A couple of the units that were facing Bedford seemed pretty reasonable. They were over 800 square feet and the net effective rent was 2300 I think. I was there around one o'clock and the best units had applications on them already. There is still a huge demand for rentals in Williamsburg, especially prime Williamsburg. Lots of people really want to live there and there really has not been a lot of rental product added (although more is coming). furthermore, most of the building stock in the neighborhood is really crappy so anything that is "nice" will rent quickly.

Posted by: king of the burg at August 3, 2009 11:29 AM

Obviously they were priced slightly below market and they're nice apartments, or they wouldn't have rented so fast.

It's nice to see a developer/landlord make the sane decision to price reasonably and avoid long term vacancies holding out for impossibly high rents.

Posted by: IronBalls at August 3, 2009 11:30 AM

Amazing. Guess rental prices are not coming down in Williamsburg. So much for the condo implosion. Also, this location is technically closer to the Marcy JMZ than the Bedford L.

Posted by: mopar at August 3, 2009 12:00 PM

As per the website - it looks like the 2,500 one bedrooms have a lofted area, making it shareable for 2. 1,250 per person for a new building on Bedford is pretty good.

Posted by: dirty_hipster at August 3, 2009 12:14 PM

"1,250 per person for a new building on Bedford is pretty good."

That's more than my mortgage payment to live alone in an apartment I bought at the top of the market. Just fyi.

Posted by: 11217 at August 3, 2009 12:36 PM

11217: Must be a small apartment, and I question whether you really bought at the "top of the market"? How many square feet? That's an unusually low mortgage payment.

Posted by: Park Sloper at August 3, 2009 1:07 PM

"That's more than my mortgage payment to live alone in an apartment I bought at the top of the market. Just fyi. "

Haha don't rub it in 11217!

Posted by: dirty_hipster at August 3, 2009 1:19 PM

Sure it's small, Park Sloper...it's a studio (350 sf or so) but I get to live alone, travel, have a vacation "home" in another country and live in a brownstone in the historic district of what I consider one of the most beautiful streets (and areas) of NYC.

The co-op of the day affords someone an equally low mortgage payment if they put 20% down. I don't think a lot of people in Manhattan (and Brooklyn, I guess) who are paying $1500 a month EACH to share a 2 bedroom realize that they can live alone and own for the same price.

It's just about the downpayment situation (which is admittedly difficult).

Posted by: 11217 at August 3, 2009 1:26 PM

11217: Nice! That's exactly the kind of lifestyle I fantasize about (including a second home abroad) when I think of selling my 1,800 square feet garden duplex (a block away from you, bet. 6th & 7th) someday and buying a studio instead. In fact, what you've got seems fairly comparable to this Fort Greene studio. It just seems to me it would have been priced higher 1-3 years ago, which is probably when the market was at its highest. I'm surprised if you paid less during that same time frame.

Posted by: Park Sloper at August 3, 2009 1:49 PM

It was FSBO Park Sloper, and I did some pretty hardcore negotiating. :)

And to top it off, my maintenance is more than $100 less per month than that Ft. Greene studio today...

Wanna trade?

Just kidding, I love my place endlessly. I truly enjoy living in a small space.

Posted by: 11217 at August 3, 2009 2:04 PM

"It's just about the downpayment situation (which is admittedly difficult)."

And the fact that you aint gettin it back. Poof!

***Bid half off peak comps***

Posted by: Brownstones Half Off at August 3, 2009 2:06 PM

I used to curse that developer everyday. They tore up the sidewalk so badly it was impossible to get a stroller over it. The construction site really was a hazard-- sendmedia is right.

In terms of rentals, it's a prime location and I'm sure they are sleekly finished. Better deal than Kai Construction, that's for sure.

Posted by: Heather at August 3, 2009 6:38 PM

i do still encourage anyone reading this with money to find an already done condo with people living in it, etc.. where a developer is trying to just ditch remaining inventory in WB and buy it and rent it the next day. rental demand and prices are not going down in WB. everyone who has rented out their condos in my bldg has rented them immediately and for way over their mortgage.

pretend that the advice is not coming from me even! friends that i have that are not kids - 30+ to 40ish - are paying up to $3K for one bdrms in WB.

yes, 11217 is correct that many of our mortgage payments are lower than rent. especially with these fab low rates.

the convenience aspect to manhattan is huge and so many people are just hopping on their bikes over the bridge these days too.

Posted by: wine lover at August 3, 2009 8:41 PM

This isn't the same building that had the NY Mag article, is it? Because if it is, there goes your market indicator...

Posted by: YngPlnr at August 3, 2009 10:59 PM

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August 3, 2009

Bedford Avenue Building Leased in One Day

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