« Open Thread 574 4th Avenue: The Full Monty »

November 13, 2009

Brooklyn Gold Joins the Downtown Rental Party

Avalon Fort Greene, 80 Dekalb, the Brooklyner, and now Brooklyn Gold: There's definitely no shortage of new rentals available in Downtown Brooklyn at the moment! The leasing office for Brooklyn Gold, aka 257 and 277 Gold Street, opened a few weeks ago. The 510-unit development's website says asking rents are starting at $1,401 for studios and $1,532 for 1-bedrooms (that's "net," so the prices probably take into account concessions like a couple months' free rent). The first building that's leasing is 277 Gold Street, and at the Brooklyn Real Estate Roundtable on Tuesday one of its developers said it's probably going to take another four or five months for some of the buildings' amenities—which include an indoor swimming pool—to be finished. 277 Gold has 133 units and its big brother, 257, has 377.
Development Watch: 277 Gold Street [Brownstoner]
Development Watch: 277 Gold Street [Brownstoner]
Development Watch: 235 Gold Street [Brownstoner]
Development Watch: 277 Gold Street [Brownstoner]
Development Watch: 235 and 277 Gold Street [Brownstoner]
Development Watch: 277 Gold All Topped Out [Brownstoner]
Development Watch: 277 Gold Street [Brownstoner] GMAP P*Shark
Development Watch: 235/277 Gold Street [Brownstoner] DOB

Trackback Pings

TrackBack URL for this entry:
http://www.brownstoner.com/mte/mt-tb.cgi/12234

Comments

I freakin hate when rentals are advertised with the net-effective rent. Yeah - 1500 is a decent deal, but once the first lease is up, you're back to paying 2300, or whatever insane real rent they are charging.

Posted by: dirty_hipster at November 13, 2009 9:48 AM

Downtown Brooklyn is going to be the new place where all the post-grads go to get a cheap apartment after graduating. You will start to see adds for "1 Beds Convertiable to 2".

Anyone have a count for how many rentals are going up? Has to be close to 1500.

Posted by: Brokedeveloper at November 13, 2009 9:53 AM

DH - My real question is... Will there be a second lease?!

Places like this were for the purpose of selling (or am I wrong), so it strikes me as a very unstable living situation. You'd be "lucky" if your $1,400 studio was made availble to you for a second year at $2,300. More likely, they'll be trying to sell the unit and you'll be out on your ear when the first lease expires.

(Not to mention that most of the available units are a lot more pricey than the $$ quoted above.... there's 1 of each of those.)

Posted by: tybur6 at November 13, 2009 9:55 AM

This is the building my tenant quoted me a price from to get lower rent.

Posted by: bitter_bubble_buyer at November 13, 2009 9:56 AM

"Downtown Brooklyn is going to be the new place where all the post-grads go to get a cheap apartment after graduating. "

Nothing preserves the value of a building better than a bunch of 1 year leases to 23 year olds cramming 2-3 people into 1 bedroom apartments.

Posted by: northsloperenter at November 13, 2009 10:01 AM

Lots of supply coming onto the market. It will be interesting to see how this affects prices.

Posted by: joeingowanus at November 13, 2009 10:09 AM

I agree, joe. I am thinking it won't as the hotspots will continue to be PS, PH, GH, and Willy/'Wick - the renters for those nabes will not be siphoned off to downtown.

Posted by: infinitejester at November 13, 2009 10:16 AM

True tybur - i dunno

you're right - very uncertain situation in these buildings - not bad for people who don't mind moving every year, but not for us folks who prefer to live like human beings.

Posted by: dirty_hipster at November 13, 2009 10:20 AM

the rent is actually lower in this building if you sign a 2 year lease

Posted by: bitter_bubble_buyer at November 13, 2009 10:24 AM

bbb, did you give them lower rent?

If you're about to buy, and want to seal in some savings, and it is savings for your personal situation, ok. Alternately there's still better neighborhoods to live and have cheap rent.

Posted by: infinitejester at November 13, 2009 10:27 AM

I wonder how low they'll have to go to fill the buildings.

Posted by: Maly at November 13, 2009 10:28 AM

Infinite,

I would be siphoned off to live downtown if the price was right. Right now the prices aren't right. True, I live in Gowanus now (sort of a hot spot), but the wife and I are moving next year and are considering Park Slope OR a condo in Downtown Brooklyn. The amenities are a big draw.

Posted by: joeingowanus at November 13, 2009 10:32 AM

yeah, they're offering 5 months free rent on 2 year leases, 2 months free rent on 1 year leases. that's what i heard from my friend who is considering the building.

i disagree that renters from the "nice" brooklyn neighborhoods will not be attracted to these places. maybe if you're older and have kids you want to live somewhere more established, but i'm looking at my roughly $2k price point which could afford me a cramped, old, unrenovated walkup apartment in the "nice" neighborhoods (a.k.a. where i live now) or a lease in one of these new buildings. there's a reason why almost all of the apartments in these buildings are studios and one bedrooms -- because at the same price point, you can only find unrenovated junky studios and one bedrooms.

granted, brooklyn gold has the worst location of any of these new developments and is one of the only ones i wouldn't really consider living in. even by downtown brooklyn standards it is a bad location. but that's why the prices are the lowest there.

Posted by: duckumu at November 13, 2009 10:33 AM

Not too expensive if you do what they do in Carroll Gardens and that is 4 people to two bedrooms. Lets turn all of Brooklyn into one big dorm or better yet one big bed bug infested brothel.

Posted by: hannible at November 13, 2009 10:39 AM

In similar circumstances I would do the same. Many, many couples are loving the downtown area. I am including DUMBO although it's not truly what this post was about.

Posted by: infinitejester at November 13, 2009 10:42 AM

I gave them a rent decrease on a two year lease. I actually think rents will keep going down and I needed a little insurance on at least one place. They pay rent on time and never complain.

Posted by: bitter_bubble_buyer at November 13, 2009 10:42 AM

If and when all these rentals fill up we will be comparing Dobro to Murray Hill.

Posted by: ReMiXxd at November 13, 2009 11:02 AM

We're looking to move right now. With two young kids, I wouldn't consider one of these big buildings in no-man's-land. These are for people straight out of college who can't afford Manhattan.

Posted by: Lesloaf at November 13, 2009 11:04 AM

Lesloaf, are you thinking of public school for your kids?

Posted by: stevieb at November 13, 2009 11:11 AM

Forte and Be@ are on deck...

Posted by: boerumite at November 13, 2009 11:12 AM

"If and when all these rentals fill up we will be comparing Dobro to Murray Hill."

I don't see that happening. Murray Hill has much more charm.

Posted by: northsloperenter at November 13, 2009 11:15 AM

if can afford these bldgs can afford manhattan..just maybe not central manhattan in new construction doorman bldg.

Posted by: Petebklyn at November 13, 2009 11:16 AM

> These are for people straight out of college who can't afford Manhattan.

A huge and ever-replenishing market segment.

Posted by: DitmasSnark at November 13, 2009 11:17 AM

I disagree "boerumite", I believe the competition to rent a luxury building is more crowded then to own. Besides I just read that Be has some new German owners looking to start selling again in '10.

Posted by: ReMiXxd at November 13, 2009 11:24 AM

i agree with pete. if you can afford $1.8 to $2k for a 1 bedroom you can afford murray hill, yorkville, financial district, hell's kitchen, and many other areas in manhattan. they won't be luxury buildings (except in the case of the financial district) but they will be affordable for the manhattan crowd. downtown brooklyn's amenities aren't even as good as those of the financial district so nearby amenities are not the draw.

these buildings are for people who want to live in renovated apartments but don't want to live in jersey city or queens, and they're for people who want to live in brooklyn but can't afford a renovated apartment in a prime brooklyn neighborhood. i don't think they're largely for the manhattan people.

that's my take, anyway.

Posted by: duckumu at November 13, 2009 11:27 AM

Actually this will be more along the model of the Normandie (a/k/a Dormandie) Court on the UES -- three recent grad sharing a 1 BR by converting the LR into two BRs. And the atmosphere is very college dorm, just like that building on Houston and the Bowery where the Whole Foods is -- doors left open, marijuana smoke wafting through the halls, random keg parties. Not for adults.

Posted by: babs at November 13, 2009 11:38 AM

babs the studios in that building on Houston start at 3000 a month!

Posted by: bitter_bubble_buyer at November 13, 2009 11:43 AM

Here's my obligatory "that's an incredibly crappy location with traffic congestion 24/7 and convenient to nothing besides McDonald's" post.

Posted by: zinka at November 13, 2009 12:38 PM

The same old awful layouts. Ugh, can they come up with something better than the 2 room thing???
I am so sick of the freaking kitchen cabinets in with the living room. For a one bedroom it looks like just 2 measley rooms to me.
Whatever happened to 3 room apartments with a regular size kitchen, a bedroom, a living room duh !!!

Do the architects ever think about furniture placement with all their plans?
apparantly not !

Posted by: STARGAZER at November 13, 2009 12:48 PM

Amd they are usually shared by 2, so $1500/mo. each. Long live pressurized walls!

Posted by: babs at November 13, 2009 4:36 PM

Just went to see the building, location is not ideal but the apartments are amazing, best of whats new in the area. loved the i-pod . I'm thinking of putting in an application, I think the area will be hot soon.

Posted by: lovelivinginbrooklyn at December 3, 2009 3:14 PM

« Open Thread 574 4th Avenue: The Full Monty »

November 13, 2009

Brooklyn Gold Joins the Downtown Rental Party

Trackback Pings

Comments

Post a comment

Latest Restaurant Additions