Luxury Rentals Abound
Developers of new rental buildings aren’t as squeezed as those who are trying to pawn off new condos, but they are still struggling. The New York Times reported over the weekend that among the 7,000 new rentals citywide, Brooklyn will see 3,500 new luxury units (including some that opened in late 2009). According to the…
Developers of new rental buildings aren’t as squeezed as those who are trying to pawn off new condos, but they are still struggling. The New York Times reported over the weekend that among the 7,000 new rentals citywide, Brooklyn will see 3,500 new luxury units (including some that opened in late 2009). According to the Times, rents in the city are down about 25 percent from the market’s height in 2008 and the vacancy rate is almost two percent, compared to one percent in 2006 and 2007. Given the glut of rentals, developers in Downtown Brooklyn and Williamsburg continue to court would-be luxury tenants with free rent, gym memberships and iPods, among other perks.
Buildings mentioned: Avalon Fort Greene, the 600-plus unit building along the Flatbush corridor; 60 Monitor, the 60-unit project in Williamsburg; 184 Kent, which began as a condo; 80 Dekalb, Forest City Ratner’s 36-story tower; Brooklyn Gold, the 512-unit condo-turned-rental; and Brooklyner, the looming 51-story building built by the Clarett Group. Avalon and Brooklyn Gold have experienced delayed move-in dates, but you knew about Gold already. And what happened to the strong starts?
“Dave, you need to start hanging out with some Chinese.
Posted by: Polemicist at January 25, 2010 4:01 PM”
Quote of the year!
“I agree govt program is compressing mortgage spreads, probably 50-100 bps, but this is not a gonna cause a second dip. if base rate, ie faith in UST crashes, then we will have something to talk about.” Really? What do you think is going to happen when Ben Bernanke wakes up and raises interest rates? I will tell you but the business books say the same “interest rates goup? Home prices go down” Just like Andrews the architect of the Titanic said when asked if the ship was going to sink! “It is a mathamatical certainty!” DIBS keep prooping up those prices Paterson and Bloomberg need your real estate taxes now more than ever.
And when I meant Japan, I meant Tokyo. I don’t know who’s telling you that rents are cheaper in Tokyo. They must be living in those hotel pods.
My point Polmicist and I’m sorry if I was unclear is that NYC, while still expensive is still relatively cheaper than living in those cities which I’ve stated. Include Paris in the mix while you’re at it.
Dave: you’re a has-been who has succeeded only due to the strength of the American Empire during your lifetime. I’m sorry you believe the finances of this city, state, and nation are strong. Historically, you have seemed like a reasonable fellow, but it’s clear the events of 2009 have gotten to you. Enjoy your freedom while you have it.
Kensingtonian: Thank you for reminding me how Brownstoner is populated by the most amateurish trolls.
lossforwords: I was referring to China, not Hong Kong. The unemployed here are living in tents in much of the country, so I’m not sure what your point is about Japan. London is a different story.
Killer: I am actually using the terminology preferred by city planners. That said, this “smart” person is not the one you should be concerned about. You should be focusing on the “smart” people who are going to determining how to cut government assistance to as many people as possible.
Government assitance, you mean tax breaks? I love it when it when “smart” people talk about government assistance.
According to my expat friends NYC while expensive is still certainly a lot cheaper than London, Hong Kong, Japan. In Japan, the employment rate and cost of living has grown so much that most part time workers and unemployed have resulted in living in pod hotels.
ha ha, Dave is talking to “special” kids again.
Do you know the definition of bankrupt???
Have you ever lived in ahigh rise in Hong Kong?? I have, an expensive one. The quality in no way com[ares to the US.
I’m starting to here the type of rant from you that isn’t worth a reply.
Sad.