November 20, 2009

Viridian Two-Thirds Rented

After a tough run as a condo development (it went bust at the beginning of the year), the Viridian has had a nice reversal of fortune recently in its new life (under new ownership) as a rental building. We passed by yesterday and saw plenty of evidence of people living there. Later in the day we heard from the leasing agent, Citi-Spaces, that 85 out of 130 units have been rented out since hitting the market mid-Summer. Not too shabby, especially considering the not-insubstantial asking prices: One-bedrooms start at $2,400 a month, two-bedrooms at $3,400 and three-bedrooms at $4,500.
Viridian Rentals Hit the Market [Brownstoner] GMAP
Bankruptcy Forces Sale of Viridian [Brownstoner]

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

October 15, 2009

Tenants Claim Negligence at Flatbush Gardens

Tenants at the 59-building, rent-stabalized, East Flatbush housing complex called Flatbush Gardens (previously Vanderveer Estates) claim that the owner, Clipper Equity, is neglecting repairs in order to drive out tenants and drive up rents. "You call, but they never come to fix anything," one tenant of 25 years told the Daily News. Needed repairs include flooring in disrepair and exposed or non-functioning outlets. Tenants also claim that Clipper began charging $30 air-conditioner fees as part of its intimidation tactics, and raised rents in stabalized apartments beyond what is legally permissible. The owners will renovate an apartment as soon as tenants vacate, tenants say, but ignore maintenance requests for occupied units. Finally, the tenants point to television and subway ads for the complex as more evidence that the owners are trying to attract new money. A Clipper spokesperson said that the owner works through all maintenance requests, and highlights $10 million in upgrades such as new elevators, intercom systems, and playgrounds. Tenants say these are simply cosmetic upgrades, and a lawyer representing them told the News, "It's clear the landlord wants to bring in new business." GMAP P*Shark
Landlords Letting Flatbush Gardens Rot to Flush Us Out [Daily News]
Rent Wars: Flatbush Gardens Achieves Stuy Town Dream [Curbed]
Image by Nicholas Strini/PropertyShark

October 13, 2009

1,500 Rental Units for DoBro

It's hardly news for anyone who's been paying attention, but yesterday Crain's took the time to point out that three new rental developments in Downtown Brooklyn are all hitting the market at roughly the same time: Avalon Fort Greene (left, 650 units), 80 Dekalb (center, 365 units) and The Brooklyner (right, 490 units); studios at all three places are expected to start at about $1,700 a month. (Free rent concessions, though, bring the cost down close to $1,300, which starts to look pretty attractive.) While one of the developers involves admits that she we have preferred a little less competition at the start, we're not so sure the confluence of launches is such a bad thing. (The article also dangles the possibilities of the Forte and be@schermerhorn getting repositioned as rentals.) The biggest barrier to people deciding to rent in these new buildings in Downtown Brooklyn is the lack of a critical residential mass. With all three coming to market at the same time it's a potential game-changer for the area. Now if one of these places could just get a gourmet market or decent restaurant to sign on, they'd be all set.
Get Ready, Brooklyn: Flood of Luxe Rentals [Crain's]

To Own or to Rent?

Over the weekend The New York Times profiled a series of co-op or condo owners who became renters either due to the market downturn, size requirements, or both. The article begins, for example, with a family of four that moves from an 850-square-foot Upper East Side two-bedroom, one-bathroom co-op to an Upper East Side rental—three bedrooms, three bathrooms, and 1,400 square feet for $5,200 per month. The praises sung for renterhood include: freedom from responsibility and anxiety, fewer financial requirements, more space, and sometimes more amenities. Some of those profiled in the article, however, miss ownership: the camaraderie in the building, the freedom to renovate and customize, the autonomy of ownership. Those profiled are primarily individuals, couples, or families who live in expensive Manhattan neighborhoods like the Upper East Side, the Upper West, or Greenwich Village—people who can afford rents of $5,000. It would be interesting to hear from readers with a wider range of incomes and locations. For example, has anyone out there had a similar experience in Brooklyn, where you have recently sold a house or apartment (either by choice or necessity) in order to become a renter?
Owners No More [NY Times]
Image by Mark Ovaska

October 7, 2009

New Rentals Site Tries to Cut out the B.S.

We've got no idea if this'll fly, but it's an interesting concept: A start-up company with the catchy name of Naked Apartments is trying to change the way apartments are rented in this town. Prospective renters fill out a free, secure anonymous profile that gives them their credit score range. After that, brokers send them offers, which include a proposed commission, a rating of the broker by other renters and apartments that match their search criteria; renters can also request an offer from a specific listing. They've got about 5,000 listings on the site now, and just signed a deal with Mark David, so they're off to a good start. Think it'll work? Anything that tries to cut down on scamming brokers gets our vote of support.

September 24, 2009

New Website, Logo for 80 Dekalb

80 Dekalb is getting sooooooo close. With just about every window in place, the 36-story rental project from Forest City has put up its splash site. There's no pricing info yet, but you can check out the nifty new logo and motto. And how about that url! Nice 4-letter dotcom: dklb.com.
Development Watch: 80 Dekalb Getting Close [Brownstoner]
80 Dekalb Tops Out [Brownstoner] GMAP P*Shark DOB
Development Watch: 80 Dekalb Facade Spreading [Brownstoner]
A Touch of Glass for 80 Dekalb [Brownstoner]
Development Watch: 80 Dekalb Reaches 25 Stories [Brownstoner]
Development Watch: 80 Dekalb Avenue Halfway There [Brownstoner]
Development Watch: 80 Dekalb Avenue [Brownstoner]
Taxpayers Paying Up for Downtown Rental [Brownstoner]
Development Watch: 80 Dekalb Avenue [Brownstoner]
80 Dekalb Avenue: Get Ready for Take-Off [Brownstoner]

September 11, 2009

Castle Braid: Mayer Schwartz's Art Utopia?

The Castle Braid, a new 146-unit luxury rental building from developer and art lover Mayer Schwartz, will be playing host to the Street Art Festival starting this Saturday. In addition to the festival itself, it'll be an opportunity to check out Schwartz's unique vision for an artist community at 114 Troutman in Bushwick. The building hosts a slew of artist-targeted amenities such as rentable video equipment, a media library, a book swap, and a screening room (this is in addition to many other luxury amenities such as tennis, yoga, a dog run, etc.). The 6,000-square-foot courtyard (designed by Future Green Studio), which will be used for the art festival, is no exception: graffiti wall, built-in flat screen and Wii station, bocce ball court...the list goes on. A designer who worked on the project described it as "a hipster playground of sorts." The one- and two-bedrooms range between $1,650 and $3,000 a month. More info on Bushwickbk.com.
Photo of courtyard under development provided by Future Green Studio

September 8, 2009

Renters Become Their Own Landlords

The New York Times this weekend chronicled the housing woes of Mariah and Dominique Freda, two sisters who started out by playing the rental game in Park Slope. They were leasing a two-bedroom for $2,050, but the poor conditions and the inflexibility of the landlord motivated them to look into buying a place of their own. The buying game turned out to have obstacles of its own, but the sisters eventually settled on a 1,400-square-foot, two-bedroom, three-bathroom condo in Park Slope with a spiral staircase leading to a basement recreation room. The apartment had started out with a price tag of $639,000 but had recently been reduced to $599,000 and had a deal fall through; with some help from Dad, they were able to make an all-cash offer that beat out a higher, competing bid. The common charge and taxes were slightly less than $400 a month. "I didn’t realize how annoying a landlord is until I didn’t have one anymore," Dominique told the Times. From the article, it seems that the Freda sisters could not have purchased the condo without their father's assistance, who provided the up-front cash and is acting as the girls' mortgage lender—a luxury that not all renters have—but their story is also one of renters who persevere to take matters into their own hands.
Theirs to Fix and Fix Up [NY Times]
Photo by Angel Franco for The New York Times

September 1, 2009

Mapping Slumlords

Bill de Blasio, who is running for Public Advocate, is making tenants' rights a key aspect of his platform: last Sunday, he joined a City Hall rally against negligent landlords, and he has launched a Slumlord Watch List on his website, where visitors can submit an address of a questionable building to see if it "meets minimum health and safety standards and has open, life threatening violations." The site doesn't mention the criteria, but de Blasio said in a press release that unacceptable conditions include "leaking pipes, exposed wires, no fire alarms, [and] broken locks." It is unclear how long the site will remain active (will he take it down if he is or is not elected?) and what, if anything, de Blasio plans to do with it or how he will use it to pressure landlords or take legal action.

August 24, 2009

Rental Picks: Prospect Heights

Today we scanned rentals in Prospect Heights and decided to administer awards for some of the rentals that caught our eye.

The "expensive but possibly worth it" award:
One-bedroom 1860 brownstone, fireplace, deck, gardens, Saint Marks at Carlton, $2,300

The "what does luxury condo mean, exactly?" award:
Three-bedroom, exposed brick, washer/dryer in unit, Rogers at Sterling, $2,045

The "isn't that Crown Heights?" award:
Two-bedroom, rent-stabilized, elevator in building, near Nostrand and Pacific, $1,500

The "great deal" award:
Four-bedroom duplex, new construction, backyard, Bergen at Franklin, $2,400

The "is that really your marketing strategy?" award:
Two-bedroom brownstone, Dean at 6th Ave., $2,000

Click through for more stats on Prospect Heights rentals. Also, since these rental round-ups are a new feature of Brownstoner, we would love to hear your feedback in the comments section. Are they helpful? What else would you like to see in these round-ups?

Continue reading "Rental Picks: Prospect Heights"

August 21, 2009

229 North 8th Goes Rental

229 North 8th, the Karl Fischer-designed condominium building that went on the market over a year ago (and underwent some price cuts earlier this month), has begun listing open units as rentals this week. The prices vary, but center around $2,500 for the one-bedrooms (around 700 square feet) and $3,500 for the two-bedrooms (around 1,100 square feet), according to aptsandlofts.com. The rentals are also listed on Craigslist, and it seems that the units are still on sale as well, with prices from $465,000 to $699,000, according to StreetEasy. Also courtesy of StreetEasy, the reason it's gone rental: No units are in contract. GMAP
Another FHA Special Launches [Brownstoner]
Development Watch: 229 North 8th [Brownstoner]

August 20, 2009

Rental Picks: Bed-Stuy Edition

A few of the apartments for rent in Bed Stuy that caught our eye:
1) Throop and Hart, 3 bedrooms, 1.5 bathrooms, $2,375
2) Lafayette and Nostrand, 3 bedrooms, 2 bathrooms, backyard, $2,600
3) Patchen and Gares, 1 bedroom, 1 bathroom, $1,345
4) Kosciusko and Throop, 2 bedrooms, 1 bathroom, $1,545
5) Kosciusko and Marcy, 1 bedroom duplex, 2 bathrooms, garden, $1,400

(Click through for neighborhood rental stats)

Continue reading "Rental Picks: Bed-Stuy Edition"

Clermont Greene Adopts Hybrid Model

Like so many before it, Clermont Greene, the 73-unit residential project at 181 Clermont Avenue in Fort Greene, has opened its doors to renters. The move comes less than a month after the first wave of condo closings began at the building. So far, 12 units have been put up for rent, with prices ranging from $2,350 for a 713-square-foot one-bedroom to $3,400 for a 1,054-square-foot two-bedroom.
Clermont Greene Listings [StreetEasy] GMAP
First Closings at Clermont Greene [Brownstoner]
A Little Momentum for FG Developments? [Brownstoner]
Clermont Greene Gets Its C of O [Brownstoner]
Checking In On Clermont Greene [Brownstoner]
Clermont Greene Gets a Facade But Still Needs Buyers [Brownstoner]
174 Vanderbilt Revealed: Clermont Greene [Brownstoner]
174 Vanderbilt: What a Difference Two Weeks Make [Brownstoner]
Development Watch: 174 Vanderbilt Plodding Along [Brownstoner]
Meltzer/Mandl Release Deets on 174 Vanderbilt [Brownstoner]

August 19, 2009

All Is Revealed at Avalon Fort Greene

Avalon Fort Greene, the 650-unit rental building we've been tracking since it was a hole in the ground, must be getting close to launch because its listings just hit the web; you can check out the developer's website for layouts and pricing or StreetEasy for some photos of the model apartment. Pricing starts at just under $2,000 for studios and goes up to over $5,000 a month for three-bedrooms.
Avalon Fort Greene Coverage [Brownstoner] GMAP

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

Heights Rent-Controller Out on a Technicality

"Rob a bank, and if the federal government doesn’t catch you in five years, you’re off the hook," said Josh Barbanel in a Times story this weekend, but for Robert Nocco, no statute of limitations could save him: the new owner was able to rummage back to 1976 to challenge Nocco's right to a rent-controlled apartment in Brooklyn Heights, at 222 Henry Street. Mr. Nocco's parents moved into the apartment about fifty years ago, the article explains, and until June, Mr. Nocco, who was paying $212 in rent every month, had thwarted several legal attempts to remove him from the apartment. The current owner (who paid $386,566 for the five-story building in 2005, according to Property Shark) took his case to state housing regulators and noted that in 1976, Mr. Nocco rented another apartment in Brooklyn, while his parents moved to Florida. Since regulations would require Mr. Nocco to have lived with his parents for two years prior to taking over a rent-controlled apartment, this was enough for a housing officer to rule in the landlord's favor. The two parties reached a settlement (“in the very low six figures”), and Mr. Nocco moved out in June.
Rent-Control Rights Stripped Away [NY Times]

July 27, 2009

Renting 1 BBP: 'We Would Like Things to be Different'

This weekend's cover story in the real estate section of the Times is about Brooklyn developers who have started renting units in their condos, with a focus on the hybrid-ization of One Brooklyn Bridge Park, where developer RAL recently began renting some of the unsold inventory. First, the stats: There have been 77 closings at the building and 26 other units are in contract, leaving 300-some-odd vacancies; for now, RAL is only renting 20 units, and five one-year leases have been inked. Then, there's the commentary from RAL president Robert Levine, who says stuff like, "This building is not a rental building, it is a condominium," and "We would like things to be different," and "We had a vision and it turned out to be exactly what we wanted. And then the world fell apart." (On this last quote, it's worth noting that 1BBP went on sale almost a year and a half before "the world fell apart" last September.) Anyhow, the bigger questions the article addresses are, how much of a stigma is it for a condo to rent some units out, and to what extent—if at all—does it push down values? On the first question, an Elliman broker says, "if you start to rent 25 percent of the building or more, it takes on the flavor of a rental," and on the second question, appraiser-guru Jonathan Miller says that "In the long run, there’s no impairment to value."
Renters to the Rescue [NY Times]
Rentals, Price Cuts and Loan Extension at 1BBP [Brownstoner]

July 20, 2009

Absolute Hedges Its Bets With Rentals

Like many other new developments before it, the Absolute has started hedging its bets by putting a couple of units up for rent while its new Corcoran team forges ahead with its sales effort. The two units (here and here) up for lease are both 806-square-foot one-bedrooms asking $2,400 a month; the owner picks up the broker fee.
The Absolute Condos Sales Listings [Corcoran] GMAP
Price Cuts, Broker Switcheroo at The Absolute [Brownstoner]
Checking In On The Absolute Condos [Brownstoner]
The Absolute Hard Launches [Brownstoner]
The Absolute Launching on Myrtle [Brownstoner]
Development Watch: 111 Steuben/543 Myrtle [Brownstoner]
Development Watch: Myrtle and Steuben [Brownstoner]

July 17, 2009

The Elan Goes Partially Rental

elan%2007-2009.jpg
Only a couple weeks ago we noted that sales at the Elan, the condo on 1st Street between 4th and 5th avenues, have been very sluggish; now, via an eagle-eyed Forum poster, we learn that it's gone at least partially rental. StreetEasy says rents on 18 of the building's 32 units are ranging from $2,200 for a 946-sf 1-bedroom to $4,500 for a 1,512-sf 3-bedroom. There are also still sales listings up for the building and three units have sold.
Checking in on The Elan [Brownstoner] GMAP

July 14, 2009

Viridian Rentals Hit the Market

Half a year after Curbed predicted it, the first rental listings at the Viridian have hit the market. StreetEasy shows 28 units ranging in price from $2,155 for a 662-square-foot one-bedroom to $4,822 for a 1,267-square-foot three-bedroom. The development's original website still show a few orphaned listings for sale.
Bankruptcy Forces Sale of Viridian [Brownstoner]
Photo by NYShitty

July 13, 2009

Details Leaked on 111 Lawrence Rents

The Observer has an article chock full of details on the Brooklyner, aka 111 Lawrence Street, aka Brooklyn's new tallest building. The story is based on info gleaned from the "Joe Bartolo, the project’s plumbing foreman, who saw a document from [developer] the Clarett Group listing prospective rents"; the intel has not been confirmed by Clarett. Joe the Plumber says rents are slated to run from $1,550 for studios up to $3,000 for 1- and 2-bedrooms and that the vast majority of the building's 491 units are studios and 1-bedrooms. An electrician on the site, meanwhile, says the building will probably take another 8 months to a year to finish.
Brooklyn's Biggest New Tower Set To Change Downtown's Tone [Observer]
111 Lawrence Tops Out, Gets Name [Brownstoner]
Development Watch: 111 Lawrence Street [Brownstoner]
111 Lawrence Gets Its Glass On [Brownstoner]
1111 Lawrence Revealed [Brownstoner] GMAP P*Shark
111 Lawrence Rising [Brownstoner] DOB
Development Watch: 111 Lawrence Street [Brownstoner]
Digger, Not Much Else at 107 Lawrence [Brownstoner]
Clarett's Big Plans on Lawrence Street [Brownstoner]
Development Watch: 107 Lawrence Ready for Next Stage [Brownstoner]

June 30, 2009

23rd Street Tear-down Hits Rental Market

Remember back in 2007 when we told you about a cute woodframe house at 312 23rd Street that was getting torn down by a developer? Well, its replacement building is now finished and, not surprisingly, the developer has had to abandon plans to sell the units as condos. One apartment is on the market so far—a one-bedroom with yard and rec room for $2,500.
312 23rd Street Rental [Corcoran] GMAP
Documenting 'Tear Down & Build Up' on 23rd Street [Brownstoner]

June 24, 2009

Catsimatidis' 218 Myrtle To Open in September

In a short item on its website yesterday, The Real Deal revealed this tidbit of information about a project we've covered ad nauseam, 218 Myrtle Avenue (though we've been calling in 202 Myrtle all long because of the address its DOB permits are filed under). Turns out the 100-unit rental building is slated to open in September.
At the Desk of: John Catsimatidis [The Real Deal]

June 23, 2009

Apartment for Rent at Meier's OPP

This ain't going to help sales at On Prospect Park, the glassy Richard Meier-designed condo building overlooking Grand Army Plaza: As of this week, you can now rent a 1,241-square-foot two-bedroom in the building for just $4,000 per month, less than the mortgage payment on this 1,195-square-foot unit that's listed as being in contract for $850,000 and less than half of what it would cost you to underwrite the purchase of this 1,272-square-foot pad. So either this rental's a great deal or the sale listing is way overpriced. Or, as we suspect is the case, both.
1 Grand Army Plaza Rental [Douglas Elliman]
On Prospect Park: Is Anybody Home? [Brownstoner] GMAP
OPP Floats Some 'Limited Availability Pricing' [Brownstoner]

Rentals