Rentals
May 2, 2008
Study: Brooklynites Bearing Heavy Rent Burden
In what is unlikely to generate more than a "No Duh!" response from most New Yorkers, a study conducted by Anthony Weiner's office has found that, surprise, surprise, many Brooklynites spend a high proportion of their paychecks on rent. Overall, 30% of Brooklynites are spending more than half of their income on rent. (The Daily News article article fails to mention whether "income" refers to pre-tax income or take-home pay. It also does not make clear whether it's 30% of all Brooklynites or 30% of all Brooklynites who rent.) One guy in East New York makes $1,300 a month and coughs up $940 in rent! Let's do a study of Brownstoner readers who rent:
Photo by Bryan Collins
April 30, 2008
Rentals: 377 Franklin Avenue 90% Rented
We've been watching 377 Franklin Avenue rise since 2006, wondering for much of that time what would become of the boxy modern structure. Now we know. Turns out the developer opted for the rental path and, according the listing agent Rapid Realty, nine out of the ten units have rented. One bedrooms have gone for around $1,800 and two bedrooms for $2,600; there were some parking spaces on the ground floor that have rented for $200 a month as well. These prices sound about right to you?
377 Franklin Stalled No More [Brownstoner] GMAP
Development Watch: Stalled on Franklin [Brownstoner]
Franklin Avenue Rising: 377's Gone Yellow [Brownstoner]
April 28, 2008
Council Gunning for Oversight of Rent Regulation
A bill seeking to give the City Council more control over rent regulation is expected to be introduced to the state legislature within the next couple of weeks, according to an article in this morning's Sun. The bill would mean that the City Council gets to vote on who sits on the Rent Guidelines Board, a nine-person body currently appointed by the mayor. In addition, the bill would significantly revamp how the board determines rent hikes because landlords' net incomes would be considered. Perhaps most significantly, the bill would mean that tenants won't have to renew their leases as long as they pay rent. Councilmember Letitia James (right) says she plans to introduce a resolution asking the legislature to pass the bill, which has the support of tenants' rights groups. Frank Ricci, president of the landlord-interest group the Rent Stabilization Association, says his organization opposes the bill. "This legislation ignores the reality of rising taxes, rising fuel prices, and rising water rates, to make this a more political process than it already is," he says.
Bill Would Give Council More Control of Rent Regulation [NY Sun]
Photo of Councilmember James by threecee.
April 25, 2008
Oh, Baby! Class Action Suit Alleges Broker Discrimination
This morning there are articles in the Times, the Sun, and the Post about a class-action lawsuit alleging that agents from Brown Harris Stevens' Park Slope and Brooklyn Heights offices discriminated against a couple because they had a kid. The couple, Jamie Katz and Lisa Nocera, started looking to move from Manhattan to Brooklyn in 2006, when Nocera was pregnant. They found an apartment they wanted to rent in Brooklyn Heights but a broker from Brown Harris Stevens told them they couldn't rent it because the landlord didn't want kids in the unit. A year later the couple, who now had a baby, was once again trying to uproot to Brooklyn but were denied a Park Slope rental they wanted because the owner told another Brown Harris Stevens agent that the apartment had lead paint and therefore wasn't safe for kids. Katz and Nocera are claiming that the refusal to rent to them violated federal, state, and city anti-discrimination laws, which specify that a landlord can't say he won't rent to prospective tenants based on "family status." As the Times article points out, many brokers are unaware—or choose to ignore—the laws. The broker for the Park Slope apartment, for example, allegedly left a voice mail message for the couple saying the following: “There was a child there before and ... it was just a big, big, big problem and they’re just, they just absolutely are not going to go through that again...They just don’t want to have to deal with it.” The suit seeks to ensure that Brown Harris Stevens agents comply with the law, and, if successful, it'll probably influence the way brokers around the city behave towards would-be renters with children. "The brokers are enabling the discriminatory goals of the landlord," the lawyer representing the couple told the Post.
Couple’s Suit Accuses Real Estate Firm of Bias Against Children [NY Times]
Real Estate Firm Sued Over Child Discrimination [NY Sun]
Apt. Suit: It's Bias Vs. Kids [NY Post]
Photo by Lab2112.
April 11, 2008
South Slope Rental Scam (via West Africa)
A con artist is trying to bilk would-be renters in Brooklyn out of dough by pretending to offer apartments for rent in a condo building that hasn't even had any closings yet, according to brokers from Brown Harris Stevens who are representing the building in question. A person claiming to have an $800 apartment for rent at 317 16th Street has posted ads on "www.craigslis.org" (a non-functioning URL as of this morning). The fake landlord emails interested applicants and tells them to send him a one-month deposit via Western Union money transfer. "317 16th St. is a new condominium offering. We are the exclusive agents," says Christopher Thomas, an executive vice president at Brown Harris Stevens Brooklyn. "There are no apartments for rent. The building hasn’t yet had its first closing. I believe the information in the scam is taken from our web site or marketing materials." An email chain between the confidence man, who poses as a "reverend" living in West Africa, and a prospective renter is reprinted on the jump. Renter beware!
Photo by Triple7.
Continue reading "South Slope Rental Scam (via West Africa)"
April 7, 2008
Bridgeview Tower: Another One Bites The Dust, Goes Rental
Yet another new condo development has gone rental (see editor's note). Bridgeview Tower, nestled between the Manhattan Bridge approach and Brooklyn-Queens Expressway, has been on the market nearly two years, yet according to StreetEasy only four units are in contract and no sales have been recorded. While several brokerages still have for-sale listings up—the most expensive is a $1 million two-bedroom—rental listings have popped up on aptsandlofts.com and a number of other sites. That same two-bedroom rents for $3,900 a month, a whole lot cheaper than the monthly mortgage payments on a million bucks. At these prices, do you think Bridgeview will do any better as a rental?
Editor's note: Only a portion of the building has gone rental, according to aptsandlofts.com founder David Maundrell. He said an investor bought 20 units to rent, adding that his firm rented two the first week. Renters' "jaws drop" when they see that SubZero," said Maundrell, referring to the refrigerator and other high-end kitchen appliances.
Kodachrome Goes Rental [Brownstoner]
Scarano-Designed MYNT Now Rental [Brownstoner]
A Couple of Cuts at Downtown's Bridgeview Tower [Brownstoner]
April 4, 2008
Rentals of the Week: North Slope
The Craigslist listings for apartments in North Slope brownstones definitely seem to be commanding a big premium. Clockwise, from left to right:
1. 1-bed in reno'd brownstone w/ big yard. $2,645, St. Marks and 7th.
2. 1-bed, high ceilings, large windows. $1,700, Park Place & 7th Ave.
3. 3-bed, 2-bath, basement storage, access to garden. $3,100, 77 St. Marks.
4. 1,300-sf 2-bed duplex, private deck, EIK w/ DW. $3,500, 3rd St. & 6th Ave.
5. 1-bed, 1.5-bath duplex in b'stone. $2,700, Park Place & 6th Ave.
March 28, 2008
Rentals of the Week: Greenpoint
Lots of share-worthy looking apartments in Greenpoint posted on Craigslist. Clockwise, from left to right:
1. 2-bed, 2-bath, EIK, private yard. $2,200, Humboldt near Nassau.
2. 1-bed near waterfront. $1,675, Huron at Franklin.
3. 2-bed railroad w/ sep. entrances. $1,695, 197 Green St.
4. 2-bed w/ backyard. $1,600, Calyer at Eckford.
5. 2-bed w/ h/w floors. $1,525, Franklin at Java.
March 25, 2008
Kodachrome Goes Rental
In another clear sign developers are having a tough time moving condos, word on the StreetEasy discussion board is the Piet Mondrian-inspired 192 Spencer Street in Bedford Stuyvesant, also affectionately dubbed the Kodachrome building, is going rental. Last November, we reported 10 percent price cuts, bringing one bedrooms down to $325,000 to $611,100 depending on size (with tightened lending practices, the down-payment for those units would be $65,000 to $122,220). Calls to the developer and sales agent were not returned, but listings have been pulled from The Developers Group website. After the developer closed on the property in 2004, an 18-unit condo across the street sold out within six months for $300,000 to $445,000, according to Property Shark. Was Kodachrome priced too high for the area or was its timing just bad? Or is the area just not quite there yet?
Kodachrome Building Open For Business [Brownstoner] GMAP
'Kodachrome' Building Underpromises, Overdelivers [Brownstoner]
March 20, 2008
Rentals of the Week: Carroll Gardens Area
Wide range of stock and prices in or very near Carroll Gardens. Clockwise from upper left:
1. Renovated 1-br plus den, floor-thru. $1,800, Nelson St.
2. 3-br w/ 2 full baths, h/w floors. $3,099, Nevins at Sackett
3. New reno studio w/ stainless appliances. $1,700. Summit at Columbia
4. 1-br w/ 2 dens, h/w floors. $2,000. Smith at Union
5. 2-br in carriage house, shared backyard. $2,300. Bond St.