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Rental of the Day: 325 Clinton Street, #4
Here’s a Cobble Hill three bed/two bath at 325 Clinton Street. Location’s great for sure, and the newer finishes (especially in the kitchen) look nice. The monthly rent comes in at $4,350.
325 Clinton Street, #4 [Corcoran] GMAP P*Shark
05/30/2012 12:31 PM
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Brooklyn Rental Projects Attracting Big Investors
The title of the New York Times article “A Rental Market Surge in Brooklyn” will come as no surprise to anyone who’s been paying attention to the market on this side of the river this year. The Gray Lady takes the recent sale of 111 Kent Avenue–a stalled condo project that a developer bought for $24.6 million in 2011, spent $8 million finishing up and leasing (for up to $70 a foot!), and then flipped for $55.5 million, or a whopping $895,000 per unit–as the poster child for a trend that’s seen investors gobbling up condo projects that ran out of steam before the market collapsed in 2008 and 2009 to convert them into rentals. “In 2006 and 2007, any condominium you put on the market sold, and now the same thing is happening with rentals,” said Dave Maundrell of apartmentsandlofts.com. In addition to rising rents (the article cites a 10 percent rise in 2010, 7 percent in 2011 and predicts a similar rise over the next year and a half), the economics of many of these deals are boosted by the J-51 tax abatements that developers used to get for creating new housing in most parts of Brooklyn as well as the difficulty that many potential condo buyers are still having getting financing. “Any time people build condominiums and the market doesn’t support it, there is a shift to rentals — that is not a new phenomenon,” said Woody Heller of the brokerage firm Studley which handled the sale of 111 Kent Avenue. “What is new is that we are seeing this happen in Brooklyn.” The Times article cites the sales of 75 Clinton Street and 175 Kent Avenue for $50.8 million and $76 million, respectively, as additional examples of the trend.
A Rental Market Surge in Brooklyn [NY Times]
05/30/2012 9:00 AM
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Rental of the Day: 1 Grand Army Plaza, #16W
Sales are pretty impressive over at 1 GAP, so maybe this three bed/two bath for rent at $15,000/month isn’t too far off. This duplex penthouse looks pretty typical of the building: great views, big windows, a private balcony. According to Streeteasy, this is by far the highest rental price asked at the building in awhile. So, what do ya think?
1 Grand Army Plaza, #16W [Brown Harris Stevens] GMAP P*Shark
05/23/2012 12:30 PM
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Rental of the Day: 39 Pearl Street
Here’s a big, lofty Dumbo rental at 39 Pearl Street with a big, lofty price tag of $7,500/month. There are four bedrooms plus an office space. While the few pictures posted make the apartment seem pretty minimalist, the exposed beams and high ceilings have ample room for potential. What do you make of it?
39 Pearl Street [FRBO] GMAP P*Shark
05/22/2012 12:30 PM
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385 Union Avenue Sells for $20 Million
Sometimes real estate is just darn weird: City records filed last week show that the building at 385 Union Avenue, in Williamsburg, sold for $20 million. The new development, which is a rental, has some units available, according to StreetEasy. What’s odd about this deal is that the city deed shows the property selling as “INDUSTRIAL BUILDING,” and a check of Department of Buildings records doesn’t show a certificate of occupancy for residential use. Is this because city records are not up to date, or is something else going on here? Who knows.
385 Union Avenue 25% Rented [Brownstoner] GMAP
05/21/2012 12:37 PM
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Rental of the Day: 75 Poplar Street
Here’s a one bedroom corner apartment for rent at 75 Poplar Street in Brooklyn Heights. It’s a compact layout but doesn’t look terribly small. (Or if it is, the high ceilings give a nice sense of space.) Otherwise, everything looks recently renovated and the unit comes with a washer/dryer unit and shared backyard. Nice location as well! The total rent is $2,850, all utilities included. Update: the owner tells us the price has been dropped to $2,700/month.
75 Poplar Street [FRBO] GMAP P*Shark
05/21/2012 12:30 PM
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Rental of the Day: 313 Adelphi Street, #2
Swoon! Here’s a spacious, well-lit, nicely-located one bedroom at 313 Adelphi in Fort Greene. Just check out the size of that bedroom. For all this: $3,200 a month.
313 Adelphi Street, #2 [Corcoran] GMAP P*Shark
05/17/2012 12:30 PM
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Rental of the Day: 179 Monroe Street
This is a three bed/two bath rental in a new Bed Stuy build, 179 Monroe Street. (The apartment is listed in Clinton Hill, but if it’s east of Bedford, c’mon!) The unit has all the perks of a newer build: shiny amenities, washer/dryer unit, big windows. It’s listed at 1,400-square-feet but the pictures don’t give a good sense of its size. The monthly rent: $2,945, no fee.
179 Monroe Street [Nevo Realty Corp.] GMAP P*Shark
05/16/2012 12:30 PM
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Rental of the Day: 49 Westminster Road
Well, this house at 49 Westminster Road ain’t much to look at, and the two-bedroom apartment in it appears to be standard-issue. But we will say that for a two bed/two bath in good shape, a half-block from the park, with all utilities included, $1,800/month isn’t bad. We off base here?
49 Westminster Road [Aguayo & Huebener] GMAP P*Shark
05/15/2012 12:30 PM
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Rental of the Day: 123 Henry Street
This looks like a cute studio apartment in Brooklyn Heights, at 123 Henry Street. The alcove for the kitchen is a real perk, and it appears there’s more space to work with here than you’ll get from a traditional New York studio. The rent is $1,900/month. Like it?
123 Henry Street [Corcoran] GMAP P*Shark
05/14/2012 12:30 PM
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Details on Two Trees’ Reno of 30 Washington
Today the Times has an article focusing on Two Trees’ current project in Dumbo, the conversion of 30 Washington Street into about 100 rentals. The article has details about the various other projects that have opened in Dumbo and Vinegar Hill recently, but back to 30 Washington:
[David] Walentas said Dumbo had come a long way since his earliest visits, more than 30 years ago, when he first saw the 30 Washington Street building, owned at the time by Helmsley-Spear. “That was a vacant building and had a for-sale sign on it,” he recalled. “I said to the broker: ‘Well, somebody should buy the whole neighborhood. One building, it’s tough to make a difference.’ He said, ‘We own the whole neighborhood — we’ll sell it to you.’ ” They did, in a deal worth $12 million for two million square feet. Since then, Mr. Walentas said, “It’s been quite a trip.”
The story also notes that Two Trees plans to begin work on its 400-unit-plus-school Dock Street project in July.
Condo or Rental, It’s New in Dumbo [NY Times]
30 Washington Street Conversion Begins [Dumbo NYC]
LPC Approves Rooftop Addition at 30 Washington [Brownstoner] GMAP
05/11/2012 9:00 AM
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Rental of the Day: 18 Alice Court
This three bedroom at 18 Alice Court (a mini block off Fulton Street) in Bed Stuy could use some TLC but it still has its charms. We’d imagine the biggest downsides are those teeny-tiny bedrooms. But you can’t beat the price: $1,650/month.
18 Alice Court [FRBO] GMAP P*Shark
05/10/2012 12:30 PM
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Now Renting in Williamsburg: 227 Grand Street
Rental units are now on the market at 227 Grand Street, the formerly stalled Karl Fischer project in Williamsburg. Aptsandlofts.com is marketing one-, two-, and three-bedroom units priced between $3,300 and $5,000 per month. Apartments will be ready for occupancy in June. Based on the photos, the units appear to have big windows, nice light and attractive modern kitchens. Think they’ll be able to pull off those prices?
227 Grand Street Listing [Aptsandlofts.com]
Years-in-the-Making Williamsburg Build Comes Into Focus
Development Watch: 227 Grand Street [Brownstoner]
Development Watch: 227 Grand Street [Brownstoner]
Development Watch: 227 Grand Street [Brownstoner] GMAP DOB
Development Watch: 681 Driggs Avenue [Brownstoner]
05/10/2012 11:00 AM
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100 Luquer Street Didn’t Sell, Re-Lists Rental Units
100 Luquer Street didn’t end up selling last winter, when the problem-plagued high-rise was put on the market, so the original developer has decided to lease the building up as a rental himself. To that end, Corcoran has listed seven two-bedroom rentals priced from $3,500 to $5,500 a month. The whole building is still for sale at an asking price of $15.5 million. (We heard negotiations were under way to sell the building in February–guess not!) The rental approach comes after a brief effort at selling condos last fall for between $599,000 and $849,000.
100 Luquer Street Building on the Market, Going Rental [Brownstoner]
100 Luquer Officially Goes on Sale This Sunday [Brownstoner]
Coming Soon: Listings for Carroll Gardens’ 100 Luquer [Brownstoner]
Life at Formerly Stalled Luquer Street Sites [Brownstoner]
Reboot Under Way at 100 Luquer [Brownstoner] GMAP
05/10/2012 10:00 AM
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ProCreation Rental Building at 801 Bergen Sells
There hasn’t been much news about the development at 801 Bergen Street, between Grand and Classon, since the summer, when we noted that construction fencing had come down and Curbed picked up on the fact that it was going to be a rental, not a condo. Well, according to public records that hit yesterday, the structure has sold to new, Brooklyn-based investors, to the tune of $8.25 million. Meanwhile, the listings on StreetEasy show the monthly damage running from $1,600 to $2,800, and it seems that at least some of the units have rented.
Development Watch: 801 Bergen Street [Brownstoner]
801 Bergen Street Listings [StreetEasy]
Development Watch: 801 Bergen Street [Brownstoner]
Development Watch: 801 Bergen Street [Brownstoner]
New Building for 799-801 Bergen [Brownstoner] GMAP
05/10/2012 9:30 AM
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Rental of the Day: 210 Gates Avenue, #2
Calling all student types! Here’s a three bedroom at 210 Gates Avenue, in the up-and-coming “Bedford Hill” area. This looks like a nice, straightforward apartment for a very reasonable rent of $2,700/month. A few perks? An extra bathroom in the master bedroom and a laundry room in-house. Not bad, not bad at all.
210 Gates Avenue [Corcoran] GMAP P*Shark
05/09/2012 12:30 PM
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Avalon Adds Another Piece to the Puzzle
As 388 Bridge Street begins its ascent, Avalon Bay continues to plot its massive project across the street. The developer added another parcel (385 Bridge Street) to the eight already assembled for the development (marked with the blue circles in the above map). The price for 385 Bridge (marked with the red star) was $10,089,083.48. As of now, it looks like the two remaining pieces of the parcel are 94 Willoughby Street and 383 Bridge Street. Avalon’s total spend? Close to $100 million. The latest word on the 57-story rental tower, planned for years now, was that construction should wrap by the end of 2014. That hardly seems realistic at this point. Click through for a picture of the 355 Bridge property and an old rendering.
Details on Downtown’s Coming Towers [Brownstoner]
Avalon Evidently Still Planning Second Downtown Tower [Brownstoner]
Avalon Buys Another Piece of Willoughby Pie [Brownstoner] GMAP
Avalon to Top Clarett in Downtown Brooklyn [Brownstoner]
More Evidence that Avalon is Planning Downtown Tower [Brownstoner]
Avalon Buys More Bridge Street Props from United Land [Brownstoner]
United Land Unloading Bridge Street Site to Avalon Bay? [Brownstoner]
Photo via PropertyShark (more…)
05/09/2012 12:00 PM
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125 Court Tenants Sue Two Trees and Withhold Rent
All is not well on Court Street. According to a press release yesterday, tenants of 125 Court Street, the large rental building at the northeast corner of Atlantic Avenue, are on rent strike and have initiated a lawsuit against landlord Two Trees Management. The suit alleges that the landlord has run afoul of the 421a law (which gave the project a 25-year tax abatement) “due to fraudulent misrepresentation of the Housing Preservation Development (HPD) approved rents for each unit and fraudulent lease renewal increases that used a deceptive base rent and did not adhere to the Rent Guidelines Board’s increases.” Jack Lester, the lawyer on the case, told us that rent was typically 20 to 30 percent higher than what was allowed by the 421a law when tenants tried to renew their leases. The tenants stopped paying rent this fall and winter, due to the rent dispute and complaints about water damage to the building, specifically mold. There will be a trial at the NY Supreme Court concerning the non-payment of rent in a suit filed by Two Trees Management. Two Trees emailed in a terse rebuttal to Curbed: “These allegations are completely baseless and have absolutely no merit. Beyond that, our focus has been providing the highest quality of service to our tenants and we will continue to do exactly that.”
Brooklyn Tenants Sue Landlord Two Trees, Begin Rent Strike [Curbed] GMAP
05/09/2012 9:00 AM
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Rental of the Day: 373 12th Street
This two bedroom Slope apartment is at 373 12th Street, between 6th and 7th avenues. The rent of $2,400/month seems fair, even for an apartment a little south. It’s not a glamorous space and the bedrooms look a little on the small side. But it still strikes us as a very nice starter apartment. Your thoughts?
373 12th Street [Corcoran] GMAP P*Shark
05/08/2012 12:30 PM
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Rental of the Day: 179 Dekalb Avenue
This full brownstone rental at 179 Dekalb Avenue in Fort Greene is asking $12,000/month. It has all the details one would expect from a well-kept brownstone, as well as a modernized kitchen and bathroom. Overall, beautiful space. What do you make of the asking rent?
179 Dekalb Avenue [Corcoran] GMAP P*Shark
05/07/2012 12:30 PM
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ruth2989
May 29, 2012 | 11:02 AM