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…
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]
looks like the condo dec was recorded in feb 2008 …
what’s the deal b-stoner?
It is irresponsible to write a “story” without getting the facts.
The photo of this building misrepresents the actual building. Every unit has a terrace (or two) and the apartments are bright and light. I can’t think of a more view and light friendly building.
The TCO was just issued recently and closings are taking place now contrary to your reporting.
Using a website such as Street Easy for your facts is careless and simply meant to be sensational.
It is irresponsible to write a “story” without getting the facts.
The photo of this building greatly misrepresents the actual building. Every unit has a terrace (or two) and the apartments are bright and light. I can’t think of a more view and light friendly building.
The TCO was just issued recently and closings are taking place now contrary to your reporting.
Using a website such as Street Easy for your facts is careless and simply meant to be sensational.
It is irresponsible to write a “story” without getting the facts.
The photo of this building greatly misrepresents the actual building. Every unit has a terrace (or two) and the apartments are bright and light. I can’t think of a more view and light friendly building.
The TCO was just issued recently and closings are taking place now contrary to your reporting.
Using a website such as Street Easy for your facts is careless and simply meant to be sensational.
It is irresponsible to write a “story” without getting the facts.
The photo of this building greatly misrepresents the actual building. Every unit has a terrace (or two) and the apartments are bright and light. I can’t think of a more view and light friendly building.
The TCO was just issued recently and closings are taking place now contrary to your reporting.
Using a website such as Street Easy for your facts is careless and simply meant to be sensational.
i don’t think this building is representative of the whole market. it’s a horrible location and probably incorrectly priced.
i was out at a ton of open houses in williamsburg recently, and things are selling there.
How can a rental market have a “bubble”?
A bubble is when people are willing to overpay for an asset because they think they’ll be able to sell it to someone else for even more. “Real estate always goes up” “The risk has been diversified away in collateralized mortgage securities” “Over ten year periods the stock market always goes up” “Tulips are a sure thing” . If you believe this stuff, you should buy things that are overpriced with money that you don’t have and can’t afford, because the more you buy the more you’ll make.
But you can’t sell your lease, so why would anyone overpay for a lease based on what other people are doing? Do people rent apartments they don’t need/want because they are worried that if they don’t they will get locked out?
“At these prices, do you think Bridgeview will do any better as a rental?”
Absolutely not. These are fantasy rental ASKS and will get pounded on as this sale-to-rental phenomenon continues to drive up inventory. They’re better off cutting their losses and “dumping” these units on the sales market at fiercely competitive discounts.
There is no endless supply of renters and many will be buyers as the market gets softer and softer. I seriously doubt we will see 2007 real prices again in our life times. I’m sure their profits are tied to sales and not rentals. The rental market is also in bubble mode, albeit not as irrational as the sales market.
This building will be a partially collapsed, rat infested, hell hole in 25.