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]
not surprising – this place makes much more sense as a rental. demo is getting ready to start around the corner on the nassau street development, bk flatiron is down the block and there are the 2 buildings going up on the other side of mcds. this cluster will be a fine lil chunk 10 years from now, the developer can build a nice rent roll over time, and then sell the building off for some decent buck in 25. not so bad.
11:53 = Mike Tong
The location and design may not be that well but the real problem was (and still is) the price. There are so many other aesthetically challenged buildings residing on bad locations but did sell/rent well. It’s greed that sunk this puppy.
From the website: “Close enough to enjoy all the fine cuisine, boutiques and arts that our surrounding neighborhoods have to offer, yet far enough to escape from all the chaos of everyday city life.”
I can’t think of too many places that are more chaotic than the Flatbush Ave. Ext.
The first time my boyfriend and I saw this building, we had a great time coming up with various locations where the building might have been more aesthetically appropriate. Like the Gaza Strip. Or Bucharest, 1973. Or Reno.
The Bridgeview is not ugly. I tell you what’s ugly – You.
no you don’t
i know someone who lives here and is very happy with the bldg
This may be the ugliest or worst located or whatever, but the the whole genre of new, smallish, marginally located condos is going to go underwater for awhile.
I really do hope this serves as a lesson for other developers. Building any old crap is not going to fly anymore, people will not be plunking down 6 or 7 figures jsut because it has 4 walls and a crappy balcony.
Sad that this should be common sense, but hopefully a few of the developments out there in pipeline will take notice. Not likely though, most developers are idiots that only know how to save a buck, only to lose 2.