Downtown Rental Developments: Is Two a Trend?
Halstead is now marketing two new developments within a block of each other on the Court Street corridor. This in itself would not be big news were it not for the fact that they are both rental buildings as opposed to condos. The 13-story, 50,000-square-foot building nearing completion at 65 Schermerhorn Street (left) will have…
Halstead is now marketing two new developments within a block of each other on the Court Street corridor. This in itself would not be big news were it not for the fact that they are both rental buildings as opposed to condos. The 13-story, 50,000-square-foot building nearing completion at 65 Schermerhorn Street (left) will have 64 units, a mix of studios, one bedrooms and “one bedroom plus office” units. (Some readers predicted this would be a rental a year ago.) No word on what the rents will be. With seven three-bedroom apartments spread out over ten floors and monthly rents starting at $8,100, 183 State Street (where, according to an earlier thread, the developer is the former proprietor of the chinese restaurant that used to occupy this site) is going after a significantly ritzier demographic. Do you think the demand will be there? What do you make of the decision of both these developers to go rental from the start?
65 Schermerhorn Street [Schermerhorn Court] GMAP
63 Schermerhorn: How You Lookin’? [Brownstoner]
183 State Street [Halstead] GMAP
The market has changed, the market has
changed, the market has changed.
There, I said it three times, the market
has changed. People can talk about a
boom,right now, right here in DT,but
the market has changed. There Was a
Boom,there will be others, just not
now. Supply and demand, there is less
demand, and too great a supply.
It happens in every industry. The only
people talking about a boom are people
who own in these areas. You think
prices are going up because you have
never seen prices go down, surprise.
Livingston, Schermerhorn, and State Streets becoming heavily residential is quite a change from even a couple of years ago–I remember when there really wasn’t much life once you crossed over Court.
Anonymous at 10:34 is correct, these buildings are technically Downtown Brooklyn, but nothing wrong with that. Downtown’s booming.
Great to see area improve.
court street is bkln heights cut off- that side is def. downtown brooklyn… altho I love the faith in brokers… they have no reason to fudge whatsoever…
Armchair warriours…rents are up.
“I think Halstead knows what they are talking about”
LOL.
That’s classic.
To EL, both properties are in Brooklyn Heights, I think Halstead knows what they are talking about. And the rental market, which has been strong for a while, will continue to be strong as long as this condo craze is going on. There are just not enough rentals on the market to satisfy the demand, and owners (along with developers) continuing to take their rentals and convert them to condos are not helping.
“Dude, not EVERY building that includes rentals rather than condos marks softness in the market!”
That’s true. If the 183 State building gets the rents they are asking, that will not indicate softness in the market. You can sell the cow or milk it, and at those prices, I’d be milking that cow too.
And at roughly $4/foot, it looks like the rents are the same as at Courthouse – plus Courthouse doesn’t have 3BRs. Who knew? not me.
anon 2:39 could you expand on your statement regarding structural problems?
With more rental properties available, rents will soften and the pressure to buy will ease — it’s the beginning of a downward trend. Maybe be soft and slow but it’s there! And rememeber the 22 floor new luxury condo being built between Schermerhonrn and Livingston — 2 blocks away.