Living in Park Slope, condo’s have been sprouting up like weeds. Considering the downturn in the market and the number of available units as a whole, what effect, if any, will renting high end condo’s (see NYT’s Article) have on those building that are not condo’s? Can they expect to compete at current rental rates or will they have to drop rent prices (which some are doing now)?


Comments

  1. gemini — I’m being very picky for the first half of my search (I’ll get more flexible around late august), so I’ve only gone out to see one place so far. I’ve called about a few others but didn’t go see them for various reason (e.g., 2nd bedroom is 9 foot by 8 foot, 4th floor of walkup, etc.).

    The place we saw was 1/2 block from the park in center slope in a 100+ year old 4 story townhouse. It was in the process of being renovated with new kitchen and bathroom. The bathroom was mostly done and looked pretty nice. I think the rent price was $2650 or maybe $2700.

    It is a nice enough place, but the bedrooms are at opposite ends of the apt. which is not really what I want and overall it was a little small for our needs (although better than our current place, and we could certainly do worse).

    The block and building are really nice and the owner seems like a good guy. I’m sure someone will be happy with it.

  2. 11217
    ask any lifer and there’s NO SUCH THING AS GREENWOOD HTS
    that term was made up by Real Estate brokers
    you either lived in Park Slope, Sunset Park or Bayridge if we are talking about the areas going towards 4th avenue…
    Park Slope extended into at least 21st street

  3. Regardless, their proximity to Park Slope will have an effect on the non condo building. So to satisfy the need to see the BIGGER PICTURE, the Borough of Brooklyn has a lot of condo’s. Many will go as rentals. what effect does this have for the non condo buildings?

  4. If it’s below 15th Street, I don’t call it Park Slope. Just like I don’t call anything north of Houston, Soho. 15th is the end of Park Slope. Doesn’t matter if it’s right over the border, it’s still not Park Slope.

    Greenwood Heights…

  5. 11217 – you jest with that comment right?
    15th street and 6th avenue IS PARK slope!

    NSR & MrsSmithBK:
    have to add this as now I too am looking for a rental. My husband and I went to look for a place. Our price range is between $2000 – $2700 (1 or 2 BR)
    We were apalled at the rentals we saw this weekend. Most apartments had kitchens that hadn’t been renovated since 1960,no counterspace, no amenities and the bathrooms were gross and moldy. One celing above the shower was falling down. I was shocked that these LL’s were getting these prices. WE saw 3 apartments all in center slope ranging for a 1 BR@$2200 and a 2 BR$2400. So after that eye opener we decided we want a condo turned rental..
    What has been your experience?

  6. “6th Ave between 15th & 16th Street.

    Not in Park Slope.

    “A development unit on 21st street between 6th and 5th avenue”

    Definitely not in Park Slope.

    “Work on 16th Street between 5th & 4th Ave has begun”

    Also not in Park Slope.

    Park Slope is Flatbush to 15th, and PPW to 4th Avenue.

    No matter what Real Estate agents may claim.

  7. @ 11217 : There are serveral NOT SO BIG development in PS. There is one on 6th Ave between 15th & 16th Street. A development on 15th street between 4th & 5th Avenue. A development unit on 21st street between 6th and 5th avenue. Work on 16th Street between 5th & 4th Ave has begun. The unit on 5th Avenue between 15th & 16th Street. Even if the development isn’t as big as the ones on 4th Ave, There are several condo’s going up throughout PS.

  8. Just my $0.02. I’m apartment hunting in the slope right now…

    If you look at craigslist right now for 2 bedrooms in Park Slope, they list is being absolutely swamped with ads for the 4th avenue condo’s.

    About 75% of the ‘no feee’ ads are for those places — fortunately the brokers kindly print them in ALL CAPS so I don’t have to waste time clicking on them.

    These places are offering a few things that most of the older apartments in park slope do not offer or don’t offer as well:

    modern layouts, laundry, elevators, shiny new appliances, and a bunch of them are in PS 321.

    The downside of these places is they are mostly on the fringes of the neighborhood (4th ave, 16th st. etc.).

    Still, there are enough of them that whatever prices they are renting at will put pressure on the rest of the market.

    I haven’t been to the 4th ave. condo/rental buildings yet, but I may check out an open house if I keep seeing 3rd floor 800 sq. ft. walkups with the 2 bedrooms at opposite ends of the apt. for $2700+.

    Although, to be honest, 4th ave. is very unappealing to me, so I probably won’t bother even seeing them. Others are likely less troubled by 4th ave. than I.

  9. Where, except on 4th Avenue and below 12th Street have condos been sprouting like weeds in PS? Or is that where you are speaking about?

    PS has some of the lowest inventory levels of any neighborhood in NYC right now.

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