184 Kent 40 Percent Rented
At Tuesday’s quarterly gathering of the Brooklyn Real Estate Roundtable at the Brooklyn Historical Society, Thomas O’Gara, a member of the development team at 184 Kent Avenue, provided an update on how the 339-unit rental conversion is doing. Since February, about 40 percent of the apartments have been rented. The renters are turning out to…
At Tuesday’s quarterly gathering of the Brooklyn Real Estate Roundtable at the Brooklyn Historical Society, Thomas O’Gara, a member of the development team at 184 Kent Avenue, provided an update on how the 339-unit rental conversion is doing. Since February, about 40 percent of the apartments have been rented. The renters are turning out to be a little older than the owners expected, and half of them are moving from Manhattan. Another third already live in Brooklyn, with the balance being made up of people moving from outside the city. Another of the four speakers was Robert Lieber, deputy mayor for economic development. The Brooklyn Eagle ran a couple of interesting quotes from him, including one about Atlantic Yards (“You will see the first game played at the new arena at the end of 2012 or no later than 2013.”) and one about the future of Red Hook (We believe there is room for more industrial and maritime uses. And, no, no residential rezoning is contemplated at this time.) The other two speakers were New York Building Congress head Richard Anderson and IKEA store manager Mike Baker.
Real Estate Roundtable Roundup [Brooklyn Eagle]
I did a lot of good drugs in that prison.
Like if you don’t make over $175k per year, is the Landlord required to keep offering you a renewal at $2,000?
WBer, how does that work? If you’re over the dollar threshold for rent stabilization ($2,000, right?) what sort of tenant benefits would you be left with?
Thanks WBer – guess i shouldn’t quit my day job and become a real estate lawyer 😉
Federal rehabilitation tax credits, DH. They could well have J-51 abatements as well – but that’s a city program for property tax abatement. The rehab tax credit is a credit against federal (and possibly state) income tax. The J-51 may require that apartments be registered as stabilized (which mainly means tenant protections, as the rents are probably all above decontrol levels).
“What percentage of the 40% is low income? The Rose Associate buildings usually get tax incentives for low income apartments. That would include The Atlas shown on Project Runway.”
It’s all market rate – they got their tax breaks because the building is federally landmarked (j-51 i assume)
I think the units will be rent stabilized eventually though.
What percentage of the 40% is low income? The Rose Associate buildings usually get tax incentives for low income apartments. That would include The Atlas shown on Project Runway.
I used to live in the place on the left side of the picture with the graffiti, 210 Kent. Glad to see the old place is still standing!
Rob – lol.