Luxury Rentals Abound
Developers of new rental buildings aren’t as squeezed as those who are trying to pawn off new condos, but they are still struggling. The New York Times reported over the weekend that among the 7,000 new rentals citywide, Brooklyn will see 3,500 new luxury units (including some that opened in late 2009). According to the…
Developers of new rental buildings aren’t as squeezed as those who are trying to pawn off new condos, but they are still struggling. The New York Times reported over the weekend that among the 7,000 new rentals citywide, Brooklyn will see 3,500 new luxury units (including some that opened in late 2009). According to the Times, rents in the city are down about 25 percent from the market’s height in 2008 and the vacancy rate is almost two percent, compared to one percent in 2006 and 2007. Given the glut of rentals, developers in Downtown Brooklyn and Williamsburg continue to court would-be luxury tenants with free rent, gym memberships and iPods, among other perks.
Buildings mentioned: Avalon Fort Greene, the 600-plus unit building along the Flatbush corridor; 60 Monitor, the 60-unit project in Williamsburg; 184 Kent, which began as a condo; 80 Dekalb, Forest City Ratner’s 36-story tower; Brooklyn Gold, the 512-unit condo-turned-rental; and Brooklyner, the looming 51-story building built by the Clarett Group. Avalon and Brooklyn Gold have experienced delayed move-in dates, but you knew about Gold already. And what happened to the strong starts?
Umm… with the exception of maybe the stainless steel oven, “luxury” in New York City is actually REGULAR everywhere else. All new construction looks like this. Only in NYC does the definition of “regular apartments” include 18 year old linoleum in your livingroom.
Good luck with that foreclosed home. They’re all usually in really great shape. Hope the bank has the heat & water turned on for your inspection.
“Your rent is due in 5, 4, 3, 2, 1 days”
ROTFLMFAO!
Yeah dibs but I have a great credit score and cash in the bank waiting to buy my forlosed home at fire sale prices.
hannible, if you bought in 2006, by now you already have 4 years of your 15 year mortgage paid off.
Your rent is due in 5, 4, 3, 2, 1 days
Stuyvesant Town and Peter Cooper Village go broke. That should tell anyone that bought between 2006 -2008 that they seriously overpaid!
I thought 184 Kent was always supposed to be rentals?
NYC is the Capital of The World, rob. Everything is luxurious.
Rob, “Luxury” is going to be the new “Regular”!