75 Grand Gone Rental
The other day we checked in on the wave of developments happening on Grand Avenue between Myrtle and Park. One development on that block, 75 Grand, went on the market in November 2009 with units ranging in size from 700 to 2,000 square feet and prices starting at $470,000. After some price drops, condo units…
The other day we checked in on the wave of developments happening on Grand Avenue between Myrtle and Park. One development on that block, 75 Grand, went on the market in November 2009 with units ranging in size from 700 to 2,000 square feet and prices starting at $470,000. After some price drops, condo units were pulled August of this year and replaced with rentals. Two-bedroom units were priced at $3,600 before getting dropped to $3,090. One-bedrooms are $2,575. StreetEasy isn’t showing any takers. How low do the one-bedrooms have to go to make sense for this corner of the nabe?
75 Grand Ave Hits the Market [Brownstoner] GMAP
If buildings like this actually had family-sized apartments, similar in layout and space to the coops and projects around them, they’d sell. However, most do not.
Maly is right. Pratt should just buy this place and turn it into a dorm. Problem solved.
It’s that finger building just a couple of blocks away from this one? It’ll be interesting to see if that one has problems selling like this one did.
That area is changing. The Myrtle Ave BID is really working hard to fix that stretch. Right on Myrtle you have the new Pratt building that will have an organic supermarket and other retail. Post office nearby. Right around the corner the new bar The Emerson. Several new restaurants are opening in that area. Plus they are building a new pedestrian plaza right there. Area will look different this time next year.
the value of the buck is indeed falling a ton if these rents get good bites
The problem might be all of the above: it’s very close to the BQE, not in Williamsburg, the only subway line is the G, the closest stop of which is 8 blocks away. Add the weird vertical layouts (which I personally hate, hate, hate with a pssion), and it’s pretty clear who will be renting these apartments: students at Pratt.
I believe you can get a 1 bedroom at the Brooklyner for the 2,500 if that’s what you want to spend.
It’s FAR to the G train from this place. It’s really near nothing.
“Ikon in Williamsburg managed to sell at about $700 psf and they’re right next to the BQE. ”
touche!