All Is Revealed at Avalon Fort Greene
Avalon Fort Greene, the 650-unit rental building we’ve been tracking since it was a hole in the ground, must be getting close to launch because its listings just hit the web; you can check out the developer’s website for layouts and pricing or StreetEasy for some photos of the model apartment. Pricing starts at just…
Avalon Fort Greene, the 650-unit rental building we’ve been tracking since it was a hole in the ground, must be getting close to launch because its listings just hit the web; you can check out the developer’s website for layouts and pricing or StreetEasy for some photos of the model apartment. Pricing starts at just under $2,000 for studios and goes up to over $5,000 a month for three-bedrooms.
Avalon Fort Greene Coverage [Brownstoner] GMAP
BHO – actually you would need to make 72K for a 2k/mo studio at 33%
“Fabulous 3 Bedroom/2 Bathroom apartment in a luxury building with business facilities located right on Wall Street!”- http://tungstenproperty.com/listings/view/4930 –
$5,150. Still think $5000 is going to fly in downwtown Brooklyn?”
Actually, YES! (With the understanding that BOTH of these prices are likely to come down some.)
Downtown Brooklyn is actually a better residential location than Wall Street, even — or especially — for someone who works on Wall Street. It enables someone who works in the Financial District to be really close to work without living and working in the same neighborhood 24/7. And though I wouldn’t personally want to live in a high rise on Gold Street (I’m a brownstoner, after all), I can see the attraction for a young investment banking associate who wants to share this type of place. You’re 10 minutes from work, and 10 minutes from all of the food, drink and culture that Fort Greene has to offer.
BHO is right that a “responsible tenant would need to be in the six figures to pay 33% on such units,” but keep in mind that there are still plenty of folks, even very young folks, making six figures in NYC.
I agree these prices are insane, but with 3 colleges including NYU/POLY in walking distance I don’t see a problem with them being filled up.
Oro and that Skidmore building will compete heavily with this (yeah, shadow rental inventory, sub fitty sold). But Avalon is beating them to the punch so they might do okay for one year.
***Bid half off peak comps***
Downtown Brooklyn was made for people who were priced out of Manhattan. The entire segment is now gone and people are being priced into Manhattan. Its like a little Miami right n Flatbush Ave. There is zero market to fill up these buidings ie Forte
As usual, I’m in agreement with BHO on this one!!!!!!! 🙂
Owning is always better than renting.
$2K for studio or share? I tried to keep open mind (views, W/D and D/W in unit, valet parking – though extra) but the economic system is collapsing all around us. A responsible tenant would need to be in the six figures to pay 33% on such units. Six figures and you’re living in a studio or sharing above Applebees and Juniors?! You can get this in Manhattan and don’t give me that crap about Disnification – it’s happening (or trying to happen) in Brooklyn too.
***Bid half off peak comps***
Rob – this is one building – not the entire donut industry – and if by chance the entire donut industry did illegally collude to charge $15 per – you can eat Tasty Cakes until they are forced to retreat…..
I mean really…how unrealistic and out-of-touch can you be.
Besides the old adage – “the best cure for high prices is…..high prices”