Avalon More Than 20% Rented and 10% Occupied
If you’ve noticed some lights on at Avalon Fort Greene, the mammoth new rental development at the corner of Myrtle and Flatbush Avenues, that’s cuz somebody’s home. There are now 78 apartments being occupied at the 650-unit project, which started marketing around Labor Day and only become ready for move-ins a couple of weeks ago….
If you’ve noticed some lights on at Avalon Fort Greene, the mammoth new rental development at the corner of Myrtle and Flatbush Avenues, that’s cuz somebody’s home. There are now 78 apartments being occupied at the 650-unit project, which started marketing around Labor Day and only become ready for move-ins a couple of weeks ago. An additional 72 apartments have been rented, meaning the building’s now 23% rented.
All Is Revealed at Avalon Fort Greene [Brownstoner]
Avalon Myrtle Showing Some Brick [Brownstoner]
Avalon Myrtle Passes the 3/4 Mark [Brownstoner] GMAP
Development Watch: Avalon Myrtle in High Gear [Brownstoner]
Development Watch: Avalon Rising on Myrtle [Brownstoner]
Avalon is an advertiser on Brownstoner.com
“They’re the same as rental prices for comparable buildings in lower Manhattan.”
Which only proves the point that Brooklyn is highly desirable. And in fact if what you say is true, it proves that to some, Brooklyn is more desirable than Manhattan. Certainly is to me.
If you look at the Avalon website, it’s clear that MOST of the apartment layouts are not ready and won’t be till February and March 2010, so as TD says…it appears they are filling them as they are completed.
This bodes well for the future of the many rental buildings in downtown Brooklyn.
Once they fill these things up, you are going to see retail migrating to this area, and in 5 years Downtown Brooklyn will be a different place. I think there’s a lot of upside to this area.
I guess they shouldn’t — just saying, those rental prices seem high. Look, those rental prices ARE high. They’re the same as rental prices for comparable buildings in lower Manhattan.
The comp should be whatever price they are got for the rentals units that have already occupied. They are filling apartments as soon as they are completed, seemingly. Unless demand dries up and their apartments are finished and sitting empty, why should they lower prices?
Where are these cheap awesome apartments in arguably better neighborhoods everyone is going on about? I looked for a month and a half all over the place and found no such thing for under $2200. I refused to pay brokers fees, so maybe that was my problem. The only places I saw were either in terrible neighborhoods or were falling apart with terrible linoleum and/or totally infested.
Also… it seems like my comments are getting eaten. I posted a few more responses that never showed up. Maybe this one won’t show either.
To sum up the other comments: I’m not a shill, and the garbage disposal line was a joke.
Okay, I just had to doublecheck the clermont greene thing. The prices do go up, but you seem to get a lot more for the money than at the Avalon.
http://www.corcoran.com/property/listing.aspx?Region=NYC&ListingID=1926170
Boberic, I understand your point, but we pay about $1K less for the same square footage minus the doorman, in arguably a better location. Also new construction. Of course, now that my building seems to be going through some kind of crazy ownership battle that leaves all of us tenants wondering if we should get the hell out, large corporate places like the Avalon hold a certain attractiveness… to a point. But the pricing is still too high. A two-bedroom should not cost twice as much as a one-bedroom, not unless you want them all rented by, as other posters have mentioned, the post-college share crowd.
IF, however, these rental prices dropped a little more, I might look at them. But I think Claremont Greene is now renting 2-bedrooms for $2800? Or less? That should be the comp.
the frownstoners comment is pretty funny lol
*rob*
It’s comedy. As one of my favorite comedians says, “That’s what haters do…they hate.” Frownstoners.com