Bedford Avenue Building Leased in One Day
Recession? What recession? The new 14-unit building at 320 Bedford Avenue (at South 2nd Street) went on the market at 11:00 a.m. on Sunday, July 19, and leased all of the “loft-inspired” apartments within 24 hours, according to the real estate marketing firm aptsandlofts.com. The apartments include studio, one-bedroom, and two-bedroom units, with rents from…
Recession? What recession? The new 14-unit building at 320 Bedford Avenue (at South 2nd Street) went on the market at 11:00 a.m. on Sunday, July 19, and leased all of the “loft-inspired” apartments within 24 hours, according to the real estate marketing firm aptsandlofts.com. The apartments include studio, one-bedroom, and two-bedroom units, with rents from $1,800 to $3,300 per month, as well as nearly 6,000 square feet of retail space. So the big question is: is this a sign of better days to come or just a fluke? With only fourteen units, this could be either a statistical anomaly, a market indicator, or evidence of a savvy business plan. Only time will tell. But before anyone gets too excited, remember that the fact that this is a rental at all is a sign of a sickly market. GMAP
“1,250 per person for a new building on Bedford is pretty good.”
That’s more than my mortgage payment to live alone in an apartment I bought at the top of the market. Just fyi.
As per the website – it looks like the 2,500 one bedrooms have a lofted area, making it shareable for 2. 1,250 per person for a new building on Bedford is pretty good.
Amazing. Guess rental prices are not coming down in Williamsburg. So much for the condo implosion. Also, this location is technically closer to the Marcy JMZ than the Bedford L.
Obviously they were priced slightly below market and they’re nice apartments, or they wouldn’t have rented so fast.
It’s nice to see a developer/landlord make the sane decision to price reasonably and avoid long term vacancies holding out for impossibly high rents.
I was at the open house and there was a lot of foot traffic. A couple of the units that were facing Bedford seemed pretty reasonable. They were over 800 square feet and the net effective rent was 2300 I think. I was there around one o’clock and the best units had applications on them already. There is still a huge demand for rentals in Williamsburg, especially prime Williamsburg. Lots of people really want to live there and there really has not been a lot of rental product added (although more is coming). furthermore, most of the building stock in the neighborhood is really crappy so anything that is “nice” will rent quickly.
This doesn’t surprise me at all. The building looks nice for what it is, decent location and definitely decent prices.
1800 for a studio isn’t bad. The average in Manhattan (despite dropping rents) is still over 2K. And Brooklyn is most definitely preferable to what seems like an ever increasing number of people.
“the big question is: is this a sign of better days to come or just a fluke?”
Uh, that’s not a big question. That’s a stupid question.
“Anybody hear about the renters that were forming groups to use leverage and rent in a group to get better prices?”
No, not for rentals. lechacal had that idea about sales. If substantiated, this case is suspect. Or, did everything rent out as listed? (well of course if they went THAT fast – that was another stupid question).
***Bid half off peak comps***
I don’t always agree with fsrg but his post is spot on.
Money is money- if you’re making money as a rental or through sales, sorry but I can only wonder- why? The building is not empty, the prices seem a little more reasonable (although not so much) compared to the last few years, all the apartments will be occupied. Yet some people will still cry with a loaf of bread in their mouths. Good luck that anti-renter attitude, ischeff. Love to hear what you would say if no one rented at all.
That building has been under construction for 4 or 5 years. it’s been a terrible eyesore on what is otherwise a pretty well developed little block. My friend has a business on this block and I’ve always felt that the construction on that corner made it look like you had reached the end of the trendy end of bedford ave. hopefully she’ll see a business boost!