Brooklyn Rental Market More Stable Than Manhattan
Good news from the New York Observer about the Brooklyn residential rental market: Evidently the smaller properties and more diversified owner base is making for smoother sailing than in Manhattan where a few large companies are being forced to offer increasingly sweet incentives: For now, most of Brooklyn’s smaller landlords are living in a world…
Good news from the New York Observer about the Brooklyn residential rental market: Evidently the smaller properties and more diversified owner base is making for smoother sailing than in Manhattan where a few large companies are being forced to offer increasingly sweet incentives:
For now, most of Brooklyn’s smaller landlords are living in a world apart from the rough-and-tumble Manhattan market, where rents are already falling in several neighborhoods, and panicky property owners are slashing rents, sometimes by hundreds of dollars, and offering any incentive they can think of to help put tenants in their units. In Brooklyn: not so much.
Have any brownstone owners had to rent out their garden apartment recently? How did it go?
Brooklyn Rent Check [NY Observer]
DIBS – no one said that renter (or anyone else) NEEDS an elevator – but given the choice having an elevator (like virtually all the new condo-soon-to-be-rentals) is a plus. (Carrying groceries, children, strollers, etc…. up 3 narrow flights generally isnt too much fun)
MM- People arent fleeing Brownstone rentals b/c – 1 Brownstone rentals are genrally cheaper and there arent enough rental apartments to meet demand (at a generally affordable price – as it is). The point is however that the coming condo-to-rental apartments will have a big effect on Brownstone rentals.
MM -as for your preference for a Brownstone – that great – it just isnt the majority opinion especially since except for the lobby (and elevator) complaints – every other complaint you have is potentially worse in a smaller building (like a brownstone) albeit with fewer residence you can potentially do easier due diligence to see what you are getting.
hannible, you’re an ass, as usual.
11217 i would exclude chinatown from that tho.
and the far eastern areas of the EV and LES.
I would never again live in an apartment building.
Brownstone/Townhouse living is my style.
As for the diversity of Manhattan below 96th Street, I simply do not see it. As someone else said…the “diverse” people you see on the streets of Manhattan generally do not live there. They live in Brooklyn and Queens.
“I hope you withstand the impact Wasder….” Thanks, I guess. I am trying to reconfigure my business right now to make it more recession proof. As I work in entertainment (music and TV) usually we thrive in downturns but this is not your average downturn as you know. So all bets are off. I personally have stopped making predictions of any sort and instead am concentrating on the things I can take care of in my immediate surroundings. I am loving my house so far and my neighborhood and neighbors so whatever I can do in my little neck of the woods to keep things on course is what I am concentrating on….
“”I will not go back and forth with the Asshats.” Meaning what What? If you are going to post here you might as well mix it up with us. what else is the point of a web forum?”
Wasder I’m waiting for the Shockwave take everyone out. 2009 is going to be a death blow to all the Asshats. I don’t have to do nothing but watch..
Bank of America Plunges as Bank May Need U.S. Aid for
http://www.bloomberg.com/apps/news?pid=20601087&sid=a4ZaJtGCxP1w&refer=home
Jan. 15 (Bloomberg) — Bank of America Corp., the biggest U.S. bank by assets, plunged as much as 22 percent in New York trading on concern that the company needs more government aid to absorb losses tied its acquisition of Merrill Lynch & Co.
Shares of the Charlotte, North Carolina-based bank dropped $2.01 to $8.19 at 9:59 a.m. in New York Stock Exchange composite trading and fell as low as $8. Bank of America told regulators in December the takeover might be abandoned because of Merrill’s worse-than-expected results, and the bank is in talks to get more U.S. aid, said three people familiar with the matter.
The government insisted the Merrill deal proceed because its collapse would renew turmoil in the financial system, said the people, who declined to be identified because talks are private. Details may be disclosed on Jan. 20, when the bank could post its first quarterly loss in 17 years after buying Merrill Lynch and Countrywide Financial Corp.
See Wasder! Wall Street is having an Aneurysm and the time is real short. This was the foundation of my rants and not it’s too late. The wheels are coming off and we are seeing to end of the Mutant Asset Bubble.
I hope you withstand the impact Wasder….
The What
Someday this war is gonna end..
“Personally, living in a large multi unit building, and I have, means putting up with lobbies filled with people you don’t know or want to deal with, elevators that break down, supers of varying degrees of invisibility, competence or thuggery, fellow tenants with lifestyle habits that don’t mesh with mine, strange cooking smells, bad taste in music/tv, kids running amok all throughout the building, communal or no laundry service, peeping tom teenagers, people having loud sexual encounters at all times of day and night, garbage chutes in hallways with neighbors who don’t know how to use them, greater chance of fire, little control over heat, vermin and cockroaches.
Sounds like Avalon Chrystie Place – ah the good ol days!!
All good points MM, not to mention the inherent comedy in somebody suggesting on Brownstoner.com that Brownstones are not a desirable place to live. Post that on hi-rise.com.
As someone who rents in a “hacked up brownstone” I admit that I’d rather not climb those stairs, but it’s worth it to me. I like the charm and scale of my immediate neighborhood and there are tons of people renting such spaces who prefer them to apartment buildings. Besides, I’ve had roach problems, crappy heat, horrible supers, etc. in large apartment building I’ve lived in. A space of equal size in a luxury highrise might command higher rent, but you would have a doorman, health club, and those other fancy dancy amenities. If you’re talking about your average multi-family apartment building, I highly doubt that the rents are more than the equivalent square footage in a brownstone.