Crown Heights' 500 Sterling Place Is Fully Leased, Sets Neighborhood Rent Records
The new Crown Heights development at 500 Sterling Place is completely rented out — and at record-setting prices — after almost eight months, according to reps from Halstead Property Development Marketing. The seven-story, 77-unit development hit the market in July, with rents ranging from $1999 for a studio to $4,330 for a two-bedroom, 2.5-bath duplex with two balconies. The apartments have…
The new Crown Heights development at 500 Sterling Place is completely rented out — and at record-setting prices — after almost eight months, according to reps from Halstead Property Development Marketing. The seven-story, 77-unit development hit the market in July, with rents ranging from $1999 for a studio to $4,330 for a two-bedroom, 2.5-bath duplex with two balconies. The apartments have fetched $61 per square foot, according to Halstead. Adam America developed the project, and Nataliya Donskoy designed it.
500 Sterling Place Coverage [Brownstoner]
Photo by Halstead
This building has many issues. The outrageous electricity bills is one of many problems. There is ZERO insulation in the walls which means it’s super cold ($400+ electricity bill) and you can hear everything. Shoddy construction. There is always something that needs repair. This month: burst pipes. Lots of construction and hammering at 7am and no notice to me, the tenant that lives right above and next to the hammering. Oh, and the gym noise/vibrations! Ugh.
This building has major issues. I’m fairly certain none of the current leases will be renewed because of insane electricity prices at 500 Sterling. Tenants are currently paying well over $500/month in ConEd bills and the new property management company has been slow to respond.
Don’t forget about Prospect Park! This is truly a great location (5 blocks away from me). Still, I can’t touch on the price without knowing more about the amenities in this building.