80 Dekalb Reaches 50% Rented Mark, Allegedly

fsrg, I wouldve rather you went off on me, lol.

(1) fair point. they certainly are not me. Good luck to them. As I said, go for it! lol. Ratner clearly had them in mind when he set the rents. For many of us it looks foolish, but as you say, we arent them.

(2) fair point too. I only assume that Ratner is in it for a hefty profit, but I dont have access to his books. Poor guy maybe suffering like a dog, what with defending himself in the Ay dispute, those legal fees could be strangling him. Maybe he should raise these rents a little more to offset. just slightly kidding.

(3) This last point I think is worthy of a longer discussion. Having just seen ninethreesix’s post (936) I can understand why some who want to be here longterm refuse to buy at this point. conditions have to be right no matter what the market. However, your point that the majority of the people in brooklyn are renters does not prove that they dont want to be owners! far from it. every renter that I personally know wants to own, simply because they view rent as flushing money down the drain never to be seen again. When I was renting I saw it the same way. Rents now resemble many mortgage payments, but at least with the mortgage you are getting equity in exchange.

On the other hand, mortgage payments are accompanied by maintenance fees, so the analysis must take them into account. It is true that these fees are significant in many cases and very much play into whether it is “better” to rent or to own. I still cant escape the feeling that equity is better than giving money away to a landlord as rent, at some point certain properties dont make a lot of financial sense to own, and in each case it comes down to the individual person. would I rather own in an area that wasnt near the top of my list versus rent in my preferred area? I would probably go with owning, but my wife would probably go the other way! It comes down to the individual(s) involved.

I lived in one of those biggest sales two weeks ago and paid $2200 a month…in a house with nasty assholes. Everyone on this site oohed and ahhed over that house and I sit here and said hmmm…theyre the reason my name is cillmylandlord. I’d much rather live in a luxury building and paid the same. Everyone doesn’t want to live in somebody’s house all landlord’s are not sane.

Guvna I am tempted to go off on your self-righteous 11:23 post but I will refrain – and instead I will simply say;

1. There are only so many clueless renters in the world (especially the kind that can afford $3800 a month in rent), so maybe you should consider the possibility that IF the apartments rent at that level that rather than being simply clueless, the renters have examined the market, are looking for something that you are not, have found it here and have the means to afford it – doesnt mean they are stupid – it just means they arent you.

2. You cant possibly know the financial situation on this, or any other building that you do not own or manage – so with no ability to analyze the rents or if/what any “crazy profit” may be involved here. So you might consider that calling people greedy with so little information maybe premature and down right inaccurate. Further you should ask yourself how many people you know who sell their assets or their labor, below which the purchasers are willing to buy it – simply to be kind….because unless the majority of the people you associate with take such an altruistic approach, then by your definition, you associate with a majority of greedy people.

3. Finally, the majority of people in Brooklyn are renters, so the idea that “renters dont want to live in Brooklyn long-term” is false, nor does everyone (even those that can afford these rents) have the means or the desire to own.

Wow, long comment there. Anyway, more on topic, um.. I know (I think?) we’re supposed to hate Ratner, but I actually think this building is a nice addition to the downtown skyline. I just don’t see that much appeal to this location, though, and obviously the prices.. wow.