New North 'Burg Rentals Will Start at $2,575

North Williamsburg’s already crowded luxury rental market is getting a new addition at 247 North 7th Street, where 169 rentals will hit the market soon, the New York Daily News reported. The two seven-story buildings between Roebling and Havermeyer streets will have studios, one- and two-bedrooms ranging from $2,575 to $6,700 a month for a penthouse. Amenities include a 13,000-square-foot landscaped courtyard, two roof decks, fitness center, lounge, pet spa and parking.

Developer Adam America successfully resurrected the long-stalled project after acquiring it from Silverstone Property Group in 2013. Permits were first filed nine years ago, and the site sat empty until work began last year.

The story noted that rental inventory in the area increased 18 percent in January, vs. December. But average monthly rents also increased during the same period, so the new inventory doesn’t seem to be depressing asking prices, at least. At the same time, the median price for one-bedrooms condos in the area dropped 6 percent over the year, the story said.

A Break for Billyburg: More Rental Projects Spur Price Competition [NY Daily News] GMAP
Work Starts Again, Rendering Posted for Long-Stalled Williamsburg Site [Brownstoner]

Renderings by Craft Studio via NY Daily News