No Takers, 43 Love Lane Now For Rent As Well
The whole selling thing hasn’t panned out for the nouveau carriage house at 43 Love Lane in The Heights (it started asking $3,500,000 almost two years ago and is now down to $2,499,000) so now they’re testing the rental waters as well: The 2,300-square-foot pad is asking a fairly astonishing monthly rent of $9,500. Who…
The whole selling thing hasn’t panned out for the nouveau carriage house at 43 Love Lane in The Heights (it started asking $3,500,000 almost two years ago and is now down to $2,499,000) so now they’re testing the rental waters as well: The 2,300-square-foot pad is asking a fairly astonishing monthly rent of $9,500. Who has that kind of cash anymore?
$9,500 a month? To view a construction site? And nothing else? Total insanity!
“…15 times annual rent…it indicates that the rent is either too low or the sale price is still too high.”
Hmmmmm. Which one is it? That’s a toughie. Good analysis.
***Bid half off peak comps***
Wilpon sold the Love Lane project for 10m last summer. Hopefully, he didn’t give it to Madoff, who lost as much as 300m for Wilpon.
Love Lane / College Place will be nice if it ever gets finished. 9500 per month is very steep for this little house as a rental.
One good thing about so many properties coming up for rent as well as sale, is that you can do a quick rent/sale calculation. Historically, things sell for about 15 times annual rent. If this place is 9500 a month (which I think is high, but let’s use it anyway), then the annual rent is $114,000. So, at 15 times annual rent, it should have a sale price of $1.71 million.
So, for what it’s worth, it indicates that the rent is either too low or the sale price is still too high.
Ringo, I also prefer the renderings of the interiors of 20 Henry (as well as slightly preferring the location). But 166 Montague is a beautiful building and, you’re right, the apartments seem to be much more realistically priced. I’d also like an update on The Bossert. I’m still refusing to face reality and holding out hope that it won’t really be turned into student housing like the St. George Hotel.
Wow, I could make 2 mortgage payments a month, pay off the bank in 12 years, instead of twenty-five, and bank some extra dollars with what’s left over, for the monthly price of renting this place. It’s so not fair!
Where is our resident cheerleader on prices?
I like the look of 20 Henry, not so sure about the new building there (and in fact I wonder if they intent not to go ahead with it right now but needed to get the shovel in to qualify for the j-51). But those prices?? Why? Why not take 20% off now and sell the things. I don’t get it.
166 Montague is selling — I think the floorplans and finishes are inferior but the prices are in line with reality. It’s all about prices, right?
Ringo, I would be interested to see if and when those Love Lane condos are completed. I’m also wondering how well the 20 Henry Street condos are selling these days. I’m guessing not very quickly at the initial asking prices.