One Hanson Remainders Go Rental
While most of the 190 or so units at One Hanson Place have sold by now, there are still a few left, and the developers have decided they’d rather earn some income on them than have them just sit empty. So as of Friday, there are now 19 apartments available for rent from the developer…
While most of the 190 or so units at One Hanson Place have sold by now, there are still a few left, and the developers have decided they’d rather earn some income on them than have them just sit empty. So as of Friday, there are now 19 apartments available for rent from the developer through Stribling, ranging from $3,400 to $4,900 a month. (Three other units have been for rent by owner since the fall.)
And Brooklyn rents are outperforming Manhattan rents, due to lower inventory levels. Manhattan rents are dropping rapidly, but this is not the case in top Brooklyn markets, because there simply aren’t that many apartments available.
The Crest and the Novo are just about entirely sold out and will not be converted to rentals. Some units there have been rented out by their owners, but there are not many. And have you looked at their prices? They are along the same as those at One Hanson Pl., IMO a MUCH nicer building — and a better location, at least in terms of transportation.
126 Fourth Avenue was built as a rental building; two bedroom apartments there started at $3000, plus all utilities (including heat and hot water). The building is entirely full, and this is not even technically Park Slope.
A new rental building has just opened on Fourth and Carroll; rents are $3500 for a two-bedroom, plus all utilities. Again, these buildings were built as rentals, not condos, and the finishes reflect that.
Additionally, not that many people want to be on Fourth Ave — the only thing that really makes these apartments go is that they’re zoned for PS 321.
Demand in Park Slope is strong and getting stronger, as all of the people who sold and decided to wait to buy are flooding the market to rent — and, surprise, surprise, discovering that rental properties aren’t as nice as the apartments they sold!
These prices are ridiculous in this market. Note that the “cheapest” 2 bedroom ($3500) does not even come with W/D, just a hook-up. Lotta good that does a renter…
Also, as nice as the lobby may be, Atlantic Station is a nightmare, and I avoid it like the plague. Given the current situation, rents should come down. I think a decent (1000+ sf, W/D, not more than 2 floors up or elevator) 2/2 in prime FG should settle around 2800-3K.
great another wanna be what.
***your personality is already taken***
developer is renting out laggards for cash flow – big F’n deal. in an up mkt this would get no attention.
babs ,I disagree about rentals. You have thousands of relatively high-end new condos that are being or will be converted to rentals in Park Slope (4th Ave) and those other nabes you mention. Supply’s going way up, is the demand? It’s gonna get a lot harder to get big bucks for a Clinton Hill floor-thru with heating problems and no AC.
Actually, it’s quite insane to think that Brooklyn will outperform Manhattan in this asset price bloodshed. Enough with the snapshots. Keep the cameras rolling. Mucho leading indicators to pay attention to (NYC unemployment, Wall St bonuses smashed in half, commercial RE nosediving, the nation’s lengthening bailout line, states going bankrupt, etc. etc. etc. Rents are in a slow freefall.
***Bid half off peak comps***
“800-sq-ft one bedroom in the area is probably about $2100 or so”
Todays asshat price, yes. Sense aint common. New 2BR/2BA CondosGoneWildThenWentRentals will average that much in the months to come. Don’t sleep on the Greatest Depression.
***Bid half off peak comps***
I actually handled the renting of one of the owned units — it was a nightmare — Cooper Square, the managing agent, requires a $700 application fee, PLUS a $112.50 “document production fee,” PLUS a $1000 move-in deposit (refunded after move-in). This is in addition to the broker’s fee.
However, the apartment was lovely and did rent quickly. If these can be rented directly from the developer without going through all the Cooper Square BS they should do very well.
Rents in the most popular areas of Brooklyn (Park Slope, Prospect Heights, Brooklyn Heights, Carroll Gardens, Cobble Hill) have not gone down anywhere near as much as they have in Manhattan, and the idea that they will fall by 33% is insane. The inventory is simply too limited relative to the demand.
In fact, the most desirable rentals are being snapped up by people who sold their apartments and decided to wait to buy — and now they are finding that there are no rental properties out there that are up to their standards.
I was gonna say these are way overpriced, but actually an 800-sq-ft one bedroom in the area is probably about $2100 or so, so maybe $400 extra if these are somehow lavish palaces isn’t bad.