Rental of the Day: 364 Myrtle Post-Scarano Switcheroo
It’s been a long slog for the developer of 364 Myrtle Avenue, the Scarano-designed building at Adelphi Avenue in Fort Greene. The three-units, which range in size from 1,500 to 1,700 square feet, first hit the market in early 2006 as condos asking between $877,000 and $919,000. The prices were too high. After an across-the-board…
It’s been a long slog for the developer of 364 Myrtle Avenue, the Scarano-designed building at Adelphi Avenue in Fort Greene. The three-units, which range in size from 1,500 to 1,700 square feet, first hit the market in early 2006 as condos asking between $877,000 and $919,000. The prices were too high. After an across-the-board reduction of more than 10 percent in the summer of 2006, however, all three units went into contract. And then the waiting began. The unlucky buyers were given precious little information as Scarano’s problems kept holding up the C of O. Finally, last spring, with no resolution in sight, the developer upstandingly let buyers out of their contracts. And now, presumably with the C of O squared away, at least two of the units have resurfaced as rentals, one asking $4,800 a month and the other $5,000. Sound like a reasonable price to you?
364 Myrtle #1 [Corcoran] GMAP P*Shark
364 Myrtle #2 [Corcoran]
364 Myrtle Avenue: Scarano Strikes Again [Brownstoner]
What’s Up With The New Building on Myrtle? [Brownstoner]
2.46, I hear what you’re saying, but if you’re buying a luxury condo or rowhouse and paying a $5000/mo mortgage, that’s one thing. Here you’re paying rent, so it is money down the drain, unless you have funds that you would have used for a down payment that you are now investing in some other high yielding asset or strategy.
No.
There’s a very nice and large loft conversion just a few blocks away on Park that has rentals for less than half this price.
Ok, so you’re _right_ next to the BQE, BUT, it’s further from the projects, convenient to more buses, and did I say half the price?
And even there, there’s always vacancies.
half the price.
It is not any higher than the ridiculous prices people are paying for condos and homes in Brooklyn now irregardless of location. Developers are building and people are buying. Bottom line. As to who would pay that to live in the so called “ghetto”, apparently people who can’t afford to live in Manhattan obviously, the so called gentrifiers.
It’s also 1 block from Ft. Greene Park. Maybe that’s why it’s high?
I think that side of the street will pick up once the new building on the other side gets tenants and the walgreens.
Anyone knows what’s going on next door with the store front? It has been boarded for a long time, I think a sidewalk cafe would work great on that corner,
lol 1:18. Jay-z wouldn’t pay 5k a month for a rental (especially here) even though he can certainly afford it
lol 1:18. Jay-z wouldn’t pay 5k a month for a rental (especially here) even though he can certainly afford it