Rental of the Day: 540 State Street
This brownstone rental at 540 State Street in Boerum Hill looks pretty sweet to us. The parlor floor has some incredible architectural details and if you dig exposed brick the garden level will be right up your alley. And while this block of State Street (between 3rd Avenue and Flatbush) isn’t the finest, it does…
This brownstone rental at 540 State Street in Boerum Hill looks pretty sweet to us. The parlor floor has some incredible architectural details and if you dig exposed brick the garden level will be right up your alley. And while this block of State Street (between 3rd Avenue and Flatbush) isn’t the finest, it does have convenience on its side. The five-bedroom single-family home is asking $10,000 a month, including plus all utilities. Looks like it rented in 2007 for $7,000. What do you make of that?
540 State Street [Corcoran] GMAP P*Shark
The hideous commercial buildings are actually just one school on the North side of the street. I live on the block. It’s definitely not the most quiet street in the hood but it’s pretty well maintained and close to transport and adjoining neighborhoods like Fort Greene, Prospect Heights and Park Slope. And, maybe, the new Flatbush corridor and revamped Fulton Mall will offer something?
THat being said, I wouldn’t pay 10gs to rent this place.
By BHillGuy on February 1, 2011 3:19 PM
You guys who bitch and moan about the location clearly have no freaking clue what you’re talking about.
…
I will grant it is safe and well maintained.
But for Boerum Hill, it’s not even a top ten block. There are a lot of quiet, tree-lined blocks on Pacific, Dean, Bergen, and even State west of here.
The problem is that for $10,000, you can rent a very large apartment pretty much anywhere you want in NYC, with H/HW included, elevators, doormen, porters, a free gym and maybe a swimming pool or roof deck. Who would rather shovel their own snow and pay a premium to live within 50 yards of Flatbush Avenue? I don’t get it.
Sweet house with fabulous subway access, but for that price I’d expect it to come furnished.
“Assuming a $6000 tax bill and 20% down… this is the mortgage payment for around a $2.4 million house!”
Renting is zero down, zero interest and zero depreciation exposure (yes, rent paid with after tax income but immaterial in the grand scheme). What people miss in the rent vs buy calc.
Price falls 37.5% over 5 years and you have to sell, you’re paying gross $900 grand vs $300 grand had you rented it (rent raises more than cancelled out by other misc ownership costs).
***Bid half off peak comps***
“What do you make of that?”
Koolaid! No, seriously, it’s about right. I’d expect it to sell for about 16x, the prevailing GRM, while we’re still at the top of the next dip.
***Bid half off peak comps***
To quote Jimmy McMillan, “the rent is too damn high.”
couldn’t resist.
Bhill, sorry, it is NOT a great block. There are hideous commercial buildings on the entire north side of the block and the proximity to Flatbush is also not so nice.
You guys who bitch and moan about the location clearly have no freaking clue what you’re talking about. That stretch of State St. is perfectly ok. It is safe, well maintained stretch and is closer to all the subways than any other block in the ‘hood. I live 2 blocks from there and would live on that block if I could. The price is ridiculous for sure. But I get tired of reading all the negative things written about a block or a ‘hood by people that clearly have no clue what they’re talking about.