Rental of the Day: 489 Henry Street
Wowza! This five-bedroom, four-bathroom townhouse rental at 489 Henry Street in Cobble Hill is really something. The listing (which comes straight outta the Brownstoner Marketplace) boasts a 20-foot-high open atrium, complete with a ‘glass wall system’ that opens completely into the patio, backyard, and guesthouse. And, at 5,500 square feet, there’s plenty of space to…
Wowza! This five-bedroom, four-bathroom townhouse rental at 489 Henry Street in Cobble Hill is really something. The listing (which comes straight outta the Brownstoner Marketplace) boasts a 20-foot-high open atrium, complete with a ‘glass wall system’ that opens completely into the patio, backyard, and guesthouse. And, at 5,500 square feet, there’s plenty of space to spread out. The modern approach may not satisfy townhouse traditionalists, but the home is pretty green-friendly, with a solar power system. The ask is $18,000 a month, rental prices we’ve featured in Park Slope and Brooklyn Heights but not yet Cobble Hill. What do you think?
489 Henry Street [Luxe Group] GMAP P*Shark
I don’t understand how this property adds up to 5,500 square feet — am I missing something?
BHO – I generally agree with you that brownstones are way overpriced. However, 2 of the highest sales yesterday were in this neighborhood and over 3 million dollars, so I don’t think prices have declined much from peak (if at all) in Cobble Hill.
Hey! Where’s our widget!
***Bid half off peak comps***
Quite simple…
16 x (18k/mo x 12) = almost 3.6 mil, what they paid at the peak in 07 with 42% down (ouch! half off equity with -20% decline)
10/16 (another -37.5% decline in prices/rent roll factor) x 18 = $11,250/mo. Makes more sense, huh?
***Bid half off peak comps***
some bitter renter will rent here and have to dream of buying a house and becoming an elite homeowner.
“i mean like for 18K you can get an awesome pad in trump tower.”
Well, actually this rental in the Trump Tower is only 2 bedrooms and it’s renting for $25,000 a month.
It’s 2,000 square feet and Cobble Hill is 5 bedrooms and 5500 square feet.
Some of you are a little clueless on Manhattan rents, it seems.
http://streeteasy.com/nyc/rental/503700-condo-721-fifth-avenue-midtown-new-york
The 4 bedroom, 5300 square foot apartment currently for sale in Trump Tower is listed at $19,000,000. That’s $94,000 per month, if there was such thing as a mortgage on a place like that.
So the rent they’re asking will more than cover the mortgage. Maybe this is one of those 10x rent jobbies BHO would like to snap up.
quote:
Rob, how is Cobble Hill any more boring than Park Slope?
it’s not, and im not saying that either really ARE boring… but for 18K a month i want a little more excitement that a few yuppie wine bars and stuff, you know?! i didnt move to park slope for excitement, i moved here to get away from the insanity that is most parts of manhattan. id imagine the same for cobble hill. i mean like for 18K you can get an awesome pad in trump tower. why would someone choose this over that? i know i know dumb question..
*rob*
mopar, according to Acris, seems the current owner bought for $3.6M in 2007 with a $2.1M mortgage.
Rob, how is Cobble Hill any more boring than Park Slope?