Rental of the Day: 62 Montague Street
This two-bedroom in Brooklyn Heights is a rent-by-owner coming from the Brownstoner Marketplace with a price tag of $2,950 a month. It has all the pre-war charms you’d expect, and the building’s architecture and location are definitely a major selling point. It is also is a co-op, so board approval (and the $300 application fee)…
This two-bedroom in Brooklyn Heights is a rent-by-owner coming from the Brownstoner Marketplace with a price tag of $2,950 a month. It has all the pre-war charms you’d expect, and the building’s architecture and location are definitely a major selling point. It is also is a co-op, so board approval (and the $300 application fee) are required, but overall this is not a high asking price for a rental in Brooklyn Heights these days so we won’t be surprised to see it get snapped up.
62 Montague Street [For Rent By Owner] GMAP P*Shark
Years ago I rented a co-op, and I had to put together a package for the board just as extensive as if I were buying the place. They didn’t require a year’s worth of rent in reserve or anything like that, but other than that, they looked at everything: salary, bank balances, employment history, personal references, the works. And then I had to move again in two years when the owners finally decided to sell!
That line of apartments is not small. However, I suspect it is true that one cannot stay there beyond three years (the usual co-op limit). Another way to look at it is that the renter would be first in line to buy should the shareholder not wish to return.
PS: Montrose, you are becoming famous!
If it’s JUST $300, it’s cheap for renting in a co-op. The ones I’m familiar with in BH soak you for much more PLUS move-in and move-out fees, and require time-consuming and invasive financial documentation. It is a very good way to test out a coop before buying into one, however.
I’d move in tomorrow, but I wouldn’t ever want to move out, is the thing. That place looks fabulous, and I have a soft spot for Montague street. I agree, price seems low… I’m assuming it’s sort of small?
And what more4 says is true, I bet. Wouldn’t be a long-term rental. Although maybe they’re trying to sell too?
Whatever, this is a great apartment.
If you think $300 is too much to pay to apply to rent this place you probably wouldn’t even make it past the board anyway so they’re already saving time.
By Brenda from Flatbush on September 29, 2010 1:09 PM
It…has…a…TOWER ROOM!
DITTO!!
They linked my BOTD article! It’s nice to see what an apartment looks like in this Monty building. Love the tower rooms.
I suspect any potential renter will have to show financials nearly as good as a potential buyer, including probably a year’s rent in reserve. So that would account for the low price (Yes, it’s low).
Co-ops DO NOT want to deal with deadbeat tenants. (Yeah, I know, would be the shareholder’s problem but these things have a way of spiraling out of control).
I think the fee is high because the board has their attorney and management company review the application.
This looks like a lovely apartment in a great location at a fair price.