Rental of the Day: 383 Carlton Avenue
There are three penthouses at the Greene House Condos at 383 Carlton Avenue in Fort Greene, and all three of them were bought from the developer for $1,206,000 in late 2005. One of them had an ignominious spell on the market last year, starting at $2,750,000. After six price cuts, the price ended up at…
There are three penthouses at the Greene House Condos at 383 Carlton Avenue in Fort Greene, and all three of them were bought from the developer for $1,206,000 in late 2005. One of them had an ignominious spell on the market last year, starting at $2,750,000. After six price cuts, the price ended up at $1,590,000 where it failed to sell and was ultimately pulled from the market. Now one of the penthouses (we’re not sure if it’s the same one) is available for rent for $5,500, quite a bit less than it would cost to carry a purchase of a $1,590,000. The two-bedroom apartment definitely has some sex appeal: high ceilings, lots of glass windows, three terraces and panoramic views. Think this will find a taker?
383 Carlton Avenue [Douglas Elliman] GMAP P*Shark
Greene House Penthouse Continues to Plummet [Brownstoner]
That dining area is seriously claustrophobia-inducing.
I rent in Fort Greene now and want to move up. I think this is way high. That location is not worth that rent even if the apartment is spectacular.
My plan is to buy in 6 months when prices drop like a stone.
hey dow, soon your name will reflect optimism in the financial markets…testing 800 hard here…
Tip of the iceberg. Going forward, opportunities like this will come a dime a dozen. So rents will drop significantly until sale prices do. Developers/bagholders will rent out and hope for a recovery and then dump and cut losses when reality sets in. Good time to be a renter or a buyer.
Considering some of the crap renting in Williamsburg for $4K/month, that actually looks kind of reasonable to me. Duplexes in brownstones around there can also go at about $4k/month…. this is, amenities-wise, much, much nicer.
If I had $5500/month, I would buy something less expensive instead of renting a gigantic luxury apartment.
I think it’ll find a renter for $5,500.
“Or both.”
2nd runner up.
and since i’m having fun with corcoran’s mortgage calculator… a purchase price of about 1.1million would get you down to the $5500 range. plus maintenance and taxes.