Rental of the Day: 109 St. James Place
In the words of the broker, this two-bedroom rental in a Clinton Hill brownstone is the “true urban sanctuary.” We might not go that far, but we do like this place. There are very few hints of original detail in the 1,800-square-foot duplex, but the apartment does feel open and spacious. The interior design in…
In the words of the broker, this two-bedroom rental in a Clinton Hill brownstone is the “true urban sanctuary.” We might not go that far, but we do like this place. There are very few hints of original detail in the 1,800-square-foot duplex, but the apartment does feel open and spacious. The interior design in the listing photographs is really nice too. There’s a new kitchen, central air and heat, and a “private roof oasis,” which are all good things. It’ll set you back $4,500 a month in rent, though, which is on the high side on a per-floor basis for the neighborhood. What do you think?
109 St. James Place [Douglas Elliman] GMAP P*Shark
Oh, and it has a finished cellar for a “rec room” that appears to be not the same floor that the bedrooms are on… so, technically it is a triplex.
Actually, damn. I wish it was in Clinton Hill!
Here is a duplex on Union Street. Some people tell me this is a nice area. Me, I think the hill is annoying and the grocery options even more so, but eh.
http://www.corcoran.com/property/listing.aspx?Region=NYC&ListingID=2098525
Please note, it also has a garden and is renting for $3800.
Well, to be fair the listing does say ‘approximately 1800′
lol
There is no defending this scumbag industry, but I guess you could say it’s 1488 + 220 for the upper level of the roof deck. How much more is the lower level (maybe 15 x 3?), plus the small closet, plus the landing area of the stairs…so its close (kinda sorta but not reallY).
If the licensed sales person had even a smidge of ethics he could have broken those out (e.g., just under 1500′ sq ft living space plus approx 300’ sq ft roof oasis). Jonathan Miller says outdoor space (generally speaking) should be appraised at 1/2 indoor space.
Some SE stats:
ALL LISTINGS
We found 113 for rent by owner or broker-represented listings
Median price: $2,100 Median size: 958 ft² Median price per ft²: $27
TWO BEDROOM LISTINGS
We found 46 for rent by owner or broker-represented listings with 2 bedrooms
Median price: $2,350 Median size: 1,087 ft² Median price per ft²: $27
Information on Clinton Hill
Kinda looks $27 is the magic number, eh? So let’s say its 1488 livable plus 1/2 of 320 roof deck equals 1648 sq ft times $27 psf $44,496 divided by 12 equals $3,708.
Since this is an extra special one-of-a-kind urban oasis that will act as a magic pantie remover for every date you bring here, we’ll give it a 15% markup. Even with all that extra tail you are now scoring, $4,264 is theoretical max. Factoring in its November and NOBODY is looking for a place for another two months, I’d say this is a good $500 too much.
Sorry, folks, you guys were right. This one is way overpriced.
owners like to fake their size on the internet. duh!
*rob*
to be accurate, the listing flr plan is showing 19’9″ x 37’8″ per flr or 1488 sq ft. still a big place and legit full size duplex but it’s not a massive 1800 sq ft one
Wait a second…it is 1,800 square feet. PLUS outdoor space. In great shape.
And you folks think $30 psf is high?
OK, sure, no problem.
1.2M/(4,500 x 12) = 22! Ha ha ha.
Whole brownstone can’t be worth more than 1.5M, especially with foreclosuregate going on (otherwise might align with 1.9M comp up the street).
1.5M/(16 x 12)/2 = $3,906/mo max. I bet it rents before it sells. Looks like another near peak comp brownstone/browndo dream turned into a nightmare. Too bad if so. Buyers beware. Fundamentals! (10x, 3x)
“With the exception of a job relocation I always wonder why people pour so much time and money into buying a place only to sell it two years later.”
You forgot divorce, job loss (well, I guess that’s the same as relocation) and just plain old up-$hit-creek w/o paddle (cu$ion). This is the risk that all buyers need to inform their decisions about. The long haul aint promised. Another -37.5% or worse is promised.
***Bid half off peak comps***
heather, the 1.2 is just the duplex. those big units in that clinton mansion was asking 5.5k right?
Dude–you miss the point. This house is far from average, and it has really nice outdoor space.
It may not go for $4500, but I’m sure it will get $4k.