Renting 1 BBP: 'We Would Like Things to be Different'
This weekend’s cover story in the real estate section of the Times is about Brooklyn developers who have started renting units in their condos, with a focus on the hybrid-ization of One Brooklyn Bridge Park, where developer RAL recently began renting some of the unsold inventory. First, the stats: There have been 77 closings at…
This weekend’s cover story in the real estate section of the Times is about Brooklyn developers who have started renting units in their condos, with a focus on the hybrid-ization of One Brooklyn Bridge Park, where developer RAL recently began renting some of the unsold inventory. First, the stats: There have been 77 closings at the building and 26 other units are in contract, leaving 300-some-odd vacancies; for now, RAL is only renting 20 units, and five one-year leases have been inked. Then, there’s the commentary from RAL president Robert Levine, who says stuff like, “This building is not a rental building, it is a condominium,” and “We would like things to be different,” and “We had a vision and it turned out to be exactly what we wanted. And then the world fell apart.” (On this last quote, it’s worth noting that 1BBP went on sale almost a year and a half before “the world fell apart” last September.) Anyhow, the bigger questions the article addresses are, how much of a stigma is it for a condo to rent some units out, and to what extent—if at all—does it push down values? On the first question, an Elliman broker says, “if you start to rent 25 percent of the building or more, it takes on the flavor of a rental,” and on the second question, appraiser-guru Jonathan Miller says that “In the long run, there’s no impairment to value.”
Renters to the Rescue [NY Times]
Rentals, Price Cuts and Loan Extension at 1BBP [Brownstoner]
saminthehood .. piss off you arrogant d*uche!
saminthehood- I’ve been in lots of homes that were owned, not rented- it seems they didn’t get your memo because they kept their places like crap. I’m tired of that “owner” mentality that makes people think money buys you class. In fact i know people who own 2 properties and both are rats nests.
Re: renters vs buyers
Because many buyers would prefer not to buy in a place that is heavily rented. Why? True or not, the perception is that renters do not have the same stake as buyers in a building. You are in a 1 or 2 year lease. Why do you think coop owners don’t like subletting?
Based on personal experience and observation – I agree. I have been a long time renter and now owner. It is different.
Ditto, if you are referring to me, ha! Not likely. She was referring to our backyard neighbors who have occasional parties so loud you’ve probably heard them, wherever you are. The last time I called the cops on them, the officer on the other end of the line told me he couldn’t hear me, the music was too loud. My windows were closed, too.
MM – I beg to differ with you on that one. I have known many renters – including those living in nice buildings – who clearly do not care to take care of the apartment in the same mannr as would an owner. Their justification is “why bother and why spend money if I dont own it.” And often their attitude inside moves to the outside as well (their conduct in common areas). I know one couple with small kids who were happy to be specifically renting when the kids were small because as the mom put it “hey, its not my walls and flooring…” Actually, the renters that I know that put much care into their units were those who were living in low rent or rent stabilized apartments that they were going to be in for the long haul – they treated them as if they were their own, even to the point of making upgrades etc. Of course, there are are exceptions on both sides, so its difficult to generalize.
The tone of the whole issue seems to be that renters are going to turn high priced condos into vertical trailer parks. Give me a break. The rental prices are going to be pretty high, for lots of reasons, so the “right” people are the only ones who will be able to pay them, and the renters will be the kind of people who post here who don’t want to buy now, but are not scratching to make the rent. I would bet no one in the lobbies waiting for the elevators will be able to tell the difference between renters and owners, which is as it should be. Being an owner of real estate doesn’t make one a higher form of life.
Has MM been rocking out?
I thought the overall tone of the renter vs buyer kind of offensive. Since when does renting make you a lower life form? And since when does owning mean you’ll never have a loud party ’cause I can cite homeowners who make it miserable for the rest of us, including renters.
I have intrest in this building when prices go where they should be. The whole area is going to be a construction zone until they finish the park also. I am shocked that there has been 77 closings. Those 77 people are most likely are down more then the deposit.