Rents Falling in Manhattan a Lot, Brooklyn Not So Much
Residential rents in Manhattan fell pretty much across the board last year, and incentives like a month’s free rent are becoming increasingly common. The head of Halstead’s rental division estimates that prices are down between 10 and 15 percent from the 2007 peak though the article’s author digs up “anecdotal evidence” that the number is…
Residential rents in Manhattan fell pretty much across the board last year, and incentives like a month’s free rent are becoming increasingly common. The head of Halstead’s rental division estimates that prices are down between 10 and 15 percent from the 2007 peak though the article’s author digs up “anecdotal evidence” that the number is more like 20 percent. One by-product of the weaker market is that many more landlords are now willing to pay a broker’s fee to land a tenant. In the past, slowing sales has often meant a tighter rental market, but that’s not always the case: People assume when sale slows down, rental will pick up, but that depends on what the source of this is, said Gregory J. Heym, the chief economist at Terra Holdings, which owns Halstead and Brown Harris Stevens. When you’re losing jobs, the rental market is also going to suffer. Echoing what we’ve been hearing recently, the rental market in Brooklyn has not softened as much. We’re not renting as fast as we would have expected, said Patrick McGrath, whose firm recently bought and started renting out The Standish in Brooklyn Heights. We’ve had to provide concessions — a free month rent, we pay the broker fee. But rents are around where we expected them to be. We’re in the ballpark.
A Month Free? Rents Are Falling Fast [NY Times]
Photo by turkeychik
Insightful, What.
“I’m not sure where I remember reading that number Dave.”
Translation: I pulled that number out of my Ass Dave.
“Rents are not ridiculous if you are a homeowner who overpaid for their home and tried to suck the blood out of his renters.”
Ding Ding Ding!!! Yes!
“BHO…JOTD….Jackass of The Day…..and pretty much everyday.”
Hiya Dave! Hey Asshead how is that Hedge Fund thang doing? I wonder if HF are going to be around next year? How in the hell you can’t get your money back when the fund is imploding and losing money?
Fortress Blocks Redemptions as Shareholders Lose 96% Since IPO
http://bloomberg.com/apps/news?pid=20601109&refer=home&sid=a7rJVe6G62rA
Two years after commissioning the ski lift, Edens, 47, finds himself staring into an abyss of a different sort. He’s the chief executive officer of money manager Fortress Investment Group LLC. Edens and his partners became instant billionaires when the company, which manages $34.3 billion in private equity and hedge fund holdings, went public in 2007. The Montana-born Edens, who ski-raced in high school, could have paid for the gondola himself.
No he was a Asshat, just like the rest of the retards!
In the past four months the shares of Fortress have lost most of their value, falling 96 percent to $1.34 from $31 on Feb. 9, 2007, their first trading day. “There’s been a lot of hardship in the world since then,†says Edens in a rare interview.
Please take this steel I-Beam out of my Ass!!!
The stock prices of a half dozen other publicly traded companies controlled by Fortress have also plunged.
Analysts are bearish on Fortress, even at a rock-bottom price.
I’m sorry but you also have flagpole there too!
“The more I’ve learned about Fortress, the less comfortable I’ve become,†says Jackson Turner, who follows the company at New York-based Argus Research Co. “There’s just this drip, drip, drip of bad news.†He recommends selling the shares. Only one of nine Fortress analysts tracked by Bloomberg rates them a buy.
Fortress is a prime example of what happens when the secretive world of hedge funds collides with the public disclosure required of listed companies. Two years after its initial public offering, Fortress remains a tangled web of subsidiaries and partnerships that analyst Turner says is anything but transparent.
I wonder wonder who, who wrote the book of love!!!
Massive PWNAGE coming your way! Hey Dave maybe you can get a job Sucking off the Pittsburgh Steelers! You are a Poser!
The What (Obama will save us! Right???)
Someday this war is gonna end…
(Bear Mafia – La Cosa Nosedive)
I only said that brownstones are scarce when I was comparing them to the number of condos in MANHATTAN and people who could easily afford that move. Brownstones could actually be a large part of the rental base and still be low as far as inventory of units for sale. The two are not mutually exclusive. But that wasn’t my argument.
Keep things in the proper context if you’re calling someone out on something.
I think we can believe that they are more than 5% until proven otherwise.
“Nice switcheroo, Team Bull. When discussing sales inventory, brownstones are scarce. When discussing rents, brownstones are abundant. Which one is it?”
BHO excellent question. Too funny but DIBS mind to comment on this.
11217 seriously doubt brownstones only make 5% of homes in Brooklyn. We would venture more like 20% but would love to see your reference to be sure.
hannity + feeble = hannible.
hannible…I really enjoy your posts. You lend a lot of credibility to Team Bear.
Where’s cornholedinthebodega today???
I’m not sure where I remember reading that number Dave.
But think about it, outside this relatively small little Brownstone Belt, there are no Brownstones. Brooklyn is HUGE, and the majority of it is not filled with Brownstones.
I’ll have to hunt up the article I saw that in…
Rents are not ridiculous if you are a homeowner who overpaid for their home and tried to suck the blood out of his renters. Do you know that 4 family brownstones were going for 100,000 dollars because of speculation and very loose lending standards those same 100 year old brownstones ballooned to millions. Well now their price is going to go straight down to 100,000 dollars again. So you homeowners better stop asking the president for TARP money because you are not getting it. Start packing speculators will be punished.
BHO…JOTD….Jackass of The Day…..and pretty much everyday.
11217????