Sign of the Times: The Big Condo Switcheroo
As the sales market continues to weaken, one would expect that more and more buildings that had been designed as condos would make the switch to rentals. On the heals of last month’s news about 55 Berry, a decidely smaller-time development in East Williamsburg has decided to throw in the towel as well. The eight-unit…
As the sales market continues to weaken, one would expect that more and more buildings that had been designed as condos would make the switch to rentals. On the heals of last month’s news about 55 Berry, a decidely smaller-time development in East Williamsburg has decided to throw in the towel as well. The eight-unit building, which we guesstimate is somewhere near the intersection of Graham Ave and Boerum Street, will be offering two-bedroom rentals ranging in price from $1,400 to $1,800 a month. A lest you assume from the pictures that this is just another Fedders special, please listed closely to the ad which says that the apartments “were originally suppossed to be Condos so the finishings are beautiful in this newly constructed building with a marble entrance way.” And what prospective renter won’t take into account the assertion that each apartment has “thousands of dollars in fixtures and finishings” in it.
8 Brand New 1 Bedrooms [Leiter Realty] GMAP
8 Unprecedented Condo Rentals [Craigslist]
Yup. Rental conversions just buy them time. Eventually, I guess, this will cool the rental market and force some developers to dump or go bankrupt (or both). Seems like inventory is out of sync with population.
There are a lot of unhappy developers out there if they are converting to rentals at the end of the day. With construction prices today it is very hard for one to make their money back soon with anything but a condo.
well given that rent controlled apartments are so freely available and easy to find…
Yeah, $1400 is a good deal but for how long? These aren’t stabilized so there’s nothing stopping the landlord from raising it to $1800 next year and $2000 the year after that. Nice apartments, but for the cost of moving I’d rather rent a stabilized apartment in this environment. I know rent control is always a religious discussion, but if you were in this rental market, wouldn’t you want some insurance from the rising rates?
you also have to consider that the rental market is stronger than it has been in 6 years so that some builders may decide to change their business plan midstream and go for the hot rental market.
$1800 for the montrose stop on the L, no thanks. the only plus of that is that in the morning you will probably be able to get on the first L train that goes by and won’t have to wait for the 3rd or 4th.
I read it and says they are 1-bedroom (not 2) rentals, 8 of them, from $1400 to $1800
and that $1800 has backyard.
Where does it say 2BRs for $1800? I see no such references–only one oblique reference to $2500 (maybe). As for the build outs and finishes? Rental all the way. I’m gonna go ahead and tag the “were supposed to be condos” line as pure spin.
We are only obligated to mock them as condos, but I agree with Anon at 2:26 – they look like decent rentals.