The Novo Going (At Least Partially) Rental?
Despite the fact that it ain’t much to look at from the outside, sales at The Novo were going okay, we thought. According to Street Easy, 58 units—or roughly half—are in contract. Sales must not be happening fast enough though: In recent days, rental ads have started popping up on Craigslist. The two we’ve seen…
Despite the fact that it ain’t much to look at from the outside, sales at The Novo were going okay, we thought. According to Street Easy, 58 units—or roughly half—are in contract. Sales must not be happening fast enough though: In recent days, rental ads have started popping up on Craigslist. The two we’ve seen are touting a two-bedroom for $3,500 and a one-bedroom for $2,200. What does this mean for some of those other Fourth Avenue projects currently in the works?
Oh, Novo: Scaffolding Collapse on Fourth Avenue [Brownstoner] GMAP
Man on the Street: How’s the Novo Look to You? [Brownstoner]
Can anyone tell me what’s going on at the Forte? Any inside info would be great! Thanks for your help.
6:17–
But what Brownstoner wrote (and really should respond to) is that sales must not be that great because apartments are going for rent. He drew that connection, and hasn’t substantiated it.
If apartments are selling so poorly that the Novo is forced to change plans and rent them out, that’s one thing. If a couple condo owners are renting out their apartments, that’s not nearly as big.
We are looking for a rental right now in Park Slope — we have a 1 year old child — rents are ridiculously high! We saw a third-floor walkup – just over 1,000 sq ft — one floor — for $4800 today! In the prime part of the neighborhood two bedrooms are going for at least 3-3500$ and they’re often old and crappy, with moldy bathrooms and sub-standard kitchens, narrow brownstone parlors or walk-ups.
I don’t relish the idea of living at the Novo, or on fourth avenue, but i might consider it if I don’t find something better..
the argyle has sold 30% of its units since they went for sale in late october.
crest is nearly sold out.
How long until Crest follows suit? Or the Olive Garden building? And let us not forget the poor, pitiful Argyle. The party is over and Argyle is nothing but a small stack of girders. I think I heard it quietly sobbing as I strolled past it last night.
Whatever happened to brevity?
I agree with 5:07. Whether or not units are rented out by the sponsor or recent buyers, the effect is the same. IT’S GOING RENTAL. One of the classic, preliminary stages of a housing price collapse. My condolences go out to anyone who purchased in this development at ask.
Whenever I’ve bought condos in the past, getting my mortgage was predicated on the building being at least a certain percentage owner-occupied (I think it was 75%). Dunno if that is standard practice in NYC, but if it is, it could obviously make buying/selling really problematic in a building that was billed as a condo and then was turned into half condo, half rental.
Bummmmmmer.
Broker should learn to spell!!!
Marion