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]
2:14pm. That’s total bullshit! Some of the most expensive and desirable buildings in top-flight neighborhoods in Manhattan (read: Tribeca, Chelsea) are condos. No deadbeats paying $1,400…$1,600…$1,800… a square foot to buy into those buildings.
1:18 Life is too short to drink cheap beer!
you can easily find 800sqf apartments for around 2400 in prime park slope and 2000 by 4th ave.
these prices suck.
A co-op is the way to go if you want a long-term, perhaps even permanent home. There is nothing like a tough coop board to keep the building on an even keel and keep deadbeats and fly-by-nights out.
A condo is best if you are really buying on a speculative basis and you may want to rent it out month to month. In NYC, condos unfortunately attract some of the folks who would never make the grade in a good co-op. That includes people who don’t file their taxes, who have shady sources of income, who launder money in the Caicos, on and on. NYC has more than its share of shady characters and they may end up living on your floor in a condo.
The very worst thing is to buy in a condo that then becomes largely rental. That is like living in a fancy SRO. There is no real stability or pride of ownership in the building.
“Hopefully developers will take note that crap simply does not sell.”
You all either have the financial capacity to live/rent/buy in what you would consider ‘quality’ buildings, or you hold out a high standard but can’t back it up by actually affording to live to your high standard.
This building is no better or worse than a zillion other buildings throughout New York. And it’s priced for it’s neighborhood +/- to account for SOME variability for quality.
The fact is a lot of New York residential doesn’t appear that nice. In fact, in many ways it’s a ugly city at least from a residential perspective.
You can say you want only the best, but you better be able to pay for it. If not, you can stay where ever you are and complain about all the crap.
Some of you are like that white cat in that TV commercial who is finicky and only eats the best catfood. That cat is sponging off his rich owner, but passes off his great taste as a virtue. Get real!
i was just commenting that i don’t believe these will be rented to COUPLES earning 140K a year.
i think it will be groups of 2 (or possibly even 3) young professionals who will rent these and share them.
lots of “cool” stuff opening on 4th, great access to manhattan and 5th avenue.
not really a family building, from what i can see.
Construction loans are typically very expensive and are usually interest only during the construction phase. The goal is to have the loan paid off with a substantial number of buyers within a short time of finishing the work.
After that, they have to be refinanced which I am guessing is pretty tough in the current enviornmnet.
The builders have no choice but to rent because they have no prospect of selling units quickly and cannot favorably refinance. The rent they are asking is a must have – not to compete with the market, but to cover the carrying costs and high interest loans.
Im guessing alot of builders are getting caught in this lose-lose situation and will only get worse as more of these things come on line over the next year or so.
Okay 1:18…
What does two people earning salaries of 70K each add up to? Hey look at that It is a combined $140K!
Let’s take the bottom estimate of 50K each. This gives them about $6500 take home a month combined. Minus the monthly nut of 3500 in rent, they are down to 750 dollars a week before they have bought a metrocard and toothpaste.
If I am the landlord, I am wary of those numbers. If I am a renter, not feeling it either. This is an absurd listing.
1:11 – It appears that the apartments start on the third floor. I know the Clarett Group/Forte are trying to rent out the bottom for a restaurant or such. Are you saying that they have already had plans to rent out the bottom two residential floors?