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]
“What’s the basis for the claim they’ll start renting out soon?”
I’m not 12:21 but I did see those Forte units and the sales team refused to disclose how many units have sold yet. Unless someone can enlighten us to the contrary, you have to assume they’re under pressure to go rental to absorb those exorbitant holding costs. One of their representatives became defensive when I commented on the small master bedroom on of the 3/2 units (for over a mil, I should be able to fit king bed, dresser and chest). I think all these developers are getting desperate.
fun fact…. the 1st 2 floors of Forte’ are retail spaces renting through RFK. Condos start on the marketing 3RD floor.Hence if you count Forte’ does not really have 30 floors, yet it is marketed as so.
Hopefully developers will take note that crap simply does not sell.
“My bet is not only will real estate prices come down, but so will rents.”
BINGO!
“Try explaining to someone paying $3500 a month in rent that he can’t practice their tuba playing at 3am weekdays.”
LOL!
To the co-op owner of a small building that allows rentals — that works only so long as everyone wants to rent; once one or more folks want to sell, they will be in trouble. As someone stated, as in the early ’90s, between credit drying up, and bank’s being more circumspect, prospective owners are going to have trouble getting mortgages if they are going to be able to get them at all. In general, I think it is a bad idea to allow rentals in small building.
This is really bad news for the buyers. A condo 50% rented sucks.
i rent in a 2br in a very comparable building in 321 and pay 1k less than 3.5k.
If there was ever a place that was built to be a rental. this is it.