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]
those formulas are a bit outdated, 12:52. people here spend a lot more on rent and scrimp in other areas to make up for it. cheap beer, for instance.
these will be rented out to young professionals making about 50-70K a year. two of them will share it.
pretty common. that’s an executive assistant’s salary.
my friend is a waitress and makes 65K a year for god’s sake.
“the studio i own in the north slope rents out for 1700 a month.”
We know. You trot this out on every thread.
A couple of points:
A) This isn’t the North Slope
B) Your tenant is a sucker
fun fact….it has been the sponsor’s intention since about April to rent out the bottom 2 floors.
12:21 – I was thinking of buying at the Forte…What’s the basis for the claim they’ll start renting out soon? What info do you have on the current status of sales, etc.? Thanks.
The rule of thumb for determining whether or not someone can afford to rent your space, is that their annual income should be 40 times the monthly rent. So, that means a family should earn $140K to rent these two bedrooms. How many people earning that kind of dough are going to settle for that building on that stretch of road?
I wouldn’t bet on filling up that building anytime soon. I walked through one neighborhood in Williamsburg/Greenpoint the other day to look at properties and saw 6 new condo developments with for sale signs on them. It is only going to get worse.
My bet is not only will real estate prices come down, but so will rents. This offering is only slightly less absurd than the “luxury rental” profiled recently adjacent to the BQE. Slightly.
the studio i own in the north slope rents out for 1700 a month.
you people in 2000 1 bedrooms in prime park slope are in deals, btw. rents have increased signifcantly.
I live in a small 10 unit co-op and convinced everyone that allowing renting (upon approval of the new tenant by a majority of the board) was a positive thing for the building and for resale value.
So now we allow renters.
Most people are pretty resonable if you have some tact.
Renovated buildings/appartments also come with “New everything” and are in better locations than this that still don’t command 3.5K a month for 2 bedrooms.
I’m guessing would-be flippers who are now becoming landlords rather than try to sell in a declining market.