99-gold-01-2008.jpgThe Wall Street Journal examines how renters are finding excellent deals in areas of the U.S. that have been most affected by the subprime crisis, areas where many developers have put thousands of unsold condo units on the market as rentals. As with most aspects of the subprime mess, lower rents and condo reversions have largely bypassed the priciest segments of the New York City market, though the article name checks 99 Gold Street as an example of a condo-turned-rental. It’s also worth noting that the Real Estate Group of New York found that average rents in Manhattan, with the exception of doorman studios, declined at the end of 2007 (we couldn’t find comparable data for Brooklyn). All this data seems like good fodder for speculation, though: Think ’07 might bring falling rents and more condo reversions to Brooklyn?
Home Sellers’ Pain Is Renters’ Gain [WSJ]
Half Sold, 99 Gold Throws in the Towel, Goes Rental [Brownstoner]


What's Your Take? Leave a Comment

  1. 9.13, you can lie all you want. Many people have moved away from the burg because of the L. The MTA just hasn’t accounted for the massive increase in commuting population. They need to turn some of the L trains around at Lorimer each morning between 7.30 and 9 and run them back to 8th ave, skipping 1st and 3rd aves. That’d fix it.

    But until they do, its broken.

  2. love the L. it’s fast and connects to every subway. i have gotten to grand central in 10 minutes from hitting the L platform. recently attended a party in the west ’60’s, and it was 25 minutes door to door. the L runs several trains very close together and is going to run even more from i understand.

    i am a really happy condo owner off the bedford L and have no intention of moving after living here for some time.

    2:17 – do you even live in williamsburg? jeez, it’s so close to manhattan, who can complain about that – since most of us still work there.