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Do you remember The Distinctive Condominiums of Bergen Street? That was the name given to 231 Bergen when it was converted into three condo units way back in 2007. The upper duplex has now found its way onto the rental market. The three-bedroom, one-and-a-half-bath apartment has decent finishes and some remnants of its architectural origins. Overall though it lacks a wow factor either in terms of modern pizzazz or historical gravitas. Still, a solid pad to hang your hat in. And a nice location too. What do you make of the $4,500-a-month rent?
231 Bergen Street [Kirsten Syrett] GMAP P*Shark


What's Your Take? Leave a Comment

  1. “your monthly mortgage and charges would probably be about the same on a condo of similar size and condition (assuming you have the cash for a down payment)”

    Incomplete comparison (excludes net costs such as interest, fees, upkeep and operational expenses not to mention depreciation) wrought with a dangerous assumption: home prices will stay flat and/or rise over 5 to 7 years when you run the risk of a forced resale.

    Renting is still a lot cheaper in the overwhelming majority of cases, whether couple, family or roomates (risky and unstable).

    ***Bid half peak comps***

  2. “who’s renting this type of place?…a family that has a good salary but no money to buy a place”

    Why not a family with good salary and historical/fundamental market insight to not waste money on an asset whose value will more than likely fall 37.5% within the typical 5-7 year purchase/resale cycle (forced sale risk rarely managed).

    “High” rents supported directly by jobs. High sale prices supported indirectly by jobs and directly by collapsing ponzi finance with upside interest rate potential upon resale. Where would YOU wanna sell if you HAD to, into a rising rate environment or that of a declining one?

    These owner units are becoming commonplace in ROTD’s. Dream turning into nightmare for most.

    Sale ask for this dropped from 1.6 to 1.4 as far as I can read. GRM = 1,400,000/(4,500 x 12) = 26 >> 16 (today) >> 10 (2003 bottom market fundamental). Jazeebus! This is a steal!

    ***Bid half off peak comps***

  3. This could be a great share, since it sounds like the living room could easily be closed off to create a large fourth bedroom. With four roommates sharing the $4,500 rent (probably paying differing amounts depending on the bedroom size), it becomes quite economical for some young post-college folks to live in a nice apartment in a nice neighborhood.

    For a couple or family to pay this kind of rent, on the other hand, it doesn’t make a lot of sense since your monthly mortgage and charges would probably be about the same on a condo of similar size and condition (assuming you have the cash for a down payment). In fact, I’m guessing the owners won’t make any money charging $4,500 (assuming they can even get this rate), they’re probably just covering their mortgage and taxes. Streeteasy doesn’t show the sale price for this unit, but the lower duplex sold for $995k in 2009 (though there may be no comparison, since the renovation of the lower duplex sounds quite high-end):

    http://streeteasy.com/nyc/sale/317965-condo-231-bergen-street-downtown-brooklyn-brooklyn