Clinton Hill Tower Going Rental
A couple months ago, there was a rumor that the development at 163 Washington had been sold off and was going rental, and today a story in The Journal confirms that this is indeed what’s happening at the 49-unit tower. The article says that a deal’s been struck between 163’s developers and a group of…
A couple months ago, there was a rumor that the development at 163 Washington had been sold off and was going rental, and today a story in The Journal confirms that this is indeed what’s happening at the 49-unit tower. The article says that a deal’s been struck between 163’s developers and a group of investors who will buy the building for around $21 million and rent it for between $1,850 and $4,800 a month. Contracts had been signed for around 10 units after it hit the market as a condo last November. The first batch of listings are up on aptsandlofts’ website.
Rental Deal Lifts Brooklyn Tower [WSJ] GMAP
163 Washington Avenue [aptsandlofts]
163 Washington Sold, Going Rental? [Brownstoner]
Avg Rent x 49 units = 1,955,100/yr
Vulture Buy = 21 mil
Price/Rent = 10.74
Smart investors.
***Bid half off peak comps***
Saw this coming. I guess they’ll do well with all the students in the area. The developers condo dream died when the bubble burst.
Moronically overpriced still, and an ugly building at that which obstructs the low-scale skyline of Clinton Hill.
I live nearby, and while the G commute does suck sometimes, it isn’t too terrible. It’s a bit of a hike, and an even longer one to the A…
Neighborhood is wonderful, but yeah. I can’t deal with these prices. I’m getting priced out of Clinton Hill already and will probably have to move to Bushwhack.
That block used to be so sketchy back in the day. That being It’s still a hike to the train and not worth the rent. I’m aghast at the prices people are asking all over Bed Stuy,and Crown Heights these days.
Awesome if you don’t have to commute to work. But then again so is S. Croix.
sg, layouts are better than most, kitchens have windows and each apt seems to have at least two exposures.
I have re looked again, I stand corrected, you are right.
I live across the street and this building has been an eyesore for some time now. The walk to the subway isn’t that big of a deal considering you’re walking through a gorgeous tree lined neighborhood. Take the bus or ride your bike to commute if it’s a big deal.
I live on this block, glad to see that something is happening there. The walk to the subway is not that bad.
Overpriced