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July 10, 2006

Ungrand on Grand: $2,200 a Month for That?

building
We've been watching with a mix of horror and resignation as this build has gone up over the past year. No point in belaboring its aesthetic shortcomings, though it never ceases to amaze us how developers persist is picking such butt-ugly types of brick. Now it will be interesting to watch as these 650-square-foot one bedrooms rentals languish on the market at their monthly asking price of $2,100 to $2,200. With similarly sized one-bedroom brownstone floor thrus in the area renting for $1,400 to $1,500 a month, it's hard to see where the demand for these soulless places will come from.
309 Grand Avenue [Prudential Douglas Elliman] GMAP




Posted by Brownstoner at 11:03 AM | Comments (30)
Categories: Rentals

Comments

yikes! well at least for all that money, you'll get to live inside the building, which means you won't have to look at the facade.

Posted by: Jimmy Legs at July 10, 2006 11:51 AM

if i was renting, i wouldn't really care what the outside of the building looked like. the unit looks nice enough for a rental.

the price is a different story though.

Posted by: Anonymous at July 10, 2006 12:10 PM

Yeah, the inside looks decent plus most of the units appear to have an office space which leads me to believe this is actually 650 Sq. Ft. (or close to it) as opposed to 650 BS Sq. Ft. like my current apartment.

Posted by: Anonymous at July 10, 2006 12:15 PM

nice kitchen, nice apartment, ugly building. I agree that the building exterior isn't exactly a showstopper, but I think $2200 is a bit high for this - especially when I saw 2 bedroom walkups on the UES renting for $1900. Doesn't mention a doorman, and only some of the units get a little balcony. I think I'd hold my breath.

Posted by: cobblestoner at July 10, 2006 12:44 PM

If this is the same builing I think it is it faces a large warehouse across the street. Rents definitely seem high.

Posted by: Anonymous at July 10, 2006 12:45 PM

These will rent at the asking price. Many people (myself included) would prefer to live in a modern elevator building instead of a brownstone walkup.

For the vast majority of renters, exterior aesthetics are irrelvent.

Posted by: Crawford at July 10, 2006 1:00 PM

One bedroom plus a den, so they are hoping to get people that will take them and use them as two bedrooms. I rent two bedrooms with a small office (or third bedroom if the light shaft window counts as a legal window) for $2150 down the street. They'll never get those prices.

Posted by: Shahn Andersen at July 10, 2006 1:19 PM

Unfortunately they might. Rentals are harder and harder to find and most new buildings seem to be condo or co-op.

By the way Shahn- we're all still hoping to hear about your house renovation again.

Posted by: Bx2Bklyn at July 10, 2006 1:42 PM

They look like dorms to me. Maybe Pratt brats will snap them up using Daddy's credit card.

Seriously, a lot of kids moving to Brooklyn from the suburbs just want something that looks clean and new (like the McMansion's they grew up in), and just see brownstones as yucky old buildings.

Posted by: Anonymous at July 10, 2006 1:54 PM

From what I hear rental market is very tight these days. So we'll see how long they advertise these apts.
New construction is very appealing to some people.

Posted by: Anonymous at July 10, 2006 2:10 PM

Anyone know where they got the kitchen cabinets from? They look really nice.

Posted by: Anonymous at July 10, 2006 2:13 PM

Seriously though, can't you get a really nice one bedroom in most of Manhattan for $2200 a month? I know a lot of us really love Brooklyn, but we love it for reasons other than 650 sqft apartments for $2200.

Posted by: Shahn Andersen at July 10, 2006 2:15 PM

Those cabinets are nice. I need some for a rental property, and someone suggested IKEA if you're on a super cheap budget.

Any thoughts?

Posted by: Julie B at July 10, 2006 2:21 PM

Shaun, I was looking to rent in January and most of the apartments in UES and UWS were between $1600 and $1800 a month for about 600sf. Alcove studios in doorman buildings were starting at $2000, so I bet you can get a decent 650sf for $2200. Out of my price range though. I ended up in Brooklyn at $1450 in a pre-war walkup.

I will agree with 1:54pm that reno'd apartments are definitely more desirable for young people (like me) then older apartments. I keep kicking myself because I found a nice one bedroom in brooklyn heights for $1625 in a PT doorman building that was unreno'd. Walked by it this past week and it looks like they're fixing the place up now. I couldn't stand the carpet though. Now I have hardwood floors and I'm loving it, plus it's stabilized.

Posted by: cobblestoner at July 10, 2006 2:25 PM

You can get really nice places in Manhattan for that. But I also think a lot of people really want new construction these days too- especially when they're advertised as luxury rentals. The rental market seems even more competitive than ownership markets. And the prices only go up because of demand. And the truth is that you may not be able to buy, but if you want a place to live, you will have to rent. It may not be everyone's first choice, but in a lot of situations it is the only choice.

Posted by: Bx2Bklyn at July 10, 2006 2:26 PM

"...individual Central AC/Heat System, Hardwood Floors, Granite Counter Top, Stainless Steel Appliances and Jacuzzi Tub...1 bedroom plus den, some with Private Balcony or Terraces."

For what you get, I'm less suprised by the rental amount than I am at SOME of these $1M+ dilapidated brownstones in Clinton Hill (i.e. Corcoran 867480)

I bet they rent @ asking.

Posted by: Anonymous at July 10, 2006 2:47 PM

wow owners are snorting crack, forget the smoking part!

thats way over price for rental for the area. you could get park slope for those prices around the corner.

Posted by: armchair_warrior at July 10, 2006 2:48 PM

Wait a sec - aren't people renting 3 and 4 br floor thrus in BedSty and Bushwick for around $2200? What's the difference?

Posted by: Adam at July 10, 2006 3:26 PM

Maybe those are IKEA cabinets in the kitchen. They look nice, and owners look they are trying to max profits with these rental prices.

Posted by: Zena at July 10, 2006 3:33 PM

"Many people (myself included) would prefer to live in a modern elevator building instead of a brownstone walkup"
Crawford

That's a perfectly valid statement--I suspect most people would agree, BUT THIS particular blog is for those who share "an unhealthy obsession with historic Brooklyn brownstones and the neighborhoods and lifestyles they define" so why waste your time here?

Posted by: Bob Marvin at July 10, 2006 3:33 PM

Julie, IKEA cabinets, depending on style of course, can work well.
And for cheap budget- assemble yourself (easy to do). And install yourself (if you're handy)..

Posted by: Anonymous at July 10, 2006 3:37 PM

Wow. Maybe I am not charging enough for my apartments. Is it possible that people are looking at these atrocities with different eyes than I (we) have? I wonder what the acoustics are like? What is the attraction? The newness? That everything supposedly works? By the way, is the Fort Greene/Clinton Hill rental market going up in any significant way? Last year after Katrina, I was freaked out about the possibility of bank breaking energy prices. Thank God for the warm winter. This year gas prices are down from last year but still up over the longer term. We don't want a cold winter. Building materials are up, energy prices up, taxes up (a little); interest rates up (on those HELOCs..). What are the prospects for rents?

Posted by: anon at July 10, 2006 3:42 PM

My dad was one of those "new is always good, old is always bad" types. I guess that's why I love old houses so much- I hated "new." For some people quality = newness. And they also use "luxury" finishes. The stone/marble tile, the granite countertops, the stainless steel appliances. The rental market is nearly as much about the psychology of marketing as it is about real estate. There are times I think I would gladly trade my limestone apt for a great kitchen....naaahh. I grew up in little boxes and I'll never go back. :-)

Posted by: Bx2Bklyn at July 10, 2006 5:24 PM

From what I can tell the cabinets look similar to the ones in the rental I live in, which are from IKEA. I am not a big fan of IKEA generally but I have to say my cabinets are very nice looking and I think they come in a lot of different configurations (I have corner below-counter cabinets, very deep but with lazy susans inside so one needn't overturn everything in the search of the little-use cake pan in the back. My upstairs neighbors have them in a darker color which is very nice as well.

Posted by: thesupersleuth at July 10, 2006 6:18 PM

I was thinking of IKEA for tenants but I'm not sure how well they will hold up.

Posted by: HBWG at July 10, 2006 7:00 PM

Seriously, you can't get a 4 br in Bushwick for less than $2K, so how is the different. Same price for a smaller place, better area, and brand new. Isn't it an either or situation.

Posted by: 3x23 at July 10, 2006 7:03 PM

These prices are what Two Trees is getting for 1BRs in Dumbo - without the den. Conclusion: A little high but they'll probably get it given the low rental inventory.

Posted by: rascal at July 11, 2006 10:40 AM

"Maybe Pratt brats will snap them up using Daddy's credit card. "

As a Pratt Grad that paid my own way though school with: Grants, Scholarships, Working Part Time and a huge Student Loan; I strongly object to that comment.

I also did not grow up in a "McMansion", but in a 150 year old house.

Posted by: Anonymous at July 11, 2006 10:46 AM

a clean, new, modern apartment with above average finishes is now an "atrocity"? you can quibble with the price, but this statement is laughable.

Posted by: Anonymous at July 11, 2006 11:09 AM

They rented very fast. One day a couple of apartments seemed occupied, and within a week or two they all were.

This is on Grand Ave., between Lexington and Greene. Almost all of the surrounding buildings are residential. There's one old 2-story building across the street that is some kind of telecommunications business. I think it's used as a warehouse and office. No noise, not much traffic except for the UPS truck blockng the sidewalk once in a while. But it's a very nice block.

Posted by: Anonymous at November 8, 2006 12:43 PM

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