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In Brooklyn, at least, the 1-2BR high rises are currently cheaper than the comparable apartment in a 3-5 story building. There was a huge construction boom in
by gen220 6y ago
In Brooklyn, at least, the 1-2BR high rises are currently cheaper than the comparable apartment in a 3-5 story building.
There was a huge construction boom in the last 5 years, and then COVID cratered demand for the kinds of people who live in those buildings. They’re currently listed 20-30% below what they were going for before.
The brownstone market has been affected too, but the good ones have not gone down much in price.
(This is discussing rent, not ownership).
- kritiko 6y agoUnfortunately they're only cheaper for 12-24 months because those listed rents are net effective rents, not actual rents. So you're typically paying a very high monthly but getting several months free.
- gen220 6y agoIt depends on the building. What you're saying is true during non-COVID times, but things have shifted since April. City Tower, for example, has been listing several incentive-free rents in the $2000s. We were moving during this time and actually looked into it to confirm, because we didn't believe either. (I know, it's crazy!)
- aidenn0 6y ago!! That's crazy cheap. Obviously my comment about mid-rises being cheaper is based off of the pre-covid data.
- gen220 6y agoYeah COVID has really tweaked the normal incentives. A lot of these big buildings are very new, and are sitting way below projected occupancy. They just need cash flow to pay their debts. In contrast, most brownstone owners have only maintenance and taxes to pay. So they have fewer units to move, can afford to sit on vacancies, and have a relatively unique commodity on the market. It’s been fascinating to see this all play out!