147 Rogers: A new 650 sq apartment > $2150

Here's what this site, located on Rogers between St.Johns and Sterling, used to look like:

Here's is what it now looks like (click for photos):

http://ny.curbed.com/archives/2013/02/22/new_8unit_crown_heights_building_now_renting_on_rogers_ave.php#reader_comments

If you'd like to live there, it will run you about $2150 for a 650 sq ft, 1 BR apt.

Enjoy.

Wow. $2,150 for a 1BR on the first floor, but $2,500 for a 1BR on a higher floor.

Also, if you read the fine print it says "1 month free, net rent advertised"... so these are actually $2,345 and $2,727.

yup. I have switched my = sign to a > sign as a result.

To me, it is kinda crazy that people are willing to pay that much to live on Rogers, but it certainly explains why this is no longer a plumbing supplies building.

Wow.

Apartments are well done. A bit small for a 1 bedroom. Rent seems very aggressive for the area. I wonder if it will rent. For that amount you can find nice apartments in better neighborhoods.

Rogers is very close to Franklin. The upper floor apartments should have nice views. W+D in unit is a good touch. I don't think they'll have any trouble.

Also, for those who are curious, that original building is still in there. It's a major alteration. You can see from the side the original brick (or at least you used to be able to, they may have repointed it).

Just for reference, I have pretty much the same apt in the UES... price, sq ft, everything... no pretty fixtures/appliances/countertops though. 1/3 the time to Midtown, 1/9th the crime. This can't be real.

I gotta admit, it looks pretty. But still, wowza!

Not only is it real, but this page might indicate that four of the units, the ones on the higher floors, are RENTED.

http://www.aptsandlofts.com/rentals/rental-listings/5127ac5757cccd1c0a000003

Thing is, CTK, this neighborhood is hotter right now than the UES. Also, a lot of people work downtown, which is a trek from up there. And there's street parking, with only the occasional broken window

I'm assuming "1/9th" the crime is hyperbole.

I bet those apt rent!

Eastbloc-

I do not believe I am a part of said "hotness", nor do I completely understand it. However, I believe that for a significant portion the attraction is related to:

-Number of young single people engaged in the arts and creative industries

-Reputation as a "Frontier" neighborhood

-Proximity to bars and restraurants filled with single, young people in creative industries.

-availability of apartments in which the entire building will be similar in make-up: young, creative, single.

-known availability of good quality marijuana via delivery.

-ease of renting apartments, in light of not having a long credit history or a salaried position. (i.e. Mom will be accepted as a guarantor): http://jmrealty.org/pdfs/guarantor.pdf

Note, proximity to midtown does not seems to be weighted as highly as the above. Crime is seen as annoying, but falling.

In short: A lot of people want to live here, and are willing and able to pay a lot of money to do so.

eastbloc said:

Thing is, CTK, this neighborhood is hotter right now than the UES. Also, a lot of people work downtown, which is a trek from up there. And there's street parking, with only the occasional broken window

I'm assuming "1/9th" the crime is hyperbole.

The pace of change is alarming.

And the crime thing was kind of hyperbolic but not really. They put out a wanted poster for a dude who grabbed a woman's butt here. Another woman got stabbed at the 86th st station and it was front page news. PH/CH is way better than it used to be but stuff like that happening would not be news.

I really wonder what the ROI is on goofy shit like granite countertops and stainless steel cabinets. Wifey and I are looking at apartments in Charlotte and a lot of the big complexes are doing across the board upgrades, and jacking up rent by 20-40% YOY in the process. Combine that w/the growth (+40% over the last 10 years)... its interesting. Reminds me of a spread out, slow paced, less attractive NYC 10 years ago.

Rentals all over the country are increasing in price, mostly due to fallout from the housing collapse:

-during the boom, since just about anyone could get a mortgage and buy a single-family home, multifamily construction was significantly less than population growth and historical trend

-after the collapse, many people lost their homes due to job loss, foreclosure, ARM adjustment, etc.

-after the collapse, commercial loans were hard to get due to uncertainty of returns, and mulitfamily construction is just now starting in many markets

-it's hard to manage a widespread rental portfolio of single-family homes, so it's not easy to convert housing units between rental and owned

Additionally, desirable and undesirable neighborhoods are switching places (inner city to exurb) in many markets due to generational changes in taste, decreased crime nationwide, increased gasoline costs, and so on, so centrally-located neighborhoods with good mass transit are becoming a lot more expensive in many cities, especially those with strong job markets (like NYC).

The "goofy stuff" is usually just an attempt by landlords to ride the upward wave in rental rates even higher.

I can see that being the case in places like Charlotte... but NYC? Most folks who rent never were and never will be in the position to buy here. Plus pretty much everything int he periphery of Manhattan is multifamily.

The soaring price of rentals is in part caused by (and/or compounded by) not having enough apartments for purchase.

http://therealdeal.com/issues_articles/bidding-gets-absolutely-insane/

There's nothing goofy about granite countertops and stainless steel appliances. People won't pay top dollar for rentals or condos without them.

Their presence is an indicator of the marketable demographic in a given area. You probably won't find too much of that east of Utica Ave, for instance.

As if on cue, Curbed put out a list of apartments that one can rent for around $2200 in a few nieghborhoods:

http://ny.curbed.com/archives/2013/03/08/what_2200month_can_rent_you_around_new_york_city.php#more

eastbloc said:

There's nothing goofy about granite countertops and stainless steel appliances. People won't pay top dollar for rentals or condos without them.

Their presence is an indicator of the marketable demographic in a given area. You probably won't find too much of that east of Utica Ave, for instance.

They are goofy to me. What good is a stainless steel fridge in a 500 sq ft 1 BR? They add zero functionality or quality of life and serve no purpose but to inflate rents. When I moved into the Alma Realty complex a while back they had plain appliances but still managed to attract "sophisticated" tenants just by the prices of the places. SS/GCTs would have priced out a lot of quality tenants.

Average price for a 2BR in Crown Heights was reportedly $2185 last month.

Considering how large and diverse CH is in its desirability, and the relative location of 147 Rogers in that pantheon, they're asking ballpark prices.

If one clicks this link now, it says link not found.

http://m.aptsandlofts.com/rentals/rental-listings/5127ac5757cccd1c0a000003

Does this mean that the remaining 4 of the 8 apartments are rented?

Could be. Look for moving trucks off loading stuff into the building this weekend

whynot_31 said:

If one clicks this link now, it says link not found.

http://m.aptsandlofts.com/rentals/rental-listings/5127ac5757cccd1c0a000003

Does this mean that the remaining 4 of the 8 apartments are rented?

Could be. Look for moving trucks off loading stuff into the building this weekend

Someone's definitely watching lol.

Streeteasy shows four listings.

http://streeteasy.com/nyc/building/147-rogers-avenue-brooklyn

Yes, and the flyer on the door today says, "open house, call John". So, there are still a few units left.

I ran past there an hour ago and there was no sign of life.

Perhaps their lease starts April 1?

2350!!!!

It would be awesome if the people that do end up renting there find this thread and report back on their take on the place, nabe, and where they moved from.

Not to go too far off topic, but seeing we are talking about rental prices, this new Curbed article depressed the hell ottah me

CooltheKid, check out the UES listing.

What $3,900/Month Can Rent You Around New York City

http://ny.curbed.com/archives/2013/03/15/what_3900month_can_rent_you_around_new_york_city.php

Fun with math: $3900 a month = $46,800 a year

Usually, landlords in such nice settings will not rent to prospective tenants who do not earn at least 3x the yearly rent amount, or substantial wealth which allows such income.

This means tenants who earn less than $150k a year, need not apply.

Sorry, no shares. No guarantors. Free lancers maybe.

P.S. They have an Open House tomorrow, Sat Mar 16

http://streeteasy.com/nyc/building/147-rogers-avenue-brooklyn