Brooklyn Heights, Real Estate

Quote Of The Day: ‘Brooklyn Rents Are Officially As Crazy As Manhattan’s’

June 11, 2012

A New York Post story on Sunday titled “The Rentals Are Rising” takes a look at 10 new upscale residential buildings that have recently begun leasing. The properties: Manhattan’s 100 John St., 116 John St., 290 Mulberry St., 247 E. 28th St. and 666 West End Ave.; Long Island City’s 4615 & 4540 Center Blvd.; and in Brooklyn, Williamsburg’s 365 Union St., Vinegar Hill’s 109 Gold St., Crown Heights’ 542 St. Mark’s Ave…. and Brooklyn Height’s own 75 Clinton Street.

The piece says of the latter: “Since it came on the market this spring, Brooklyn Heights’ 75 Clinton leased 50% of its 74 units. But what caught our attention was a 3-bedroom on the ninth floor [that] rented for a whopping $10,000 per month. The rest of the rents aren’t nearly so high (studios start at $2,800; studios with home offices are $3,210; 1 BR go for $3,660; 2 BR go for $5,000; and 3 BR are $7,630). But we’ll also say: Brooklyn rents are officially as crazy as Manhattan’s.

The NYP also notes, “Vacancy rates are at historic lows and rents are at historic highs. And the number of new rental units coming to the Manhattan market in 2012 is relatively small: 2,596 apartments, according to Citi Habitats, the smallest figure in seven years.” That certainly offers one reason for the outer boroughs influx.

Read the full Post piece and see property photos here.

(Photo: NYP)

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Source: Brooklyn Heights Blog

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