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No, that is how much we are receiving from tenants who signed leases in the past year. I understand the point of the OP's question. Only one of our buildings is subject to stabilization, and we have only a handful of tenants left there who are still paying a significant amount less than the market rate.
Yes, but they do not pay a lesser rate than the non-Jews, even though the owner of my company is a Hasidic Jew.
Most of the tenants who are Hasidic do not rent studios or one bedrooms, since they have large families. In fact, nearly all our 3 and 4 bedroom units are occupied by Hasidic Jews (many of whom are on Section 8, welfare, or both).
Also when people think of Williamsburg they are not thinking the J/m train line broadway. They are wanting the L train. Doesnt matter how close it is though lots of people are finally realizing they cant afford that part of willy b so they are moving to the other part.
Take it from a guy that has been apartment hunting for six weeks, albeit not in Williamsburg, that if you're looking for a $1200 1 bedroom, you're basically relegated to The Bronx, Eastern Queens, and crime-ridden, inconvenient to Manhattan areas of Brooklyn. Period. End of Story.
Also when people think of Williamsburg they are not thinking the J/m train line broadway. They are wanting the L train. Doesnt matter how close it is though lots of people are finally realizing they cant afford that part of willy b so they are moving to the other part.
That makes a big difference. All the buildings we manage are near Broadway, or even further south.
Take it from a guy that has been apartment hunting for six weeks, albeit not in Williamsburg, that if you're looking for a $1200 1 bedroom, you're basically relegated to The Bronx, Eastern Queens, and crime-ridden, inconvenient to Manhattan areas of Brooklyn. Period. End of Story.
I never said we had a 1-bedroom for $1,200. The cheapest of our studios is currently $1,150.
That makes a big difference. All the buildings we manage are near Broadway, or even further south.
Yeah man, this is hasid-ville. Essentially a completely different dimension than what most of the world knows. Of course hasidic building owners are going to keep prices relatively low for the mainly hasidic tenants. That is what they do. And the yupsters wouldn't really want to live down there anyway..
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