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You think so? Look at LIC, high rises right next to each other yet did it affect prices at all?
Maybe, at least in the short term I'd think and it'd be sort of dependent on what is added for more than just residents of the larger complexes (like ground level retail or greenspace opened to the public). LIC is a larger contiguous span of industrial land that was available before reaching large public housing projects or being cut-off by rail and expressways and had an expansive waterfront to develop around. It's also a faster shot to Midtown.
So your so pro this building would you pay $2100 for a small studio a month in a crap neighborhood?
All I have to say is haha fools to the people who are living there.
Are they actually renting those for that amount though or is that just the initial list price? A lot of new construction elsewhere in the city has basically been giving months off the lease in order to keep the initial listing price as is, but with the effective monthly rent being substantially lower. It all sort of depends on what the market will bear and what the finances of the developer/owner actually are. I would think it's impossible that they're actually filling the building up right now without massive concessions that are possibly even greater than that offered elsewhere in new construction in nicer neighborhoods.
Huh. I didn't know that the Brookfield Bankside development was actually already under construction. In that case, yea, this Arches isn't so crazy after all. The Bankside development will block out the river and Manhattan view for a good chunk of the Arches, yes? Ha! They're going to need to drop the effective rent even further.
The Arches block the view of The Joinery over on 138th and they still selling for $500K
That's a good point as was the previous one. I think there's a notable difference though as I believe the Bankside development is just the next block over from the Arches rather than several blocks over. 900 feet away versus 200 feet away is a different degree of obstruction.
It's interesting that it looks like only a handful of units are for sale there.
That's a good point as was the previous one. I think there's a notable difference though as I believe the Bankside development is just the next block over from the Arches rather than several blocks over. 900 feet away versus 200 feet away is a different degree of obstruction.
It's interesting that it looks like only a handful of units are for sale there.
If website is to be believed 3 out of 47 units on the sales market and 1 active rental listing. More interesting is 32 past rental listings for a building completed in 2018. A couple repeats on that list but it appears roughly half the 'owners' are investors looking to make a profit from rental tenants.
Also all those past rental listings are either close to or above $2000 p/month. So people are paying $2000 - $2500 for a 1-bed in Mott Haven now. Or at least were paying that much prior to COVID.
If website is to be believed 3 out of 47 units on the sales market and 1 active rental listing. More interesting is 32 past rental listings for a building completed in 2018. A couple repeats on that list but it appears roughly half the 'owners' are investors looking to make a profit from rental tenants.
Also all those past rental listings are either close to or above $2000 p/month. So people are paying $2000 - $2500 for a 1-bed in Mott Haven now. Or at least were paying that much prior to COVID.
It appears they may have purchased the units and renting them out such as AirBB or similar.
But F no, to pay $2000 a month to be on 138th in Mott Haven? Only someone who is not familiar wit the area would do that.
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Originally Posted by pierrepont7731
I passed through there on the Deegan and saw it last week. What a crappy location for a "luxury building".
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Originally Posted by roseba
I felt that way about Downtown Brooklyn, near Juniors and that area by Barclay's. Look at it now.
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Originally Posted by pietrang
Exactly. You need to have vision.
I wonder what kind of vision someone have while they are zooming by on the Deegan and passing through that area for 5 - 10 seconds instead of actually spending time in the area on foot for a longer period of time.
Last edited by SoullessOne; 10-21-2020 at 01:36 PM..
All I can say is I remember Downtown Brooklyn way before we even knew the Barclay's Center would be there, when the only skyscraper and tallest building in Brooklyn was 1 Ashland Place.
And all the nearby areas were more or less shady and affordable, including Downtown itself, it was ran down.
With the proximity to Harlem that already went that way I don't see why it would be different, once Covid is over and the recovery comes back in full effect.
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