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of course those apartments could fetch double on the open market by the park but i am taking your statement to mean why aren't they fetching more than 2500 and the answer is they are stabilized and these tenant are there 33 years..
however the open market price for a two bedroom in our development in bay terrace is still under 2500.00.
they are about 2300 today for 2 bedroom 2 bath , the pool and tennis courts are an extra charge as well as indoor parking is 150.00 per month . we are talking the area by the marina off the cross island parkway . the waters edge ,the birchwood and the bay club are all in our area as well so it is a prime area.
a co-op we own in kew gardens by the court house and one block from the LIRR and also excellent area is destabilized ,1 bedroom and rents for 1650.00
Last edited by mathjak107; 09-16-2014 at 05:34 PM..
of course those apartments could fetch double on the open market by the park but i am taking your statement to mean why aren't they fetching more than 2500 and the answer is they are stabilized and these tenant are there 33 years..
however the open market price for a two bedroom in our development in bay terrace is still under 2500.00.
they are about 2300 today , the pool and tennis courts are an extra charge as well as indoor parking. we are talking the area by the marina off the cross island parkway . the waters edge ,the birchwood and the bay club are all in our area as well so it is a prime area.
a co-op we own in kew gardens by the court houseand one block from the LIRR is destabilized ,1 bedroom and rents for 1600.00
Hilltop stated that he couldn't fetch $2,500.00 for any of his apartments on the open market in the Bronx, which I find surprising.
As for Bay Terrace, I'm familiar with the area. I was told about some apartments there when I'm ready to upgrade, but I'm probably not leaving the neighborhood so that'll stay on the back burner.
like i said neither our own bay terrace apartment or our kew gardens co-op go for 2500.00 at market value. but then again the kew apartment sells for only 180k . the equal to our place in bay terrace sells for about 290-300k . under 2500 a month is the right rent.
I find it shocking that he doesn't have a diverse stock of apartments. In other words, does he own just one bedrooms or studios or what? If so then that would explain why he has no apartments renting above $2,500.00 a month. Either that or they're also in run down areas. Furthermore, are you telling me that those two apartments overlooking the park would fetch prices UNDER $2,500.00 a month on the open market? If so I should pack my bags and move there! Are they one bedroom apartments or studios or what?
There are no small number of mainly or mostly RS buildings with a good number of apartments <$2500 per month even south of Harlem. Am speaking of the rich heartland of Manhattan such as UES, UWS, East and West Village, Hell's Kitchen/Clinton, etc...
How does this happen? Easy tenants are long haul renters that moved in before the 1990's or even better 1980's. Only way many such "lifer" tenants leave is via a box (death) otherwise they remain put unless they move by choice or are evicted. Especially in places like Yorkville, UES, UWS etc.. all those walk up tenements or small elevator buildings are full of older RS tenants paying below, often well below market rates. In fact know two persons living on Madison Avenue in the 80's paying well under $1K for RS apartments and live one block from Central Park.
RS buildings are all about turning over the rent roll. Smart tenants who know their rights and or what they've got or simply have no place to go aren't going to move just because. Walk around Yorkville between 79th and 96th Streets from Second to East End Avenue. Look at all those ratty tenement buildings and now and then peek inside windows with blinds open. You'll often see apartments that are stuck in the 1970's in dire need of serious maintenance. However the rent is so low LL won't do more than is required (and even then) unless tenants agree to a an increase. Tenants OTOH feel they are paying too much and or cannot afford more so they don't bother and that is that.
There is a group of old cold water flats on East 80th Street between Third and Second that switched owners about ten years ago (they were sold after the original owner's heirs waited out conditions of final will and testament), and new owners made huge investments to get more market rate apartments.
This was helped by the fact so many residents were elderly and died off (a few actually were born in the place and moved into their own units as adults), and pervious owner's kept those units warehoused. Each empty unit was gut renovated down to the joists and floorboards. That was the only way along with vacancy increases to get those old apartments anywhere near market rate.
That is one of the problems with RS now at least in much of Manhattan and a few other areas. Rent rolls do not support the building so a single property owner is going to have a hard time keeping things going. OTOH large real estate families with dozens if not scores of properties can spread costs around to subsidize RS tenants/buildings until major changes in the rent roll are possible. This today usually again means older tenants dying off or perhaps moving in with family or to a nursing home. That of if the LL is lucky vacancy will occur via economic circumstances (tenant can no longer afford rent), and or LL can find some other way to get them out such as non-primary residence.
There are no small number of mainly or mostly RS buildings with a good number of apartments <$2500 per month even south of Harlem. Am speaking of the rich heartland of Manhattan such as UES, UWS, East and West Village, Hell's Kitchen/Clinton, etc...
How does this happen? Easy tenants are long haul renters that moved in before the 1990's or even better 1980's. Only way many such "lifer" tenants leave is via a box (death) otherwise they remain put unless they move by choice or are evicted. Especially in places like Yorkville, UES, UWS etc.. all those walk up tenements or small elevator buildings are full of older RS tenants paying below, often well below market rates. In fact know two persons living on Madison Avenue in the 80's paying well under $1K for RS apartments and live one block from Central Park.
RS buildings are all about turning over the rent roll. Smart tenants who know their rights and or what they've got or simply have no place to go aren't going to move just because. Walk around Yorkville between 79th and 96th Streets from Second to East End Avenue. Look at all those ratty tenement buildings and now and then peek inside windows with blinds open. You'll often see apartments that are stuck in the 1970's in dire need of serious maintenance. However the rent is so low LL won't do more than is required (and even then) unless tenants agree to a an increase. Tenants OTOH feel they are paying too much and or cannot afford more so they don't bother and that is that.
There is a group of old cold water flats on East 80th Street between Third and Second that switched owners about ten years ago (they were sold after the original owner's heirs waited out conditions of final will and testament), and new owners made huge investments to get more market rate apartments.
This was helped by the fact so many residents were elderly and died off (a few actually were born in the place and moved into their own units as adults), and pervious owner's kept those units warehoused. Each empty unit was gut renovated down to the joists and floorboards. That was the only way along with vacancy increases to get those old apartments anywhere near market rate.
That is one of the problems with RS now at least in much of Manhattan and a few other areas. Rent rolls do not support the building so a single property owner is going to have a hard time keeping things going. OTOH large real estate families with dozens if not scores of properties can spread costs around to subsidize RS tenants/buildings until major changes in the rent roll are possible. This today usually again means older tenants dying off or perhaps moving in with family or to a nursing home. That of if the LL is lucky vacancy will occur via economic circumstances (tenant can no longer afford rent), and or LL can find some other way to get them out such as non-primary residence.
That all makes sense. The thing is though rents in the Bronx have been steadily climbing so if Hilltop had say a three or four bedroom apartment in a good area, surely he could fetch $2,500.00 a month. He could certainly get more than that in Riverdale for a two bedroom.
That all makes sense. The thing is though rents in the Bronx have been steadily climbing so if Hilltop had say a three or four bedroom apartment in a good area, surely he could fetch $2,500.00 a month. He could certainly get more than that in Riverdale for a two bedroom.
I'm getting $1,900 for a 3 bedroom apartment. Riverdale is the only exception to the Bronx where rents are much higher. And yes, rents in the Bronx ARE climbing across the board which is a good sign of a hot market. That's how Brooklyn started. Honestly, I'm hoping for rents to get high enough that they price out the "hood" demographic from the Bronx. That's a sure way of cleansing the Bronx from it's trash.
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