Brooklyn Rentals Offer More for Less

According to a recent NY Times article, there’s a new breed of rental development in Brooklyn, one that will be very familiar to Manhattanites: the condo-style building that features designer kitchens and baths, fitness centers and roof decks, video intercom systems and doormen. This kind of rental has been popping up in Williamsburg for a while now but these days they can also be found in other parts of Brooklyn like Fort Greene, Bed Stuy and Downtown Brooklyn and tenants couldn’t be happier that Brooklyn living is no longer restricted to pre-war elevator buildings or subdivided brownstones and townhouses. “You can’t put a fitness center in a Brownstone” says one new tenant.

The Times identifies several trends at work here. Primarily, as the sales market slows and there is a glut of new inventory, condo projects are trying to forestall the problem of poor sales and many are opting to convert into rental projects. This movement is dovetailing with an increase in the number of renters who want sweet apartments with high-end finishes and amenities without the Manhattan price tag. The price differential cited by the Times was striking. An apartment in the Mynt building on Myrtle Ave in Bed Stuy that rents for $2550 in Brooklyn would rent for nearly $7000 if it were in Manhattan!

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About Me

Michelle Erfer is a licensed Real Estate Salesperson in New York City.
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