How about let’s start a list of new condo developments or conversions that have gone rental. I’m sure we all know of different complexes based on where we live and our daily travels (travails?).
I’ll start with BROADWAY LOFTS at 5th and Broadway. This building has 84 units that are purportedly “New York” in style. Originally the units were going to be sold – but whoops! – the market went south and now they’re being rented out. This is near my office so I went in the other day to see what was up (or down, as the case happened to be).
There are 84 total units on 12 floors with sizes ranging from 765 sq.ft. to 907 sq.ft. There are ZERO, and I mean ZERO, amenities – no gym, pool, clubhouse or even parking. In other words, learn to love your unit. I was completely underwhelmed, particularly with the bathrooms (no glass shower door) and closets (horrible use of space). It looks like the developer realized that they weren’t going to be able to make money selling these things so they just slapped together everything at the end once they realized they would be rentals. Fantastic views from some of the upper floors – I’ll give the building that. But everything else – marginal at best. The rents range from $1250/mo. (765 sq.ft. on the 2nd floor) up to $2500/mo. (907 sq.ft. on the 12th floor). And, of course, parking (not covered) will cost at least another $180/mo. and you’ll probably be a couple of blocks away. These have been for rent for two months and they’ve rented out 15 of the 84 units. Basically, this developer is taking it right in the a**.
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