The Real Deal New York

New Downtown Brooklyn rental buildings find success in tenant incentives

January 14, 2010 01:06PM

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From left: The Brooklyner, BKLYN Gold

In Downtown Brooklyn, where a surge of new rental buildings have recently come online, there’s been no shortage of interest. At the Brooklyner, which at 515-feet lays claim to the tallest-building-in-the-borough title, 90 units were leased within the first month, roughly half of those currently available. When completed, the Lawrence Street development will have 491 units, with prices beginning at $1,450 for a studio, $1,900 for a one-bedroom and $2,450 for a two-bedroom. But those prices don’t factor in the incentives: including two months’ free rent on a 14-month lease for one- and two-bedrooms. At the BKLYN Gold, a 512-unit rental complex on Gold Street, studios are priced from $1,825 and one- and two-bedrooms are $2,220 and $2,860, respectively. Tenants who sign a two-year lease at BKLYN Gold can get five months worth of free rent, and that’s proved a successful marketing strategy. Two months since its sales launch, Lalezarian Properties has received 100 applications for the building. [Post]

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