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New York

Brooklyn seeing burst of conversions

A new group of condominium-turned-rentals are hitting the market in Brooklyn, Crain’s reported, most recently in Williamsburg and Carroll Gardens.

“It’s a perfect storm,” Ofer Cohen, the president of TerraCRG Commercial Realty Group, said to Crain’s. “Owners can sell a new rental building in a short amount of time for almost the same price as a [normally far more expensive] condo.”

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In Carrol Gardens, the 20-unit condo at 100 Luquer Street has hit the market before the owner begins leasing for an asking price of $15.5 million.

Other new residential condo developments that are launching as rentals include the Jardin, which has listed its duplex studios and one-bedroom and two-bedroom condos as rental units, Stellar Management’s 111 Kent Avenue and Chetrit Group’s 175 Kent Avenue. According to Crain’s, 111 Kent has leased every apartment but for two, in the past five months with prices at almost $9,000 for a three-bedroom unit.

“It’s a hot building in a great location,” David Maundrell, president of AptsandLofts.com, which is leasing the units with rents up to $8,600 per month for three-bedroom apartments, told Crain’s. “It’s an amazing asset that will provide a great return for many years.” [Crain’s] 

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CondosRental Market