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It slightly cheaper than Downtown Brooklyn and Long Island City what you guys think ?
The borough’s newest building, Third at Bankside, has several two- and three-bedroom market-rate apartments that can set you back over $5,000.
The 25-story building is being developed in Mott Haven by Brookfield as part of its seven-tower Bankside project that sits along the shoreline of the Harlem River and straddles the Third Avenue bridge to Manhattan.
But before you cry foul, the high comes with the low. The developers are also creating plenty of affordable rentals (90% to 130% of AMI which is an income range of $61,543 – $167,570) for those that qualify through the city website. These studios rent for $1,795 per month, one-bedrooms for $2,200 to $2,350 and two bedrooms for $2,695 to $2,900.
There is a lot of interest for the large apartments,” said Charles Howe, vice president, development, Brookfield Properties. Some couples are leasing two-bedrooms and using the extra space for the now pandemic-necessary home office or future nursery, he said, while singles want to share them with a roommate — especially those with two bathrooms.
Another private terrace also wraps around a two-bedroom, two-bath unit on the ninth floor that has an 18-month rent of $6,160 per month while its neighboring two-bedroom has a very long terrace for a mere $5,408 for 18 months.
It slightly cheaper than Downtown Brooklyn and Long Island City what you guys think ?
The borough’s newest building, Third at Bankside, has several two- and three-bedroom market-rate apartments that can set you back over $5,000.
The 25-story building is being developed in Mott Haven by Brookfield as part of its seven-tower Bankside project that sits along the shoreline of the Harlem River and straddles the Third Avenue bridge to Manhattan.
But before you cry foul, the high comes with the low. The developers are also creating plenty of affordable rentals (90% to 130% of AMI which is an income range of $61,543 – $167,570) for those that qualify through the city website. These studios rent for $1,795 per month, one-bedrooms for $2,200 to $2,350 and two bedrooms for $2,695 to $2,900.
There is a lot of interest for the large apartments,” said Charles Howe, vice president, development, Brookfield Properties. Some couples are leasing two-bedrooms and using the extra space for the now pandemic-necessary home office or future nursery, he said, while singles want to share them with a roommate — especially those with two bathrooms.
Another private terrace also wraps around a two-bedroom, two-bath unit on the ninth floor that has an 18-month rent of $6,160 per month while its neighboring two-bedroom has a very long terrace for a mere $5,408 for 18 months.
Developers are taking a big chance in the south Bronx especially with $5K/month rentals. If they can't fill the place up with transplant market renters they'll have to lower the rents by quite a bit. An interesting experiment in real estate development and real estate economics.
But before you cry foul, the high comes with the low. The developers are also creating plenty of affordable rentals (90% to 130% of AMI which is an income range of $61,543 – $167,570) for those that qualify through the city website. These studios rent for $1,795 per month, one-bedrooms for $2,200 to $2,350 and two bedrooms for $2,695 to $2,900.
And there is your explanation why it is that expensive. The market rate units are subsidizing the more affordable ones. Hidden socialism once again.
Developers are taking a big chance in the south Bronx especially with $5K/month rentals. If they can't fill the place up with transplant market renters they'll have to lower the rents by quite a bit. An interesting experiment in real estate development and real estate economics.
That's not how things go...
Just read posts elsewhere in this forum or other sources and you'd learn something.
If developer cannot find enough low income or whatever households to fill these lottery units, city will often step in and put homeless or those on some other state or city program in empty units. Rent will be paid by vouchers or something that makes up difference between what household can pay, and legal rent. This and or maybe entire rent paid by city/state. Either way LL will get his money, and rents won't be lowered.
These are rent regulated apartments, and thanks to 2019 changes in rent laws any lowering of rent becomes new legal amount. Thus no LL going forward is going to offer a RS unit at below legal rent because once they do won't ever be allowed to get it back up to previous level again. Offering incentives like one or two months free rent with signing of a lease, yeah that they can (and have) done, but such offers do not effect legal asking rent.
And there is your explanation why it is that expensive. The market rate units are subsidizing the more affordable ones. Hidden socialism once again.
I know, that is the business model for 'affordable apartments'. It's sort of a voluntary hidden socialism because no is forcing market-rate renters to rent an apartment in these buildings.
Just read posts elsewhere in this forum or other sources and you'd learn something.
If developer cannot find enough low income or whatever households to fill these lottery units, city will often step in and put homeless or those on some other state or city program in empty units. Rent will be paid by vouchers or something that makes up difference between what household can pay, and legal rent. This and or maybe entire rent paid by city/state. Either way LL will get his money, and rents won't be lowered.
These are rent regulated apartments, and thanks to 2019 changes in rent laws any lowering of rent becomes new legal amount. Thus no LL going forward is going to offer a RS unit at below legal rent because once they do won't ever be allowed to get it back up to previous level again. Offering incentives like one or two months free rent with signing of a lease, yeah that they can (and have) done, but such offers do not effect legal asking rent.
I know that's a possibility for these apartments and I've said as much in the past regarding the whole 'affordable housing' scheme. But this is the first time I've seen a building with rents as high as $5k/month including 'affordable' units. I own a home but I feel bad for honest NYC renters who have to unravel all these laws and regulations. I feel worse for landlords effectively forced to lose money on their tenants.
My only wish is that the people who rent these places get jacked the F up on the street so they run back home. Nobody wants this crap in the Bronx. You are just throwing gas on an open flame.
My only wish is that the people who rent these places get jacked the F up on the street so they run back home. Nobody wants this crap in the Bronx. You are just throwing gas on an open flame.
Really? What 'gas' on what 'open flame'? I have my doubts about developments like this but wouldn't want to see anybody harmed.
Really? What 'gas' on what 'open flame'? I have my doubts about developments like this but wouldn't want to see anybody harmed.
Gentrification, that's what. While the Bronx may be the cheaper than say Queens or Brooklyn, that doesn't mean that the rents are that low. I think even in the poor areas of the South Bronx, a one bedroom is still north of $1500, so if you have something like this coming into an area that has some of the lowest median incomes in the country, there is nowhere else for poor people to go. I think that's the sentiment. At the same time, land is so expensive everywhere that developers have no choice but to look at poorer neighborhoods for a real ROI.
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