TONY: Condos Turned to Rentals
April 29th, 2008
This week’s issue of Time Out NY takes a look at buildings in NYC built as condos converted to rental buildings. We saw both 99 Gold Street and 133 Water Street go rental last spring. In the midst of a subprime-mortgage meltdown, overbuilding, and an increase in inventory of condos, condo developers are turning to rentals for several reasons. Developers who believe in a neighborhood will hold on to some rentals to keep a revenue stream coming in the future, betting on a rebound once the market gets hot again, or sell them later once an area becomes gentrified. Jed Walentas of Two Trees Management, was quoted and said “Our mission and our objective is to build rentals,” Walentas says (though his company does own three other condo properties, in Dumbo). “We like to own our real estate and invest in areas we really believe in.” Two Trees also intends to keep some units in their 110 Livingston Street building as rentals.
Current rentals at 99 Gold and 133 Water from aptsandlofts.com:
| address | sq. ft. | beds, bath | rent |
|---|---|---|---|
| 99 Gold | 672 | 0, 1 | $2000 |
| 99 Gold | 688 | 0, 1 | $2800 |
| 99 Gold | 785 | 1, 1 | $2800 |
| 99 Gold | 929 | 1.5, 1 | $3400 |
| 99 Gold | 1035 | 2, 1 | $3400 |
| 99 Gold | 1076 | 1.5, 1 | $3600 |
| 133 Water | 1163 | 2, 2 | $4056 |
| 133 Water | 1781 | 3, 2 | $5000 |
{The new switcheroo, 29Apr2008, Time Out NY}
{99 Gold Withdrawing Offering Plan, Turning to Rentals, 25Apr2007}
{133 Water Street Received Their TCO, 16May2007}
February 25th, 2009 at 11:21 am
[...] a rental building at a time when buyer interest started slowing for new construction in Dumbo and a few condos were converted to rentals. Per Bloomberg: “The company, in its Chapter 11 petition filed today in U.S. Bankruptcy [...]
November 12th, 2009 at 4:27 pm
the shit is not 3600 as posted, thats a bogus lie
November 12th, 2009 at 9:27 pm
the shit is not 3600 as posted, thats a bogus lie