DoBro Rental Apocalypse Nears As New Towers Hit Market

 

Monday, October 12, 2009, by Sara

Luxury rentals: that's what the Downtown Brooklyn market's been missing lately. But never fear, DoBro's developers are here! Apartments in three neighborhood luxury towers are about to go up for rent. There's the Brooklyner, the borough's tallest building, with 490 units; 80 DeKalb Avenue, with 365 units; and Avalon Fort Greene, where 343 units hit the market last month. (Rents at all three buildings are in the $1,700 to $2,200 range.) That's on top of 1,902 condos that have already hit the market and 2,780 apartments in some stage of construction. Of course, potential Brooklyn renters might just -- gasp! -- up and move to Manhattan, where they can now find similar places at the same prices. The result of all this condo craziness? It's every new development for itself!

Some developers, like Veronica Hackett of the Brooklyner, are gamely awaiting a visit from the PriceChopper. Others are refusing to give in. "I am not so worried, as long as pricing is correct," says Clifford Finn of Citi Habitats, which is marketing 80 DeKalb Avenue. "People still pay for superior product."

And still others are stockpiling arms and munition. "It will be competitive, with so many units thrown on the market at once," says Aptsandlofts.com President David Maundrell. "May the best man win." Are you ready, DoBro? This is war!
· Get ready, Brooklyn: flood of luxe rentals [Crain's]