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Apartments 2009
The rents are falling?
Williamsburg/Greenpoint
The deal: 2BR, $1,500/mo
The renter: Amy Gardiner-Lowe, 28; Adam Royal, 25
The broker: Evan Church, CorcoranGardiner-Lowe had been sharing a $2,500 two-bedroom with a friend near the Graham stop on the L train. But she needed a new place to move into with her boyfriend, who was relocating from the U.K. “I’d initially looked at about five or six places on Craigslist, but there was always something wrong with each of them,” she says. “One had no sink!” Around the same time, she ran into her old broker Evan Church in the neighborhood. He found the couple a two-bedroom in Greenpoint that was initially asking $1,800. “Evan had originally said that we could get the rent down to $1,600, but had suggested maybe he could shoot for $1,500—and the landlord agreed.” The couple paid a partial broker’s fee, but didn’t mind. “We were really happy,” Gardiner-Lowe says. “It was so much less than we thought we’d have to pay.”
MARKET REPORT
“It’s a good time to take advantage of the lower rents in Williamsburg and Greenpoint,” says Church, a broker and vice president at Corcoran’s office on Bedford Avenue. That’s because the slew of new construction in Williamsburg is helping to keep rates competitive all over the area. By Church’s estimation, rents have dropped from $100 to $500 a month compared with this time last year. “Six months ago a one-bedroom that might go for $1,900 is now renting for $1,650,” he says. Thanks to that dip, deals can also be had in nearby ’hoods. “There is such a high level of supply of new construction in Williamsburg, landlords in neighboring areas like Greenpoint have had to lower rents to stay competitive,” he says.
NEXT How to lower your rent
Three ways to negotiate a bargain.
Lower your rent
Falling prices, new deals and the hottest 'hoods—take advantage of the recession now!
Time Out New York / Issue 708 : Apr 23–29, 2009
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I personally feel that this isn't much of a bargain, considering the size and the quality of the place. It looks to me, this place doesn't meet much of my standards. I think these days (even with this tough, crappy economy), brokers and landlords are still a bit selfish, they're more concerned with pocketing the money, than helping tenants 'save' money. With today's market, for $3K + per month, you can get a much more desirable home - and own it!
I personally know a landlord in Manhattan..owns a few brownstones..A renter approached him asking to lower the rent by $400 since the tenant isn't making the same income. (like most of us now) He gave it to him because they know they are not going to find someone else who will be able to pay higher than $2000 a month now for any of their apartments. Those days are over!!! and will be for some time. Even the landlords are getting the clue!
Um... this apartment looks like a railroad apt, not a true 2 bedroom. Also, Greenpoint rents are WAY cheaper than those on the L train. Come on TONY... the comparison between these 2 apartments is completely pointless.