Latest news with #StreetEasy
New York Post
6 days ago
- Business
- New York Post
Gowanus is getting a $25K/month rental
The low-slung industrial buildings that once defined Brooklyn's Gowanus are disappearing. In their place: $25,000-a-month rentals. The rezoned neighborhood's newest luxury condominium is coming on the market this month. 544 Carroll, developed by the real estate investment firm Avery Hall, is meeting what it says is growing demand for spacious, luxury condos among the brownstones of Brooklyn. The 17-story development, located at the border of Gowanus and Park Slope, is made up of 133 units, including two floors of penthouses and one extra-pricey duplex. 7 A rendering of the soon-to-be launched 544 Carroll. Courtesy of Avery Hall 7 The 175-foot-tall development enjoys far-reaching views across the otherwise low-lying Gowanus. Courtesy of Avery Hall The 2,500-square-foot duplex at 544 Carroll will be the largest advertised rental on the Gowanus market, according to StreetEasy — and the most expensive. The $25,000-a-month unit beats out the neighborhood's current highest rental price by an excess of $13,500. Located across the sixth and seventh floors, the residence includes four bedrooms and 1,082 square feet of outdoor space. The rest of the one-, two- and three-bedroom units in the building range in price from $4,700 for the smallest one-bedroom to $15,000 for a premium three-bed penthouse. A quarter of the apartments are designated as permanently affordable. In addition to luxurious touches throughout the units, like marble countertops and walk-in closets, the 175-foot-tall building prioritizes spaciousness. Its smallest units are a sizable 630 square feet, and every two-bedroom comes with two bathrooms to match. 7 A rendering of a unit at 544 Carroll, featuring large windows and a sleek kitchen. Courtesy of Avery Hall 7 Some units in the building enjoy free-standing tubs and double vanities. Courtesy of Avery Hall Jesse Wark and Brian Ezra, founding partners of the Gowanus-based Avery Hall, told The Post that despite rapid housing growth in the area, current layouts neglect those looking for extra elbow room. 'I think most people would not recognize these as New York rentals,' Wark said. 'Given the space, you can fit a dining table in your one-bedroom along with your living room. These things are not standard in the market.' Gowanus has room to grow, and renters want to enjoy it. The firm cited a growing renter-by-choice demographic made up of high-earning New Yorkers who prefer the flexibility of renting to home ownership, whether due to the transient nature of their jobs, languishing high mortgage rates or ongoing economic uncertainty. In addition to large two-bedrooms and lofty duplexes, the building offers the gamut of luxe condo amenities, including a dedicated pilates studio, a cave-centric children's play area, a pet spa and a private dining room. 7 A rendering of the children's playroom. Courtesy of Avery Hall 7 The sun-drenched lobby at 544 Carroll. Courtesy of Avery Hall 7 A pilates room is located inside the building's fitness studio. Courtesy of Avery Hall 544 Carroll represents another step in the Gowanus's snappy transformation. Where gritty warehouses and an odorous canal once defined the neighborhood, kitschy axe throwing bars, art studios and a Whole Foods now dot its landscape. In May, the real estate analytics company Marketproof tracked 141 residential projects with roughly 6,700 new units currently under development in Gowanus, Brick Underground reported. But the Manhattan-like rents at 544 Carroll are tied to the building's dual identity — situated on Carroll Street and Fourth Avenue, it's just a crosswalk away from pricey Park Slope. While Gowanus has undergone massive changes, Ezra told The Post that the firm would not have built a project like 544 Carroll anywhere else in the neighborhood. Gowanus' rebirth and Park Slope's established amenities made it possible. 'It's the combination of tapping into that new energy and also harnessing this existing, beautiful, super strong neighborhood in Park Slope that created this unique opportunity,' Ezra said. 'It will be a part of both communities,' Wark added.
New York Times
22-07-2025
- Business
- New York Times
Is a Law on Brokers' Fees Giving Renters a Break?
Good morning. It's Tuesday. Today we'll look at whether a new local law has transformed the market for apartment rentals. We'll also get a look inside the newly renovated Waldorf Astoria hotel in Manhattan. This was supposed to be the summer when a new law on broker fees would change the rental market in New York City. The law, called the FARE Act, all but ended a longstanding practice requiring apartment-hunting renters to pay thousands of dollars to brokers. My colleague Mihir Zaveri says the premise of the FARE Act was simple but transformative: Whoever enlisted a broker's help would pay the broker's fee. If a landlord gave a listing to a broker, the landlord would pay. A broker can show someone an apartment, but it isn't the would-be renter's responsibility to pay the broker — unless they had agreed to a fee arrangement in advance. Some brokers are showing apartments and, afterward, claiming there was a de facto payment agreement. The Fare ACT went into effect on June 11. I asked Mihir to discuss whether the law has made things better or worse for renters so far. You write that the results have been mixed. How so? The intention of the FARE Act was to lower the sometimes staggering upfront cost of moving and make it less confusing and more transparent. In many ways, it has done that. Most renters can avoid broker fees when searching for apartments through online platforms like StreetEasy. Want all of The Times? Subscribe.
Yahoo
20-07-2025
- Business
- Yahoo
Middle-Class Families Are Fleeing New York — 10 Places They're Going (and How Much It Costs To Live There)
A 2025 study by StreetEasy found that one in three New Yorkers is thinking about leaving. You don't need to be an economist to understand why, with home prices averaging around $800,000 according to Zillow. Learn More: Trending Now: By analyzing their Zillow search patterns, StreetEasy identified the top 10 cities New Yorkers are moving. Here's the top 10 countdown for where New Yorkers are fleeing to escape the high cost of living and taxes. 10. Houston Cost of Living Difference: 46.2% lower (per Numbeo) Average Home Price: $270,409 Jason Lee Villarreal of Sotheby's International Realty put it succinctly: 'In Houston, you can still buy a three- or four-bedroom home with a yard for under $400,000 in a good school district, with no state income tax and some of the lowest property taxes per square foot.' Houston also offers plenty of culture and diversity. 'We've got neighborhoods where you can get Vietnamese pho and a Mexican birria taco on the same block,' Villarreal noted. 'And its economy is booming in healthcare, energy, aerospace, logistics, tech and engineering.' Learn More: 9. Charlotte, NC Cost of Living Difference: 40.9% lower Average Home Price: $404,294 'Charlotte isn't just a cheaper city, but rather a flourishing one,' noted Jonathan Ayala, founder of real estate media company Visual Grip. 'It boasts an advanced financial market and developing healthcare and technology sectors, so families don't need to make compromises in their careers.' 8. Los Angeles Cost of Living Difference: 27.2% lower Average Home Price: $970,969 While buying a home costs more in Los Angeles, rents actually cost 35.2% less than the Big Apple. Don't expect a massive savings in cost of living, but the vibe is certainly more mellow for anyone looking for a change of pace. 7. Orlando, FL Cost of Living Difference: 44.0% lower Average Home Price: $382,019 The winters are more hospitable and you'll spend less than half as much to buy a home. Sure, you'll have to wade through some tourists occasionally, but New Yorkers are no stranger to that. 6. Washington, DC Cost of Living Difference: 21.8% lower Average Home Price: $607,908 The nation's capital isn't cheap, but it does offer plenty of amenities. And that says nothing of the government-related work opportunities. Home prices have dipped 3.5% over the past year, so patient bargain hunters may be able to find a motivated seller willing to take a lowball offer in exchange for a fast closing. 5. Tampa, FL Cost of Living Difference: 39.7% lower Average Home Price: $379,156 A large city with major league sports franchises, Tampa offers waterfront metropolitan living on a budget. 'We have beautiful weather year-round, no state income tax, and a strong sense of community,' explained Mariah Marvel, Realtor at REMAX Collective. 'Tampa is also booming with job opportunities in tech, healthcare and finance. Most of all, people love the lifestyle here: the waterfront living, outdoor activities and family-friendly neighborhoods.' 4. Boston Cost of Living Difference: 17.3% lower Average Home Price: $793,819 Home prices in Boston clock in around the same as New York, but overall cost of living does offer a discount. Boston offers another major New England city, with full amenities, without the franticness of the New York scene. 3. Atlanta Cost of Living Difference: 41.0% lower Average Home Price: $402,017 Another major city with better weather than both Boston and New York, Atlanta features just as many amenities — without the major price tag. 2. Miami Cost of Living Difference: 26.5% lower Average Home Price: $589,241 New Yorkers are no stranger to Miami. 'We've seen a high number of New Yorkers arrive in Miami, especially since the pandemic,' observed Salim Chraibi, CEO at Bluenest Development. 'The housing in South Florida is more economical for New Yorkers since their wages tend to be higher, but the impact of their arrival has driven housing costs up.' Still, Miami offers a more relaxed pace, warm weather and all the advantages of a major metro area. 1. Philadelphia Cost of Living Difference: 39.2% lower Average Home Price: $233,095 New Yorkers' dollars stretch pretty far in the City of Brotherly Love, where home prices average a small fraction of New York homes. Yet, it remains a major city in its own right, with full cultural amenities and sports franchises. Philadelphia also sits less than a two-hour drive from New York, making it easy to pop up for a day periodically. Atlantic beach towns aren't far, nor are the Poconos Mountains for hiking, biking and skiing. Philadelphians can also reach major cities like Baltimore and Washington within a couple hours. More From GOBankingRates 3 Reasons Retired Boomers Shouldn't Give Their Kids a Living Inheritance (And 2 Reasons They Should) This article originally appeared on Middle-Class Families Are Fleeing New York — 10 Places They're Going (and How Much It Costs To Live There) Solve the daily Crossword
New York Times
19-07-2025
- Business
- New York Times
Scams and a Rent Spike Follow New York City's New Broker Fee Law
Getting an apartment in New York City was supposed to be easier this summer. Because of a new law, many renters would no longer have to pay thousands of dollars to brokers that landlords had brought in to help. For many people, that has proved true. But a New York Times analysis of 1.3 million listings on the popular rental site StreetEasy also suggests that the shift has come at a cost: Many more landlords than usual raised rents the week the law took effect in June, often by hundreds of dollars a month. Even though higher rents are typical in the busy summer season, the median rent in the city rose in June more than would be expected, according to statistics provided by StreetEasy. The Times's analysis showed a spike in rent increases around June 11, when the law, the FARE Act, took effect with a simple but transformative premise: Whoever enlists a broker's help should pay the broker's fee, which is often thousands of dollars. StreetEasy released a report about a month later saying that the law had not hurt the rental market. The company, which publicly supported the law in the face of fierce opposition from the real estate industry, acknowledged the surge in rent increases when The Times asked about it this week. 'There's no free lunch,' said Kenny Lee, a senior economist at StreetEasy. 'Landlords will always try to offset the additional cost by passing some of it to the renters as a higher base rent. They are not running a charity.' A sharp spike in rent increases The number of apartment listings each week since January 2023 with rent increases of 5 percent or more. Note: Counts include price increases during rental units' active listing windows. Source: New York Times analysis of StreetEasy data By Urvashi Uberoy Want all of The Times? Subscribe.
Mercury
14-07-2025
- Business
- Mercury
Insane asking price for world's worst New York penthouse - realestate.com.au
Hold onto your Akubras, folks, because this Manhattan 'penthouse' is a real head-scratcher. Forget the glitz and glamour you'd expect from one of the world's most expensive cities – this place is more 'building site chic' than 'luxe living.' For a cool $1.095 million (AU$1.665 million), you could be the proud owner of… well, a glorified shell. We're talking bare brick walls, exposed electrical wires dangling like Christmas decorations gone wrong, and an unfinished ceiling that's just begging for a hard hat. This 159-square-metre 'apartment' boasts stunning views of the New York City skyline, but inside, it's less 'penthouse paradise' and more 'post-apocalyptic reno project.' The only furniture is a sad-looking double bed crammed into a corner and a few sofas swathed in plastic, giving the whole place the ambience of a haunted construction site. But wait, there's more. MORE NEWS Hemsworth who? Underdog beach towns the next Byron Bay Vinnies pulls 'rare' $1k item after outrageous discovery Aussie dad's startling 26kg find The New York apartment resembles more of a construction site then a luxe home. Source: StreetEasy Listing images show wiring hanging off the ceiling. Source: StreetEasy At least the home comes with stunning views. Source: StreetEasy According to the listing agent, Michel Madie, this 'meticulously gutted canvas is sold well below market.' Apparently, you're not just buying a fixer-upper; you're buying 'the best architect plans' to unleash your inner design guru. Mr Madie even suggests you can 'let the design evolve with your certainty, on your timing,' which sounds suspiciously like code for 'this project is going to take forever and cost a fortune.' On a positive, pets are allowed in the apartment complex – although no dog or cat would feel at home as is stands. Unsurprisingly, the listing has set social media alight, with Reddit users having a field day dissecting the property's 'unique' features. 'Location location location,' one user conceded, 'And you don't have to rip out everything to start a reno – they've alrea dydone that.' Silver linings, eh? 'I would love that if I had another 500k to renovate,' another lamented, highlighting the eye-watering cost of turning this disaster zone into a dream home. Not sure we'd want to host a dinner party here. Source: StreetEasy At least there's a bed. Source: StreetEasy Others were less charitable. 'I like the idea of just lying down in a bed filled with sawdust at the end of a hard day's work,' one wag commented. 'Glad they put the bed there. Really livens up the room,' another joked, perfectly capturing the absurdity of the situation, while another stated: 'Bringing back the I'm a squatter look again.' So, is this Manhattan 'penthouse' a once-in-a-lifetime opportunity for a cashed-up renovator, or a million-dollar mistake waiting to happen?
