Interesting to see a little bit of a micro bubble going on at 200 Chambers street /www.streeteasy.com/nyc/building/200-chambers-street-manhattan. Here you have the first wave of closing in this new building and almost all that have closed so far are scrambling to get their units rented or trying to flip their units for a hefty profit. The black arrows are starting to point downward on these... [more]
Interesting to see a little bit of a micro bubble going on at 200 Chambers street /www.streeteasy.com/nyc/building/200-chambers-street-manhattan. Here you have the first wave of closing in this new building and almost all that have closed so far are scrambling to get their units rented or trying to flip their units for a hefty profit. The black arrows are starting to point downward on these rentals but they still seem a bit high given the fact the amenities are still not finished such as swimming pool and exercise area. This should be quite interesting as other units in the building are completed and buyers rush to flip and rent.More down arrows should follow in this building full of investors. Those who bought will now have to bother with pesky open houses and potential transient renters roaming the lobby and halls for quite a while
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Response by anonymous
about 19 years ago
Posts: 8501
Member since: Feb 2006
the problem is Tribeca is still a "buyers" neighborhood, and becoming more so everyday, as the family nature of the 'hood increases.
The apartments that are trying to be rented are 1-BR and studios which there isnt much of a demand for down here . . . I think as the upper floors (2BR/3BR) close you will see a different picture.
Also interesting to note that 15 Broad experienced the same phenomenon. I woonder how that building is faring these days.
Finally -- management has a provision in the contract against flipping which is why there are more rentals on the market. They may start to enact that provision and limit the resales until all units are closed on . . .
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Response by anonymous
almost 19 years ago
Posts: 8501
Member since: Feb 2006
I don't see the attraction to Tribeca. Condo growth without same proportionate growth in amenities. Used to live in Tribeca, left feb 2001. it is a different world (though true for most parts of NYC).
the problem is Tribeca is still a "buyers" neighborhood, and becoming more so everyday, as the family nature of the 'hood increases.
The apartments that are trying to be rented are 1-BR and studios which there isnt much of a demand for down here . . . I think as the upper floors (2BR/3BR) close you will see a different picture.
Also interesting to note that 15 Broad experienced the same phenomenon. I woonder how that building is faring these days.
Finally -- management has a provision in the contract against flipping which is why there are more rentals on the market. They may start to enact that provision and limit the resales until all units are closed on . . .
I don't see the attraction to Tribeca. Condo growth without same proportionate growth in amenities. Used to live in Tribeca, left feb 2001. it is a different world (though true for most parts of NYC).