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building at 112 Greenpoint Avenue

Started by dirtyrotten
almost 17 years ago
Posts: 27
Member since: Jul 2009
Discussion about 112 Greenpoint Avenue in Greenpoint
I checked out the open house at this building a few weeks ago. At that time they only had units listed for sale. And just this week, 8 units are listed as available for rent. This is a 10 unit condo building but it looks like they're having problems trying to sell it. And based on their asking prices, I can understand why. But what does converting to rentals mean for prospective buyers? During the open house, one of main points the sales guys were making is that the sponsor is very respectable, that they have had no complaints in any of their other buildings. It is even mentioned in the sales packet. If someone buys and many of the other available units turn into rentals, does that lower the property value?
Response by sledgehammer
almost 17 years ago
Posts: 899
Member since: Mar 2009

There are plenty of 2 bedrooms for rent between $1600/$1800 in Greenpoint so i suppose this developer is gonna have a hard time renting his 1 bedroom's for over $2G's.

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Response by dirtyrotten
almost 17 years ago
Posts: 27
Member since: Jul 2009

This building is in a nice area. Too bad the only train there is the G. The sponsor is asking for too much for these units. And now they are renting the units at outrageous prices out as well. If the units are rented out, who would want to buy any of the other units? And if the developer decides to sell after the lease is up, no one in their right mind would want to pay a "new condo" price for a condo that's been occupied. I'm confused on why they would do something like this.

I'd lower the asking prices now and they would at least cut their losses. Renting them out will pretty much automatically lower their values anyway and it'll probably take some time to get all of the units rented out to cover their mortgage. If they're lucky.

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