Great News...........On Downtown/Brooklyn Rental Scene!

too subtle for me...what do you mean great news?

Hard hitting journalism.

“The company has $6 billion in equity and very little debt.”

I guess $4.5 billion qualifies as "very little". http://finance.yahoo.com/q/bs?s=AVB

Hey Fayek if things are so great then

A- why did they just lower prices

B-why is there second tower in DT Brooklyn by Avalon not been started?

know what i am saying?

I don't see how renting less than 25% of their units in 4 months can be seen as success. It's not as bad as if it were 10%, but it can be spun as good news. Are you being sarcastic?

Samadams

If your read correctly 176 units leased and 108 occupied....at the Avalon these numbers are pretty impressive and positive!

Also I have had a great response to the rental listing I have posted on my page on Halstead where many units have already been leased in such a short period.

talking from my experience here!

great, so 176 more people just got removed from the buyer pool for the downtown brooklyn glut.

Congrats!

Not long now bf the $1 blow job. Fayek's view of the world - full employment for hookers.

Yeah!

Fayek I am just looking at the market and the market is saying the opposite of what Avalon says. They say Financing is a breeze for them and yet they cant get the second tower to break ground. They say they are renting fast and yet they just lowered prices? Sounds like sh%*& talking to me

I dont think that Avalon has a problem getting the 2nd tower off the ground, I just think they are being cautious, as any developer would be with such an enormous rental supply yet to be absorbed!

Fayek so there actions speak louder then there words? If things were as euphoric as they say that would be out of the ground by now. Come on man

The mkt is SO GRT!!!!!!, we are gonna wait till we can count on making money bf building it! Fayek is dumb.

From my experience in the D/B area, the response to the rental units were greater than anticipated. I know this without reading the above article!

I think you have to take the "great news" in context to the current real estate stagnation. The point is that units are getting rented at a not too disappointing rate. There are a lot of new buildings that are empty in Brooklyn and elsewhere, and the city salivating over the opportunity to turn the empty towers into low income housing. That does not appear to be the case for these buildings.

if that response is greater than anticipated that is only further proof that they overbuilt. taking over a year and a half to fill a rental building is not a great result, and there is no guarantee that it will even be filled in a year and a half.

Aboutready

I agree to the fact that Downtown Brooklyn is way overbuilt!

It is still positive news that 178 units have been leased at the Avalon and Bklyn Gold has been very successful as well.

The numbers show two things

1)In a market where people are unsure and afraid to buy, rentals usually do well.

2)Downtown/Brooklyn will benefit from the newcomers renting in the area.