chop chop chop

how many people is that for?

Its at 101 Warren

Do you have the link? What kind of apartment is it?

Don't forget to amortize in the broker's fee.

http://www.streeteasy.com/nyc/rental/399167-condo-101-warren-street-tribeca-new-york

Well, they're getting closer to market rates - just another $1,000 to go:

Apartments in TriBeCa:

$5,350 2-Bedroom at 88 Leonard Street
$5,600 2-Bedroom at 88 Leonard Street
$6,295 2-Bedroom at Tribeca Tower

All no-fee.

u gotta be kidding me.

88 Leonard as a comparison to 101 Warren?

Tribeca tower as a comparison to 101 Warren?

Not at all. Not in terms of residents, not in terms of the finishes. 88 Leonard is more like City Hall area than Tribeca. Tribeca Tower is an older building relative to brand new 101 Warren. 101 Warren has Whole Foods inside it.

In fact, 101 Warren, that particular apartment, at over 1200 sq. ft. has got to be bigger than a 2BR at these rental places.

gleeclub, no, it's no bigger, & people don't pay extra to rent things like that. That is the big misconception of the boom years: that granite countertops matter. They don't. Jade Jagger doesn't matter, Philippe Starck doesn't matter. It doesn't matter - it's a place to live.

FYI Tribeca Tower is brand new, and very nice, and rent stabilized.

People don't pay to rent with nice finishes? Are you joking?
Jade Jagger and Philippe Starck are just fads, their styles don't last long anyway. But to compare a building built for rental with a building built for serious ownership?
I'm happy to be a renter, but I'll take a new condo building any day vs. a rental building.

"I'll take a new condo building any day vs. a rental building."

Not all rental buildings are created equal. Related Rentals are very nice.

And yes, people don't pay to rent nice finishes. Let me rephrase: the won't pay a lot to rent nice finishes.

with a rental you know you can stay, assuming you can afford any rent increases, generally for the duration. with a condo you know that you are probably one to two years from another apartment, and you've most likely paid a broker's fee for the joy of temporary residence. when I'm renting, I want something nice, but I really don't care if it's that nice.

Plus rental buildings are geared toward renters. No hassle with amateur landlords.

What's amazing about 101 Warren is that it was touted as the equivalent of the 15 CPW of Tribeca. I remember speaking with Ed Minskoff, who was on site when the sales office was open, and he was telling me to combine two two bedrooms, and that he would work with me on the costs of the combination, because of how valuable and desirable the building would be when complete. He was at least smart enough to release all apartments, with prices, at the beginning because he saw the storm that was coming. I didn't buy because I didn't like the location, or living above so much retail space. I know for a fact that there are a large number of people who bought here just to flip, and since they can't sell, there is now a race to the bottom to rent. This is perhaps the best example I have seen of a building that was bought, pre-construction, by larger numbers of "flippers". Interestingly Minskoff had to build an adjacent rental building as part of the complex to get favorable tax treatment from the city. I wonder if we will see parity in rents between 101 Warren and the rental building before this is done.

I'll move on from the prior discussion of renting in a condo vs. in a rental building because I've stated my position and the others have stated theirs.

To address mh23, well, first, nice of you to be able to own a 4br apartment.
Then second, on your point of parity: 1BR in 89 Murray is $4100 / month and studios at $2800. I think both are relatively spacious compared to typical and have good light and layouts.

Nothing in 101 Warren is renting now for under $5500.

gleeclub,just trying to add a perspective. This is an anonymous blog, so for the sake of moving forward, assume I was making that up to make myself look better. Instead let me rephrase and say that, I heard what I wrote from a friend. Also, is your original listing a two bedroom, if so, I would think, based on your one bedroom and studio comps, that the numbers are pretty close.

"FYI Tribeca Tower is brand new, and very nice, and rent stabilized."

Comparing tribeca tower to 101 warren is not even close. Whether or not people will pay for the extra premium is a different issue, but I think it's fair to say that 101 warren is a newer building, newer finishes, w/d in the apts, better layout, larger layouts (I know for a fact that the largest 2 bdrm line in tribeca tower is barely 1100 sqft), and overall "nicer" apartments and building.

Probably the only rental building that compares to 101 is 10 barclay. There they have true 2 and 3 bdrm layouts. Not sure about the the lower floors, but when we look earlier in the year the only 2 bdrms they had left on the higher floors (25+) were 7K and up.

It was a 1200sqft 2br. And I couldn't find the sizes of Tribeca Tower, but if jsmith is correct that 2br is barely 1100, you've got a size advantage on 101 Warren, IF NOTHING ELSE. So I really think that the comparison that steve put forward was poor.

another chop chop chop

http://www.streeteasy.com/nyc/rental/436707-condo-70-little-west-st-battery-park-city-new-york

11/20/2008 Listed in StreetEasy by M Properties at $4,000
12/04/2008 Price decreased to $3,995
12/06/2008 Price decreased to $3,945
12/07/2008 Price decreased to $3,940
12/16/2008 Price decreased to $3,600
12/20/2008 Price decreased to $3,550

And no fee! Like anyone is paying fees anymore (except in that studio on Lex).

If I'm looking at the right link for the 101 Warren apartment, it's nowhere near 1200SF. 1000SF, maybe 1050SF at most.

"So I really think that the comparison that steve put forward was poor."

Steve just looks at nybits.com as the authoritative source and automatically assumes that all apartments are equally comparable. Remember in his mind, an apartment is just a place to live - all other qualities that most people also consider when choosing a place to live such as layout, size, location, floor, elevator, doorman, quality of appliances/finishes, view, amenities, amount of sunlight, school district, closet space, etc., etc., don't make a difference and shouldn't factor into your comparison.

"automatically assumes that all apartments are equally comparable."

No. I looked at the layouts.

Did this one finally rent, 40% down from the original listing?
12/21/2008
Price decreased to $6,500
01/14/2009
Price decreased to $6,000
02/06/2009
Elliman listing no longer available

Heres another one, down almost 50% after being on the market for a year!

http://www.streeteasy.com/nyc/rental/295417-condo-23-east-81st-street-upper-east-side-new-york

02/25/2008
Listed in StreetEasy by Elliman at $8,000
05/07/2008
Price increased to $10,000
05/30/2008
Price decreased to $8,000
06/16/2008
Price decreased to $7,000
06/17/2008
Price decreased to $6,500
10/17/2008
Price increased to $7,000
10/30/2008
Price decreased to $6,500
11/04/2008
Price decreased to $6,000
01/12/2009
Price decreased to $5,500
01/22/2009
Price decreased to $5,000
02/04/2009
Price decreased to $4,500

Actually, it was listed at $10k for a period of time so its down over 50%.