Artisan Lofts in Tribeca: would you rent in this building?

http://newyork.craigslist.org/mnh/fee/1085659782.html is the current listing from craigslist. These guys started out at +9k / month, i think.

As for the building, no idea, but at 7k / month i doubt the owner is covering his mortgage, much less any common / maintenance. (~2.5mm * 75% * 5% / 12 = 7800; plus maintenance of ~1500. -- very quick and dirty math, but you get the idea.

Thanks k2k2k2. That is interesting.

I've been following tribeca rental prices for a few months now and 7K a month is cheap for this size 2br/bath full service condo.

101 Warren was a good case study because it had so many units available for rent. These were all condos that came onto the market as soon as closings started. A lot of the 1600/1700 sqft 2brs came on the market at around the 12K price point but the prices dropped rapidly to what appeared to be the sweet spot of 8k to 9K a month. These have mostly rented as per streeteasy.

Unless the rental pool of people with 8k a month to spend on 2br/2ba apt has dried up since a few days ago then this 7k one (other issues such as unfinished building etc. notwithstanding) seems to be well priced.

divvie -- i think the difference is in the state of the building. i looked at this rental in the artisan 2 months ago. At that time, you had to enter via chambers (rather than the main entrance on reade). Further, the building hadn't completed any of its amenities (gym, roof, etc...). Frankly, it wasn't apples - to - apples next to 101 warren (i looked there too).

As for the unit itself, it didn't make sense to me. There was no living room, and they'd made the master br smaller in some crazy scheme to convert it to a 3br or something...

My advice, divvie -- go take a look. I'd be interested to know your thoughts. As for me, even at 7k / month, it wasn't worth it to me.

er, I don't know what you're talking about k2, I saw the unit also, very recently (I assume it's the same one - only one for rent there I think), and it's a 2 bedroom/2baths. The master is very large with 2 exposures and a window in the bathroom. the living has to be like 30 feet long...We want access to the school - and it's one of the units on our list.

nyny -- go for it!! I think i looked at a "B" line, but can't remember. There was definately no living room though. But check the tribeca tribune for the latest on the school. Living here is no guarantee that you'll have an in to PS 234. See this link: http://www.tribecatrib.com/news/2009/march/128_school-rejections-shock-parents.html

Good luck out there.

Yep, I've been warning ppl about the new feeder school at the tweed building fir a while now. Zoning has yetvto be decided so they did a ridiculous lottery because they wanted economic dive when all three schools serve areas that are pretty homogeneous anyway. In fact fir families in independence plaza who arguably have lower incomes than much of TriBeCa they would have been better served to have been picked for ps234 due to proximity. That would have achieved the diversity the doe wanted in ps234.

Having said that much of the success of ps234 is down to a phenomenol PTA and lots of parent involvement which, judging from the interviews with parents that chose the two newschools over ps234 and ps89 could be in store for those new schools.

It's just a shame that a misguided attempt at diversity means that some kids will not be in the same school as their neighbours and will likely need to be bussed when they live a block away from ps234.

btw. Zoning will be done the next year and will likely be based on proximity so families with kids that are 3or younger now or grade2 or above (less crowding in those years) will probably be ok if ps234 is critical fir them.