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Ebbets Field Apartments get a make over — Brooklynian

Ebbets Field Apartments get a make over

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  • whynot_31
    whynot_31
    edited February 2016

    Here is a listing for one of the renovated apartments


  • whynot_31
    whynot_31

    The adjacent playground is getting a make over and renovation.

    11048733_1097878513566278_7358380645258342893_n

  • pragmaticguy
    pragmaticguy
    If they do one apartment at a time it should only take a decade or two to get the place looking nice.
  • whynot_31
    whynot_31
    edited February 2016

    The apartments are rent stabilized, so it makes financial sense for the landlord to wait until units are vacant before renovating them.

    It wouldn't surprise me if they offered $ to the tenants of units on the high floors to move to lower floors.

    ...in theory, this could allow the entire top floor to cater to those able to pay for renovated units and nice views.. 

  • mugofmead111
    mugofmead111
    whynot_31 said:

    The apartments are rent stabilized, so it makes financial sense for the landlord to wait until units are vacant before renovating them.

    It wouldn't surprise me if they offered $ to the tenants of units on the high floors to move to lower floors.

    ...in theory, this could allow the entire top floor to cater to those able to pay for renovated units and nice views.. 

    If they're going to do that, hopefully the offer won't be a lowball one. :) 

    The views to the east and to the south are the least obstructed. The view to the north and from some units that face east will have Tivoli Tower included in their view (and whatever else gets developed in that general northeastern direction). 
  • mugofmead111
    mugofmead111
    whynot_31 said:

    The adjacent playground is getting a make over and renovation.

    11048733_1097878513566278_7358380645258342893_n

    I think this playground was already renovated twice since the 90s. 
  • whynot_31
    whynot_31
    edited February 2016

    I can't say I have used the swings lately, but the playground appears to be in a state of good repair now.

  • mugofmead111
    mugofmead111
    The maintenance office was relocated last week into a newly renovated space within the complex.

    The management office was renovated within the past two years.


  • whynot_31
    whynot_31
    edited February 2016

    Unit 10B was listed 6 days ago on Trulia


    http://www.trulia.com/rental/3224450886-220-Montgomery-St-10B-Brooklyn-NY-11225

    Gut Renovated 2 Brm in EBBETS FIELD BUILDING COMPLEX *THIS IS A BIG BUILDING Everything is Brand New Amazing OPEN KITCHEN LAYOUT $1850 Including Heat, Hot Water, Gas and Electric (Excludes Air Conditioner) Stainless Steel Appliances Granite Counter Top Laundry Room in Building Parking Available Montgomery Street at Bedford Avenue First Month, Security and Brokers Fee to Move In ACTUAL PICTURES OF THE UNIT            

    Information last updated on 02/23/2016 12:00 AM

      • Price: $1,850
      • 2 Bedrooms
      • 1 full Bathroom
      • Multi-Family
      • Status: For Rent
      • Parking: Garage Attached
      • Neighborhood: Crown Heights
      • Zip: 11225
      • Provided By: Abba Realty Associates Inc
      • 700 sqft



    Brooklyn-Crown_Heights_Ebbets_Field_Apartments
  • mugofmead111
    mugofmead111
    That unit faces north. Some of the Medgar Evers buildings are visible in those photos.
  • whynot_31
    whynot_31

    Yup.   And, because it is a 2 BR, it wouldn't surprise me if it was rented by 2 young people who were willing to split the rent.

    They could each pay $925.

    ...which is quite affordable by local standards.

     

  • ehgee
    ehgee
    Stabilized, too, I assume?
  • whynot_31
    whynot_31
    Yup.    ....which (in my view) makes the units even more attractive.   
  • whynot_31
    whynot_31
    edited March 2016
    Tonight, the president of the tenants association (Beverly Newsome) stated that 32% of the units are being charged a preferential rent.

    image
    image
  • mugofmead111
    mugofmead111
    I wonder how many of those tenants were aware of the unit's previous rental history before agreeing to pay preferential rent. (I still don't understand the advantages for a renter to agree to preferential rent.) 
  • whynot_31
    whynot_31

    A preferential rent is cheaper for the tenant than the landlord could legally charge.  

    For example, the landlord did a lot of MCIs on the property, but decided not to pass on the costs to the tenants in the form of increases, but did complete all of the documentation required to legally increase the rent.

    Hence, the gap on the lease between the rent being charged and the amount that COULD be charged grows.

    ...but in the meantime, the present renter does not have to pay this full amount.


    Once the present tenant moves out, the landlord often charges the new tenant the max legal amount.    

  • mcpoet
    mcpoet
    Also, my understanding is that a preferential rent can be withdrawn at any time unless it's specifically written into the lease that the preferential rent is in effect for the duration of the lease.
  • whynot_31
    whynot_31
    edited March 2016

    That is not my understanding.   My understanding is that lease is valid for its duration, but a landlord can increase the rent when the lease is renewed (aka "during their tenancy"). 

    http://www.nyshcr.org/Rent/factsheets/orafac40.pdf

  • mugofmead111
    mugofmead111
    whynot_31 said:

    A preferential rent is cheaper for the tenant than the landlord could legally charge.  

    For example, the landlord did a lot of MCIs on the property, but decided not to pass on the costs to the tenants in the form of increases, but did complete all of the documentation required to legally increase the rent.

    Hence, the gap on the lease between the rent being charged and the amount that COULD be charged grows.

    ...but in the meantime, the present renter does not have to pay this full amount.


    Once the present tenant moves out, the landlord often charges the new tenant the max legal amount.    

    It still sounds like a deal that can go sour. What if this tenant were to stay and renew the lease? 
  • whynot_31
    whynot_31
    edited March 2016

    If they maintain tenancy, and the lease states that the Pref Rent can't be raised during their tenancy, then there would be no increase in costs to the tenant at the time of lease renewal


     

  • mugofmead111
    mugofmead111
    whynot_31 said:

    Yup.   And, because it is a 2 BR, it wouldn't surprise me if it was rented by 2 young people who were willing to split the rent.

    They could each pay $925.

    ...which is quite affordable by local standards.

     

    According to Trulia:
    Ideal income for this property is at least
    $66,600 ANNUALLY

    Interesting. 
  • pragmaticguy
    pragmaticguy
    Well, if you figure between state, city and federal tax a total of 14% and 7.5% social security that takes away about $14,000 leaving roughly 52K. So, if yearly rent is a tad over 22K that's 40% of income. Just about the proportionate amount of income that should go to rent or mortgage.
  • whynot_31
    whynot_31
    edited March 2016

    Many of the people at the meeting appeared over 65, and a significant amount of time was spent discussing the quality of the food provided by the City Harvest food pantry.

     ...which makes me believe they are trying to make ends meet on less than $25,000 annually.

    About $3k more than the renovated apartment is seeking in rent... 

  • mugofmead111
    mugofmead111
    edited March 2016
    pragmaticguy said:
    Well, if you figure between state, city and federal tax a total of 14% and 7.5% social security that takes away about $14,000 leaving roughly 52K. So, if yearly rent is a tad over 22K that's 40% of income. Just about the proportionate amount of income that should go to rent or mortgage.
    $22K is for the entire unit. If the rent is split between two people, how would that impact the calculations?

  • pragmaticguy
    pragmaticguy
    They might be in a lower tax bracket and be able to earn less though I figured a nominal rate of 10% federal and about 4% city and state combined. It's what the landlord will accept as well. I have a client who owns a building on Eastern Pkwy and I knew a guy who was looking to rent around there. He made nearly 60K and the apartment was going for $2200. Landlord told me it wasn't enough even though I'm sure he would have paid the rent.
  • whynot_31
    whynot_31
    edited March 2016

    Each building in the complex might get its own advertising.   

    Here's the listings for 1720 Bedford, which has about 10 units available;    http://www.apartments.com/ebbetts-field-brooklyn-ny/xge34sq/ 

  • mugofmead111
    mugofmead111
    edited March 2016
    By the way, I heard that NY Post article is essentially a puff piece - an attempt to drum up advertising. 

    If the majority of the units are stabilized, how are there only one-year leases available? I thought stabilized leases lasted either one or two years.
  • whynot_31
    whynot_31
    edited March 2016

    I believe all of the units remain stabilized, not the "majority".  

    ...let me know if you see a unit advertised from more than the RS cap, $2700. 

    Yes, tenants should be able to get a 2 year lease.
     http://www.nycrgb.org/html/resources/faq/decontrol.html

  • mugofmead111
    mugofmead111
    edited March 2016
    whynot_31 said:

    Each building in the complex might get its own advertising.   

    Here's the listings for 1720 Bedford, which has about 10 units available;    http://www.apartments.com/ebbetts-field-brooklyn-ny/xge34sq/ 

    By the way, the Bedford Avenue side of the complex faces the area where Carey Gabay was shot last year. 
  • whynot_31
    whynot_31
    edited March 2016
    What is the address of the building that faces Prospect Park?    ...the units in that building might go for more $ as a result of the views.
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