Friday, September 23, 2016

In 461 Dean market-rate rollout, units start at $2,450, not far off "affordable" rent; where are the kitchens?

The New York Post on 9/22/16 published Everything you need to know about NYC’s best new buildings and, guess what, 461 Dean is among them:
The 32-story 461 Dean — billed as the world’s tallest modular building — will launch leasing in October. The property, located at 461 Dean St. at the edge of Prospect Heights, forms just one part of the 15-building 22-acre Pacific Park Brooklyn megadevelopment. The SHoP Architects-designed structure will fit 363 rental homes, 182 of which are priced at market rate from the mid-$2,000s to the high $4,000s per month. The remainder are reserved for low- or middle-income tenants. No matter the income level, all apartments have washer/dryers, stainless-steel kitchen appliances, custom lacquered cabinetry and quartz counters. The amenity package fits a fitness room with yoga/dance studio, a game room with billiards and video games, an art studio and a roof lounge with a catering kitchen.

Yes, all the units come with washers and dryers, and the two-bedroom units have two bathrooms.

However, no units, as shown in the layouts at bottom and at right, have separate kitchens. Odd.

Of course, while the building is touted as the "tallest modular building in the world," no mention is made of some serious hiccups on the way.

Monthly rents

The web site is now live, as shown in the screenshot up top, and it indicates the following starting rental prices, as below right:
  • studios, $2,450
  • 1BR,     $3,125
  • 2BR,     $4,750
For the smaller units, at least, that's not far off the most expensive affordable units, as shown in the screenshot below:
  • studios, $1,996
  • 1BR,     $2,504
  • 2BR,     $3,012
That means a market-rate studio is 22.7% more than the most expensive affordable one.

Consider that the 461 Dean web site requests that interested parties email for "current incentives," which indicates that, in today's somewhat clogged high-end rental market, there are mini-bargains to be had.

If a renter gets a free month, well, that brings the net effective rent for a studio over 13 months to $2,262 a month, which is 13.3% more than the affordable rent.

By the way, units at the all-affordable  535 Carlton are even closer to market, with the most expensive studios at $2,137.
Affordable rents at 461 Dean




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