I took the photo at right on Adams Street near Fulton Street, near the Shake Shack.
Apparently this tower, which leased up fast when it opened in 2009 and was seen by the developer as testing the market for Atlantic Yards, is not immune to the glut of units in the area. (Forest City sold 49% of the building in 2011.)
To be sure, StreetEasy indicates that only 10 of the apartments (292 market-rate units, plus 73 low-income ones) are available, but a closer look suggests some price pressure.
Part of that may be the developer's own seeming strategy of raising asking rents in the summer, when more people move, and lowering them in the winter, when fewer seek to sign leases. But surely another part is the current competition.
Yesterday, I look at a few units.
One bedroom, 11-a
As of last May, the developer sought $2,875, then upped the asking rent to $3,250 and $3,495. Now the ask is back to $2,830.
One bedroom, 23-j
As of July 2014, it was listed at $3,033, and then presumably was rented for a year, because it was listed at $3,225 in September 2015. That ask has fluctuated:down, then up, then down to $2,995, which is below the rent achieved two-and-a-half years ago.
Two bedroom, 28-f
Listed at $4,500 in March 2014, it came back on the market two years later, listed at $5,450 in June 2016. That ask has steadily dropped, and is now $4,695, not far off the rent nearly three years ago.
One bedroom, 28-k
This was listed at $3,350 last March, went down all the way to $2,750 a month later, went up to $3,450, and was last priced in September at $3,250, when presumably it was rented.