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Renting in Brooklyn Heights? Try $14,000/ month for 2,800 square feet

36 Orange Street is up for rent. Eagle photo

Brooklyn Daily Eagle

A Brooklyn Heights townhouse at 36 Orange Street is up for rent for $14,000 a month, Brownstoner reports.

While the four-story, 2,840 square foot townhouse -- represented by Terry Naini, Senior Vice President at Town Residential -- is a beautiful four-bedroom (with a garage and wood-burning fireplace) in a great location, Brownstoner asks the question, "Do you think $14,000 a month is realistic as far as the high-end rental market goes?"

Some fancy math reveals the renter would be laying out $168,000 a year. While high, this amount is not unheard of in Brooklyn's higher-priced neighborhoods. A house at 11 Cranberry Street, for example, is listed at Corcoran for for $22,000. (Yes, a month.)

A house on 7th Avenue and Lincoln Place in Park Slope, according to Trulia.com, is also asking $14,000 a month. (Note to renters: seven fireplaces.)

 Town Residential

A four-bedroom at 102 Pierrepont Street in Brooklyn Heights is renting for $8,250 a month, according to Zillow.com. And last year a three-bedroom apartment in The Brooklyner in Downtown Brooklyn rented for $6,300, Curbed reports.

As any real estate agent will tell you, it's all about location. Houses can be rented in less expensive Brooklyn neighborhoods for under $3,000 a month -- on Avenue K, on Nostrand Avenue, on Jefferson and on Broadway, according to Zillow.

According to Bloomberg.com, New York City is undergoing a “record demand” for rentals as would-be homebuyers struggle to get mortgages from banks with stricter credit standards.

“One of the key drivers of the rental market, whether Brooklyn or nationally, has been tight credit,” Jonathan Miller, president of appraiser Miller Samuel Inc. told Bloomberg.com.

 Kevin Jones

Even the rent for everyday apartments is going up in Brooklyn. Brokerage MNS told Bloomberg.com that the average rent for two-bedroom apartments was $3,083 in August, up from  $2,824 a year earlier.

By comparison, in 1942 the Brooklyn Daily Eagle ran an ad for a "charming two-room garden apartment with a fireplace" at 36 Orange Street. The rent at that time was $65.

January 9, 2013 - 1:47pm


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