2016 SPRING - MySpace NYC

MYSPACE NYC
2016 SPRING
RESIDENTIAL RENTAL REPORT
FIND YOUR BROOKLYN™
MYSPACENYC.COM | 800.416.5070
ABOUT MYSPACE NYC
With nearly 2.6 million residents, Brooklyn is NYC’s most
populous borough, a vast and diverse world of its own full of
global culture, food, fashion and entertainment. MySpace NYC is
a firm that is has become the go-to boutique brokerage for all
things Brooklyn. Its 5 offices are located throughout the
borough giving MySpace real time access to block by block
trends and pricing.
Dubbed 'small but mighty' in Buzzfeed's article titled "11 Ways To
Actually Find An Apartment In NYC," MySpace NYC is staffed by
over 100 agents and managers who serve as neighborhood
specialists, ensuring that MySpace's apartment list is always
curated with apartments to fit every customer's' needs at market
reflective pricing.
FIND YOUR
BROOKLYN™
ABOUT THE REPORT
Shawn Mullahy & Michelle Monko, Managing Partners of MySpace
NYC are pleased to present the 2016 MySpace NYC Residential
Rental Report. Both long term Brooklyn residents and industry
professionals with combined 20 years experience, Mullahy and
Monko oversaw the research and analysis of all publically
available data as of 4/27/2016. Data Sources may include but
are not limited to Street Easy, Naked Apartments, OLR, &
MySpace NYC Internals.
ABOUT THE AUTHORS
MICHELLE MONKO
Michelle serves as one of two Managing Partners
for MySpace NYC, a role she takes on after
serving as the firm's CEO for the past
year. Entering her 5th summer season with the
company, Michelle Monko directs all residential
business development on behalf of the
firm. With over 10 years working in outer
borough real estate, Michelle brings tremendous
experience and deep rooted contacts to the
Brooklyn real estate community. Her market
knowledge is unmatched.
SHAWN MULLAHY
Shawn serves as one of the two Managing
Partners and as Primary Broker for MySpace
NYC. Shawn is the 2015 recipient of the CoStar Power Broker Award for the Long Island,
Queens, and Brooklyn Market. Prior to joining
MySpace NYC Shawn worked as an asset
manager for SG2 Properties in Manhattan and
for a family office out of Riverdale. Shawn is a
long time resident of Brooklyn and has pushed
for expansion of MySpace's service lines into
retail leasing and sales, and is directing the
firm's integration with REBNY.
e | michelle@myspacenyc.com
e | smullahy@myspacenyc.com
m | 917.589.2113
m | 347.268.8605
BUSHWICK
Bushwick, a once-stark industrial district
turned daring art and fashion frontier, is
home to numerous new venues, classic
dive bars and adventurous restaurants.
This area bears the type of endearing grit and
unfiltered character that draws so many to New York
in the first place. The neighborhood’s layout offers
several main boulevards at minimal distance, each
stocked with multiple bodegas, grocery stores, coffee
shops and laundromats.
“Over the past year we have seen a tremendous amount of inventory hitting
the Bushwick market, both in the form of ground up amenity-filled
development and rehabbed 4-6 families. We believe that the area of SW
Bushwick along Broadway and Bushwick Avenues is primed for remarkable
growth as that part of the neighborhood is bringing in projects of huge scale,
There has been an outsized influx of 3 and 4 bedroom apartments, which it one
time seemed catered to the young and transient renters of Bushwick, however,
it remains to be seen how the market absorbs this new inventory and the
extent of this demand.”
SHAWN MULLAHY & MICHELLE MONKO – MANAGING PARTNERS
LISTED INVENTORY
15.24%
10.37%
1 BED
2 BEDS
26.58%
3 BEDS
4 BEDS
47.81%
UNITS
LOW PRICE
HIGH PRICE
AVG. PRICE
1 BED
$1,600.00
$3,500.00
$2,239.89
2 BEDS
$1,800.00
$3,500.00
$2,414.20
3 BEDS
$1,950.00
$4,550.00
$2,956.91
4 BEDS
$2,490.00
$5,000.00
$3,651.15
NOTABLE NEW DEVELOPEMENT
865 WILLOUGHBY
2 BED: 24 UNITS (70.59%)
3 BED: 10 UNITS (29.41%)
Located at 105 Central Avenue, our Bushwick office is
our second oldest branch and is currently home to
40 agents handling over 1000 rentals per year.
UNITS
LOW PRICE
HIGH PRICE
AVG. PRICE
2 BED
$2,450.00
$2,850.00
$2,544.00
3 BED
$3,191.00
$3,700.00
$3,191.00
CROWN HEIGHTS
With its tree-lined streets and storied
brownstones, Crown Heights is classic
Brooklyn—a quaint, diverse neighborhood
popular amongst new families, artists and
young professionals alike.
In addition to its prominent culinary and entertainment
scenes, the area is also home to some of the borough’s
top museums and natural sanctuaries including the
Brooklyn Museum, Children’s Museum, Central Library
and the Brooklyn Botanical Gardens.
“Crown Heights has seen an enormous amount of condo stock hitting the
market as the neighborhood has become a very attractive option for those
priced out of Park Slope and Prospect Heights. The rental market continues to
expand as amenity filled large projects are all expected to hit in 2016. 505 St.
Mark's is a 147 unit ground up development that is the first project of its scale
to hit the neighborhood and will be a good barometer for the neighborhood's
appetite for luxury rentals.”
SHAWN MULLAHY & MICHELLE MONKO – MANAGING PARTNERS
LISTED INVENTORY
7.46%
1 BED
25.16%
2 BEDS
28.14%
3 BEDS
4 BEDS
39.23%
UNITS
LOW PRICE
HIGH PRICE
AVG. PRICE
1 BED
$1,300.00
$3,100.00
$2,007.70
2 BEDS
$1,500.00
$4,750.00
$2,570.53
3 BEDS
$1,800.00
$5,550.00
$3,045.15
4 BEDS
$2,400.00
$7,385.00
$3,738.86
NOTABLE NEW DEVELOPEMENT
505 SAINT MARK’S
1 BED: 86 UNITS (59%)
2 BED: 61 UNITS (41.50%)
MySpace NYC’s first successful branch office.
Located on bustling Franklin Avenue. Responsible for
leasing over 5000 apartments throughout Crown
Heights.
UNITS
LOW PRICE
HIGH PRICE
AVG. PRICE
1 BED
$2,600.00
$2,800.00
$2,700.00
2 BED
$3,600.00
$3,800.00
$3,700.00
GREENPOINT
In Northern Brooklyn lies Greenpoint, a
welcoming neighborhood where art lives
and trends are born. The area has an
intriguing mix of old and new businesses
that appeal to a range of interests.
You’re likely to discover mouth-watering Polish cuisine, as
the neighborhood still holds on to its roots. Nested
between the East River and Newton Creek, you’ll have a
postcard view of the Manhattan skyline.
“In many ways this still a parochial market, many listings are still by owner ,
referral, or word of mouth only, but the neighborhood remains very desirable
by our renters as it seems inventory does not keep up with demand. Places
once considered too far off the beaten path or too far from the improving G
line(i.e. Franklin Street corridor) have become red-hot as customers and
renters seek out a lifestyle similar to Green Point's North Brooklyn neighbor,
Williamsburg, but with a speed and style very much all its own.”
SHAWN MULLAHY & MICHELLE MONKO – MANAGING PARTNERS
LISTED INVENTORY
15.60%
1 BED
41.28%
2 BEDS
3 BEDS
43.12%
UNITS
LOW PRICE
HIGH PRICE
AVG. PRICE
1 BED
$1,600.00
$5,000.00
$2,584.34
2 BEDS
$2,149.00
$6,000.00
$3,295.39
3 BEDS
$2,750.00
$5,950.00
$3,922.82
NOTABLE NEW DEVELOPEMENT
33 EAGLE STREET
LEARN MORE AT:
Located in north Williamsburg, this office specialized
in luxury rentals. Servicing Williamsburg, Greenpoint
and Long Island City
http://www.33eaglestr
eetapts.com/
LEFFERTS GARDENS
Prospect Lefferts Gardens has often been
referred to by Brooklynites as “Brooklyn’s
best-kept secret.” Known more commonly
as Lefferts Gardens, the area is one of the
fastest-growing neighborhoods in all of
Brooklyn.
Vibrant and diverse, Lefferts Gardens offers a full array of
neighborhood delights, with charming ma-and-pa shops,
gourmet dining, and fun nightlife — right outside your
door. The area reveals some of the city’s best example of
architecture, offering housing in a stunning historic
district.
“We remain extremely bullish on Lefferts as renters desire to reside close to
the Park at accessible prices remains high. The neighborhoods transportation
options are broad and pre-war apartment layouts provide space for
affordability. Hudson's 262 unit project on Flatbush Avenue could prove to be
a driving force on the neighborhood's transformation for the next 10 years.”
SHAWN MULLAHY & MICHELLE MONKO – MANAGING PARTNERS
LISTED INVENTORY
11.01%
28.93%
1 BED
2 BEDS
19.81%
3 BEDS
40.25%
4 BEDS
UNITS
LOW PRICE
HIGH PRICE
AVG. PRICE
1 BED
$1,300.00
$2,585.00
$1,677.14
2 BEDS
$1,595.00
$4,015.00
$2,219.52
3 BEDS
$1,850.00
$3,600.00
$2,634.89
4 BEDS
$1,695.00
$4,500.00
$3,157.11
NOTABLE NEW DEVELOPEMENT
626 FLATBUSH
LEARN MORE AT:
Only one year old and 20 agents strong with 400
apartments rented. Located in the heart of Flatbush
and Lefferts Gardens, This office is servicing Lefferts
Gardens, Flatbush, and Ditmas Park neighborhoods.
http://hudsoninc.com/
626-flatbush-avenue/
WILLIAMSBURG
Williamsburg, the once industrial area, has
become Brooklyn’s most popular and
culturally vibrant neighborhoods.
Exploring the community, from the East
River to Bushwick Avenue, you’ll think the
air is filled with creativity.
From street art to hip bars, Williamsburg allows you to
discover the thriving art and music scene, great
restaurants, unique shops and much more. In addition to
its famous shops, an influx of upscale dance clubs and
hotels continues to broaden the neighborhood’s
character.
“A juggernaut. The neighborhood has something for everyone. Unique new
development by the water in Douglaston's 1 N. 4th and Jacob Toll's the Lewis
Steel Building have added immense luxury rental inventory that is pulling
previous Manhattan-only renters, while South Williamsburg continues to offer
the funky, cool artist-friendly living that put Williamsburg on the map. We
have seen no slow down in the neighborhood's desirability and the
pending/rumored L train shutdown has not cooled off interest but rather only
shifted some eyeballs South to view projects closer to the J train.”
SHAWN MULLAHY & MICHELLE MONKO – MANAGING PARTNERS
LISTED INVENTORY
4.97%
1 BED
15.78%
40.82%
2 BEDS
3 BEDS
4 BEDS
38.42%
UNITS
LOW PRICE
HIGH PRICE
AVG. PRICE
1 BED
$1,650.00
$5,400.00
$2,695.00
2 BEDS
$1,899.00
$9,000.00
$3,180.60
3 BEDS
$2,600.00
$10,200.00
$4,181.96
4 BEDS
$3,200.00
$6,800.00
$5,328.93
NOTABLE NEW DEVELOPEMENT
LEWIS STEEL BUILDING
1, 2, AND 3 BEDROOM
RENTALS LOCATED IN
76 NORTH 4TH STREET
Located at 295 Broadway, our Williamsburg office is
our first branch and main office. MySpace NYC
headquarters is also home to our training center.
http://www.lewissteelb
uilding.com/
BEDFORD-STUYVESANT
Bedford-Stuyvesant, famously known as
Bed-Stuy, is located in central Brooklyn
just next door to vibrant Williamsburg.
This neighborhood’s streets fuse generations-old BedStuy residents with hip newcomers. Bed-Stuy prides itself
with its beautiful brownstones and unkempt storefronts.
Despite having a bad reputation, Bed-Stuy’s tight-knit
community tries to improve the neighborhood by
renovating bars, cafés and increase the existence of
locally-owned businesses.
“2014 and 2015 were the years of huge activity in Bed-Stuy. We saw significant
new inventory-primarily in the form of gut renovated buildings with high end
finishes. Many lay-outs were of the 3 and 4 bedrooms variety creating for a
specialized supply that didn't match demand. It remains to be seen how the
neighborhood and market will absorb this stock this summer as many of those
apartments turn for the first time without the initial promotional rents.”
SHAWN MULLAHY & MICHELLE MONKO – MANAGING PARTNERS
LISTED INVENTORY
10.02%
27.20%
1 BED
2 BEDS
3 BEDS
29.24%
33.54%
4 BEDS
UNITS
LOW PRICE
HIGH PRICE
AVG. PRICE
1 BED
$1,450.00
$2,600.00
$2,150.71
2 BEDS
$1,675.00
$4,300.00
$2,474.88
3 BEDS
$1,900.00
$4,650.00
$2,925.80
4 BEDS
$2,800.00
$7,846.00
$3,906.67
NOTABLE NEW DEVELOPEMENT
265 NOSTRAND AVE
LEARN MORE AT:
www.nytimes.com
Over the past 7 years MySpace NYC has made its
name as Brooklyn's most prolific real estate rental
agency. Our team of dedicated professionals
spanning throughout Brooklyn ensures that projects
are listed at up-to-the-minute market rates,
advertised across all appropriate platforms and
leased to qualified tenants. As a Brooklyn born and
based firm MySpace and its team are supremely
qualified to help bring success to your next project.
We’ve rented over
10,000 apartments
and placed over
30,000 tenants
in new homes.
GREENPOINT:
713 Lorimer Street | 718.564.6300
BUSHWICK:
105 Central Avenue | 347.533.7777
CROWN HEIGHTS:
722 Franklin Avenue | 718.399.3444
LEFFERTS GARDENS /
FLATBUSH:
661 Flatbush Avenue | 718.408.8881
BEDFORD - STUYVESANT
600 landlords,
developers, and
property owners
throughout Brooklyn,
Queens,
and Manhattan.
Our clients consist of some of
the most
well know
and successful
developers, owners and
managers in New York
OUR NOTABLE PROJECTS
with over
and work
OUR CLIENTS
We represent
836 Bergen Street
180 Bainbridge Street
271 Metropolitan Avenue
Crown Heights, Brooklyn
Bedford-Stuyvesant, Brooklyn
Williamsburg, Brooklyn
One of Crown Heights’ first successful
luxury ground floor lease-ups. In less
than 8 months, 67 Units leased out at
market breaking rents.
An architectural gem; a school house
to luxury apartments conversion.
Full occupancy of 46 units in less
than 10 months.
The Marble Works Lofts.
Ground up development with full
occupancy of 25 units at above market
rents in less than 4 months.
865 Willoughby Avenue
96 De Sales /
105 Vanderveer
687 Driggs Avenue
Bushwick, Brooklyn
Beautiful 36 unit building. Fully rented
in less than 3 months
Bushwick, Brooklyn
A modern elevator building offering 35
spaciously designed units, in the heart
of hip Bushwick. Apartments leased
within 3 months.
Cayuga Capital
All Year
Management Management
Williamsburg, Brooklyn
Beautiful campus style living. Leased at
market breaking rents within one summer.
Boswyck Capital
Partners
The Mann
Group
Bushburg
ZT Realty
The Atkins and
Breskin Company
Over
100+ agents
from North
Brooklyn to
Prospect Park South and
beyond
OUR BEST
BASED ON THE PREVIOUS QUARTER’S PERFORMANCES.
ROBIN POLLISKY
DEVIN MARTIN
JON BARTON
MYLES ELLISON
ANDREW RUTH
CASSANDRA DELEON
YAHELI MOR
ALLEN RAZAM