Has Convertible Units, Amenities that Reflect What Market Wants
Compiled by Linda Collins
Brooklyn Daily Eagle
WILLIAMSBURG — Reflecting a trend in the current economy, a new 30-unit residential building opening in Williamsburg will be a rental building, according to David Maundrell, president of aptsandlofts.com, who is handling the leasing.
The building, at 924 Metropolitan Ave., between Catherine and Olive streets, is the first Williamsburg project for developer David Schwartz of Rush Brook Partners, who has previously developed mixed-use residential buildings in other parts of the borough.
“We think Williamsburg is an amazing market and only getting better,” said Schwartz. “Imagine what it will be like in 10 or 20 years. Every day there are new stores, restaurants and bars. We really think it is comparable to the East Village and the Lower East Side.”
Schwartz said he chose aptsandlofts.com because of their experience with rental buildings “They know what people are looking for and how to provide input about design that reflects what the market wants,” he said.
Maundrell, president, and Alex Saltalamacchia, director of leasing, worked with Schwartz, his partners and his architect, Kutnicki Bernstein, as the building was being planned.
“We spent a lot of time analyzing our successful rental buildings and looking at design elements we think the Williamsburg market is looking for,” said Maundrell. “Renters want to know what you are offering them right now and for the next one to two years. This is a different mentality than condo buyers, who will speculate on a neighborhood and its future or invest additional dollars into an apartment after they close.”
Maundrell believes that when designing a rental building, “you need to know the differences between the two market segments.
“We’ve done things here at 924 Metropolitan that we’d never consider in a condo,” he said.
For example, the five-story building’s 30 units are a mix of one- and two-bedroom apartments but some of the two-bedrooms are convertible to three.
“And six of the larger apartments on the upper floors feature a 300-square-foot private terrace, which makes them particularly attractive,” he said.
Other amenities include a common, landscaped open roof area; a gym, storage and laundry rooms; and parking on site.
The one-bedroom apartments average 600 square feet and will rent for $2,000 a month; the largest two-bedroom apartment is 800 square feet and will rent for $3,200 a month.
Said Schwartz, who acquired the property in 2006 for $2.8 million, “Although this building was designed as a rental, we didn’t compromise on the finishes and design. Its design is modern but fits into the neighborhood.”
© Brooklyn Daily Eagle 2008
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