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Boerum Hill’s Big Demand

July 28, 2014

Boerum Hill’s Big Demand

The historical neighborhood’s first luxury apartment building, The Bergen, is 90% leased in just two months and surpassed Naftali Group’s rental rate underwriting. (You know the adage: Those who rent in a historical neighborhood are doomed to repeat it, or at least tell their friends.)

Yesterday, Naftali Group’s Matthew Van Damm told us 50 people toured the 84-unit property on its first day of leasing in mid-May, a level of interest he hasn’t seen in a property in 12 years. (Only eight apartments remain.) The rents far surpassed Naftali’s expectations; it’s getting $2,400 to $3,000 for studios, $2,700 to $3,400 for one-bedrooms, and $3,800 to $5,200 for two-fers, the most expensive ones offering outdoor space.

 

Boerum Hill’s Big Demand

Most renters are in their 30s and 40s and come from close by: Boerum Hill, Cobble Hill, and Brooklyn Heights. These are people who can afford to live in any area of New York and choose this one, he says. They like the neighborhood with a bustling Atlantic Avenue and blossoming Fourth Avenue nearby and a two-block walk to the Barclays Center. The Bergen is just eight stories but still affords great views considering Boerum’s low-rise zoning. (That rule doesn’t apply to Nets centers.)