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Rental Report – March 2021
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Rental Report – January 2021
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“How’s the market?”Over the last 12 months I’ve been asked this question more times than I can count. From some fellow industry types it became a sort of gallows humor and way to lighten the mood. From our curious friends it was a way for them to ask if they were overpaying for their apartment. For my landlords though it has always been a question that strikes at the heart of their business and planning. “It’s getting better,” just doesn’t cut it as an answer anymore.
In this month’s issue we share our up to the minute data on price points and unit mixes across neighborhoods. We saw an amazing recovery occur in Williamsburg over the past 30 days as 50% of all available units were absorbed after months of sluggish leasing velocity.
Rather than getting bogged down in abstract data throughout this issue, we decided to do a deep dive on some of the boroughs’ most important projects. These “benchmark buildings” were selected for their respective scale, location and launch date. We present specific asking prices from 2019 and set them against pricing today. The results show us a clear and measurable rate of rent recovery.
As always we hope that you find yourselves more informed and ready to ask your broker the right questions to properly position your current vacancies, your renewal strategies and your underwriting efforts.
Best,
Shawn MullahyContact Us Brooklyn Breakdown
A snapshot of all currently advertised inventory in our core neighborhoods to help you understand how your units are positioned in the competitive landscape.Advertised Listings by Bedroom Count
Largest Shares of Advertised Listings in Brooklyn
Advertised Listings by Median Price
Green and red highlights indicate relative MoM median price increases and decreases, respectively.
Benchmark Buildings – Rent Recovery
The below collection of properties all represent transformational projects for their respective neighborhoods that pushed the existing market to new heights.We have reviewed multiple listing services and historical data to surface the effective rents offered across layouts at each project and set them against the most recently achieved rents at the properties. Our rental recovery meter gives a simple percentage for you to quickly understand the current state of the market.
Greenpoint, Brooklyn
Bushwick, Brooklyn
Bushwick, Brooklyn
Crown Heights, Brooklyn
Ridgewood, Queens
Williamsburg, Brooklyn
Downtown Brooklyn, Brooklyn
Prospect Heights, Brooklyn
Long Island City, Queens
Download Rental Report Ready to optimize your rental portfolio?
Contact Us View Previous Rental Reports
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Rental Report – April 2021
Dear Brooklyn Property Owners,As we move into the Spring season, the question we’ve been anticipating all year is upon us: What do we do with the quickly-expiring, heavily-discounted leases signed early in the pandemic?
Headlines and hearsay report a jumble of increases, drops, and plateaus across the borough. We’d all like to bet on the upswing, but should we?
Here at MySpace NYC, we’ve developed a suite of tools that leverage live market data to evaluate different renewal options. The outcomes are not always obvious. Additional variables like lease term, capital improvements, comparable supply, demand, and more, can have considerable impact on your bottom line.
That’s right; your broker is suggesting that you may want to renew leases, rather than list the units. Just as we recommended price drops and flexibility in response to last year’s conditions, we’re strategizing next moves based on what makes sense today.
We simply believe that providing the best service — maximizing your rental income — is always the right approach.
We look forward to partnering with you,
Sam TabakDirector of Business Development
Brooklyn Breakdown
A snapshot of all currently advertised inventory in our core neighborhoods to help you understand how your units are positioned in the competitive landscape.Advertised Listings by Bedroom Count
Largest Shares of Advertised Listings in Brooklyn
Advertised Listings by Median Price
Green and red highlights reflect month-over-month increase or decrease, respectively. Average increase: 0.5% Trends, Truths & Tools
Here we address your top questions and concerns with numbers and real-time insights.The Trend:
Encouraged by vaccine accessibility and increased rental activity, landlords are raising rents and dropping concessions as last year’s heavily discounted leases come up for renewal. As a result, many tenants are choosing not to renew and the units are re-listed.
The Truth:
The market recovery is complex and uneven. Tenants are coming back, but not yet in sufficient numbers to absorb the glut of inventory that has accumulated this year. The decision to retain new tenants at a stable rate or relist at a higher one has many moving parts that can be simulated to reach the most financially sound course of action.
Take a look at this case of a differentiated strategy across different unit types in the same portfolio:
The Tool:
Our Data team developed a renewal calculator to analyze the different variables and help you decide: List it or Leave it.
The Takeaways:
Consider Today’s Market
Compare Scenarios
Reduce RiskLet’s Discuss Your Upcoming Renewals
Contact Us Listing Leaders
Listing leaders reflect alignment of renter demand and unit positioning. Data-sharing with our ad platform partners helps us optimize each listing across all parameters.Most Popular Listings this Week 
Based on weighted average of clicks and inquiries across all MySpace NYC advertised listings Ask us how to turn your listing into a “Listing Leader”!Agent Advantage
In a market flush with inventory and sophisticated platforms designed to keep renters in search mode, we help our agents stand out with industry-leading tools, insights, and opportunities.
Renter Success: A Triple Win Like any good salesperson, top agents typically focus on the highest-intent leads: renters with quick-move-ins and verified credentials. But today’s inventory glut has made endless browsing and looser qualifications the norm. As a result, agents must choose between sinking time into “under-ripe” leads, or forfeiting the potential deal altogether.
To keep our deal flow strong, we’ve set up the MySpace NYC Renter Success Team. Our centralized lead-management system allows us to continuously engage thousands of potential renters each week. Through curated apartment collections, personalized check-ins, application prep, and special promos, we “nurture” each lead throughout their rental journey, and match them to an agent just in time to close.
We’re proud of this shared win: Your units get extra exposure; and our agents can focus on renting them to the most qualified tenants.
Here’s a peak at some of our recent campaigns:
Want to see your units featured?
Contact Us Save This Report View Previous Rental Reports
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Rental Report – June 2021
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“How’s the market?”Over the last 12 months I’ve been asked this question more times than I can count. From some fellow industry types it became a sort of gallows humor and way to lighten the mood. From our curious friends it was a way for them to ask if they were overpaying for their apartment. For my landlords though it has always been a question that strikes at the heart of their business and planning. “It’s getting better,” just doesn’t cut it as an answer anymore.
In this month’s issue we share our up to the minute data on price points and unit mixes across neighborhoods. We saw an amazing recovery occur in Williamsburg over the past 30 days as 50% of all available units were absorbed after months of sluggish leasing velocity.
Rather than getting bogged down in abstract data throughout this issue, we decided to do a deep dive on some of the boroughs’ most important projects. These “benchmark buildings” were selected for their respective scale, location and launch date. We present specific asking prices from 2019 and set them against pricing today. The results show us a clear and measurable rate of rent recovery.
As always we hope that you find yourselves more informed and ready to ask your broker the right questions to properly position your current vacancies, your renewal strategies and your underwriting efforts.
Best,
Shawn MullahyContact Us Brooklyn Breakdown
A snapshot of all currently advertised inventory in our core neighborhoods to help you understand how your units are positioned in the competitive landscape.Advertised Listings by Bedroom CountLargest Shares of Advertised Listings in BrooklynAdvertised Listings by Median Price
Green and red highlights indicate relative MoM median price increases and decreases, respectively.
Benchmark Buildings – Rent Recovery
The below collection of properties all represent transformational projects for their respective neighborhoods that pushed the existing market to new heights.We have reviewed multiple listing services and historical data to surface the effective rents offered across layouts at each project and set them against the most recently achieved rents at the properties. Our rental recovery meter gives a simple percentage for you to quickly understand the current state of the market.
Greenpoint, BrooklynBushwick, BrooklynBushwick, BrooklynCrown Heights, BrooklynRidgewood, QueensWilliamsburg, Brooklyn
Downtown Brooklyn, BrooklynProspect Heights, BrooklynLong Island City, QueensDownload Rental Report Ready to optimize your rental portfolio?
Contact Us View Previous Rental Reports
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Rental Report – May 2021
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Dear Brooklyn Property Owners,This month kicks off what we in the rental business refer to as “The Season.” With over 80% of leasing activity typically occurring between April and September, and 800+ applications already processed this year to date, we’re moving into high gear.
That said, 2021 demands proactive optimism. As this month’s spotlight on pricing strategy and retail leasing suggest, our ability to “build back Brooklyn” — this summer’s theme here at the brokerage — depends on our coordinated efforts and synergy.
Renters and business owners are returning to Brooklyn, but their interdependence makes overall leasing velocity and momentum critical to neighborhood recovery and stable rental income. High quality retail attracts high quality tenants, and vice versa.
As always, we encourage our landlords to ensure their properties are positioned for today’s market. Deliberate strategy and partnership will restore Brooklyn’s claim to being the hippest, most in-demand real estate nationwide.
Let’s keep it up!
Shawn MullahyContact Us Brooklyn Breakdown
A snapshot of all currently advertised inventory in our core neighborhoods to help you understand how your units are positioned in the competitive landscape.Advertised Listings by Bedroom Count
Bed-Stuy demonstrates notable absorption of 3 and 4 bedroom apartments since last month.
Largest Shares of Advertised Listings in Brooklyn
Our core neighborhoods once again comprise over 50% of all listed Brooklyn units, led by Williamsburg, where total units jumped by 26% MoM.
Advertised Listings by Median Price
Green and red highlights indicate relative MoM median price increases and decreases, respectively. The average increase is 8-10%, with shade variants indicating more or less.
Trends & Truths
Here we address your top questions and concerns with numbers and real-time insights.The Trend:
Continued optimism about economic and social recovery across the city has encouraged landlords to reduce concessions from asking prices. Across most categories median pricing has jumped 8-10% since last month, reflecting the removal of 1 free month.The Truth:
Here at the brokerage, we have seen most transactions close at discounted offer prices, often adding the free month back into the equation.Moreover, digging into the data reveals that Bed-Stuy 2BR and 3BR prices jumped just 4% this month – half the increase recorded in other neighborhoods, suggesting that this submarket continued to offer 2-week concessions, while others removed the concession entirely. Notably, the total units on market in those categories dropped close to 10% this month, while rising across nearly all other categories.
The Takeaway:
High pricing that begs offers may appear to offer advantages, but ultimately jeopardizes transactions. Whether a higher starting price simply discourages renter interest, or the renter/agent/landlord negotiation fails, it’s clear that even modest advertised concessions are still the most effective way to fill vacancies quickly in today’s market.Commercial Spotlight
The future of office space may still be up in the air, but that doesn’t mean people want to stay home. Jeff Goncalves, Director of the MySpace commercial division, MCRE, offers a glimpse into recent deals in Brooklyn and the promise they hold.“If You Build it, They Will Come…”
Nearly a third of all small businesses in NYC closed as a result of the pandemic. Neighborhoods like Bushwick that stake their reputation on diverse, vibrant retail felt the reverberations across asset classes.
In an early vote of confidence in neighborhood recovery, seasoned entrepreneurs and operators quickly absorbed the rare surplus of 2nd generation spaces, while the next wave of recovery will be driven by landlords working together with potential tenants to develop white box spaces into the restaurants, bars, yoga studios, and shops renters seek.
Landlords must view potential retail tenants as partners in rebuilding our neighborhoods. Upfront concessions and flexible terms will help these new business owners bet on Brooklyn again.
Betting on Bushwick
1 Knickerbocker Avenue
4600 SF | $39.13 | 10yr
Paloma’s BK
Owner Fabiola Ruela already operates Mexican restaurant Paloma’s in Ridgewood. Encouraged by the success of that take-out style location…continue reading
2 Knickerbocker Avenue
5000SF | $67.20 | 10yr
Rebel Garden and Cafe
Principal owner Matt Shendell is the founder of “The Ainsworth”, which has grown to 7 locations nationwide. With Bushwick’s surge in luxury development… continue reading
105 Wilson Avenue
2200 SF | $27.27 | 10yr
Fukurou
Veteran restaurant owner Thalin Mabumrung sold his Manhattan-based “Gong Modern Thai” and chose to follow his migrating customer-base to Bushwick…continue reading
942 Flushing Avenue
2800 SF | $47.14 | 10yr
Name: TBD
Citing the post-pandemic opportunity, a group led by Matthew Nash and Nelson Merlin — 10-year industry professionals, but first time restaurant operators … continue reading
MCRE, a division of MySpace NYC, is a strategic partnership between the former M Properties Group and MySpace NYC Commercial.
Jeff Goncalves has been involved with hundreds of retail, office and industrial leases since 2015, primarily in the Brooklyn neighborhoods of Williamsburg, Bushwick, Bed-Stuy, Crown Heights and Flatbush.
mcre.nyc | jeff@myspacenyc.com | 413.454.7782
Residential Case Study
We’re proud to represent flagship projects across Brooklyn. At the same time, our market expertise and proprietary analytical tools allow us to find the right angle – the right brand, promotion, and pricing – to successfully lease every Brooklyn property.The Building:
1209 DeKalb Ave is a 127 unit residential building in Bushwick. Its snazzy lobby, roof-deck, courtyard, and shared spaces made it a premium product when it was built in 2012. But, game-changing neighbors like the Denizen, Rhinegold, The Strand and others, with in-house wellness consultants and classes, beer-tastings, rock-climbing gyms, and more, raised the bar for luxury living in Bushwick. Leveraging market expertise and proprietary pricing tools, our team was able to highlight the building strengths and retain existing tenants as the pandemic encouraged yet another shift in renter demand.Our Work:
In the first few months of 2021, the building was faced with the challenge of retaining tenants due to the macro environment. MySpace was asked to restore the building to a 98% occupancy rate by the end of Q1.
Re-Brand
Promotion
Positioning
PricingThe Results:
Within 75 days the MySpace leasing team rented 30+ units and helped management implement a renewal strategy that minimizes risk while bringing rates in line with market pricing ahead of the busy season ahead.Read Full Case Study Ready to optimize your rental portfolio?
Contact Us View Previous Rental Reports
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Denizen Bushwick launches its second half, Building X
This time last year, the city was raving about Brooklyn’s newest luxury rental building named the Denizen Bushwick.
Part of the Rheingold Brewery redevelopment in Bushwick, the Denizen Bushwick is an impressive Brooklyn rental building. It spans two city blocks and consists of a pair of 8-story buildings with roughly 900 units combined. In between the two buildings, a 17,850-square-foot public park complete with a rock garden and a waterfall.
At the time only the first of the two buildings was open to the public. Building Y located at 54 Noll Street was like nothing else in Bushwick. This summer the second half located at 123 Melrose Street, dubbed Building X, is being launched and it should not be missed.
Denizen Bushwick was conceived by Williamsburg-based developer All Year Management and designed by ODA Architecture.
At nearly an acre and a half in size, from its locally sourced art-infused corridors to the melding of public and private spaces throughout the building, the structure is said to have been inspired by a European village. Like a well-designed street, circulation areas are bright, interesting, and inviting. According to ODA, the unique layout is to encourage both leisure and discovery, and to foster a community feel – a guiding principle of the design.
Just as it was for Building Y, the leasing of Building X is being handled exclusively by MySpace NYC.
Studios apartments start at $2,199/month, one bedroom apartments are available starting at $2,599/month, and two bedroom units start at $3,299/month. The apartments come in a variety of finishes, some with a light or classic dark wood look, others with a contemporary and clean aesthetic and feature hardwood floors, expansive windows, central air, and in-unit washers/dryers. Some units even have their own private balconies.
Not to be out shined by it’s sister building, Building X’s list of amenities is quite amazing.
The list includes:
- a yoga room
- cross fit training center
- weights training area
- spin rooms
- cardio gyms
- boxing gums
- adult rock climbing
- bowling
- golf simulators
- sports bar
- juice bar
- swimming pool
- outdoor jacuzzi
- poker room
- arcade room
- rooftop lounge
- courtyards and plenty of outdoor space
Interested in seeing Denizen Bushwick’s newest additions, click here to check it out for yourself.
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Roommate Survival Guide Tip #1 : Communication Is Key
Choosing to rent a room in Brooklyn or anywhere else for that matter means you will have to deal with roommates. The first step in building a successful roommate relationship: keep the lines of communication open. Whether you have one roommate or five, it is not always easy or comfortable to discuss concerns. People are especially stressed over bringing up potentially awkward topics like finances and personal hygiene. But ignoring the issue is not the best way to deal with it.
Here are some tips on achieving and maintaining great roommate
communication.A Good Beginning
Like almost anything else in life, it is important to start off on the right foot even if your roommate is not new to you. Even if you are moving in with your best friend since your kindergarten days; having never lived together before means you are bound to find out about a habit of theirs that you were unaware of and simply can’t stand and vice-versa. Don’t be afraid to set boundaries from the beginning.
Be direct and clear about where you stand on the major issues co-living brings up. Don’t assume that your roommate knows what you are thinking or where you stand on something, and you don’t want to wait until a problem comes up to set some rules. Below are a few topics you should definitely touch on:
Visitors – Are friends and/or significant others permitted? If yes, are overnight visitors okay, or should all guests be gone by a certain time? Will guests need to be announced ahead of time?Chores – Creating a chore list can be helpful. You can even rotate it weekly if you find it fairer. Teamwork and persistence really counts here.
Expenses – Deciding who will pay which bills need to be established, but there are other expenses as well. Who will pay for items that you all use like garbage bags and toilet paper?
Food – Will you pitch in and share food? If yes, will there be a problem with friends eating over? Should the pantry and fridge be split with each roomie having their own designated areas?
Specifics – Is smoking or drinking permitted in the home? Are pets allowed? What time should the radio and television be off at night or any noise concerns? Are there any morning rules?
Voice Your Concerns
When an issue arises, if you don’t tell your roommate that there is a problem, he or she won’t be able to do anything about it. You want to avoid a couple of things when voicing your concerns.
Do not wait and let the irritation you feel get to the point where you end up screaming at your roommate. Remember they didn’t know this was an issue, so you’ll just end up looking crazy and dramatic.
Don’t discuss it behind their backs. This may be tempting if there are other roommates or a mutual friend who shares your frustrations. All this will do is cause a breakdown in trust and a rise in tension at home.
When bringing up an issue, speak directly to who you are having an issue with and make sure you do it as soon as you can.
Respect Each Other’s Differences
Everyone has different values, lifestyles, expectations and communication styles. Get to know each other and establish common ground. It is easier to solve a problem with a friend than a stranger. Also keep in mind NO ONE IS PERFECT. It is possible that something you do is the source of irritation for your roommates.
When you find yourself being asked to change some behavior or to be more considerate in some way, stay calm and try not to feel attacked. Compromise is important in effective communication. Listen to what is being said and try to find the win-win scenario in every problem, so that everyone feels heard and gets what they want to some degree.
Keeping communication lines open can increase your survival rate tenfold
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Brooklyn Pride 2019
This weekend Brooklyn’s streets will be gleaming with pride as the borough puts its own unique twist on celebrating and uplifting the LGBTQIA+ community. With everything from a 5k run, festivals, and, of course, a parade, this Saturday Brooklyn becomes party central with events planned from dawn to dusk.
5K PRIDE RUN, 10am in Prospect Park
Courtesy of Brooklyn Price, Inc., http://brooklynpride.org With a whole day of partying and celebrations ahead, one needs to prepare themselves. What better way to start off your Brooklyn Pride Saturday than with a morning 5K (that’s 3.1 miles) LGBTQIA+ fun run?
Join hundreds of runners from across NYC and beyond as they race through the scenic and historic Prospect Park. Now in it’s 23rd year, race directors are promising that this is the best Brooklyn Pride run to date. Every runner will receive prizes, a specially designed t-shirt and a custom engraved finisher’s medal. Prizes will also be awarded to the 3 Overall Finishers and Finishers in the following age brackets:
- 13 & Under
- 14-19
- 20-29
- 30-39
- 40-49
- 50-59
- 60-69
- and 70+
MULTI-CULTURAL FESTIVAL, 11:00AM – 5:00PM on 5th Avenue between 3rd street and 9th street
Courtesy of Brooklyn Pride, Inc. http://brooklynpride.org Get a taste of Brooklyn as the whole community comes out to celebrate. The multi-cultural festival will feature A cross-section of countless local businesses and vendors, community and city-wide organizations as they line six blocks of 5th Avenue, between 3rd street and 9th street, to help the city learn more helping and caring for the about the LGBTQIA+ community. Attending organizations will include the New York Civil Liberties Union (NYCLU), the African Ancestral Lesbians United for Societal Change (AALUSC), and more.
Want to reserve a spot? Vendors Register here. Please note that registration for the festival only includes the space. If you wish to have tents, tables or chairs, please bring them with you.
STAGE ENTERTAINMENT, 12-5pm during the Multi-Cultural Festival
Photo Credit: Sarah Symmonds Not just one but two stages of entertainment will border the multi-cultural festival on Saturday! A diverse line up of some of Brooklyn’s best homegrown talent and some pretty fantastic stuff from beyond our borders as well will take the stage.
TWILIGHT PARADE, 7:30pm starts around Lincoln Place
Courtesy of Brooklyn Price, Inc., http://brooklynpride.org There will be music, dancing, performers; a tornado of color and sound bringing a magnificent close to a fabulous day. The ONLY New York City night time parade, the Twilight parade steps off promptly at 7:30pm and starts around Lincoln Place and ends at 9th St. & 5th Avenue
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MSNYC Thanksgiving 2018 Potluck
Don’t miss the food and fun!
Who’s Bringing What? Register Here! [stickylist id=”28″][gravityform id=”28″ title=”false” description=”false”]
