VERY COOL, but 1295 - 1995/month is pretty steep
$1295 to $1995 "range?"
I'll take two.
I mean after all this IS Buffalo, where the median income is like $27K, so they should be at full occupancy in No time.
not meant for the 27K income crowd. this is what the city needs, bring in higher income level residents.
Of course the usual posts - the median income is only 27K, who can afford it? There are actually tons of people who can afford it. And if the people who can afford it balk at the rent, the rents will be lowered.
Such negativity over such an amazing project.
There absolutely is a market for lofts in this price range. Take the news story yesterday that the new W. Utica condos have already sold 2 units, and they were the highest priced units first. For so long, there has been such a complete lack of diversity in Upscale housing in Buffalo, we're only beginning to tap the market. Thats why it really burns me up that Paladino got tax abatements for his condos on the waterfront. What a waste, I guarantee they would have sold out anyway.
That being said, there is also major demand for the more affordable living options like Hollings Place and IS downtown. Really, these projects need to be happening faster, but expensive and cheap - the market will support it.
The depth of the high dollar rental market is unknown by any of us. We're guessing, just as the developers and financial backers are guessing. All speculative development is based on conjecture. The marketing studies supporting this development are conjecture, too. We'll see over time how they rent and how well they stay rented. All of us are hoping the market is deep and wide.
One hears whispers that other high dollar apartments are too often going vacant. It's said that many tenants who initially rented at some of those celebrated high profile, high rent addresses (previous rehabs) subsequently moved out after the first lease term, disappointed in the overall quality and size of the spaces. It's rumored that replacing lost tenants is proving difficult. I hear rumors only. Inside information affirming or disputing same would be most welcome. Someone advised me to count the number of dark vs. lit windows in the evening at some of these buildings. It's an interesting excercise.
This is such a good project and should be something that similar projects look to for inspiration. Congratulations to the owners/ developers
Pay no attention to the negative ones. Their posts are first because they sit staring at a PC screen all day and wait to get the jump on every new story and turn good news into bad. Their posts are negative because they have no money and are angry. Not much looks good from their corner of the world. To many Buffalonians, $1295-1995 a month is a joke. I'm thrilled the city is getting more high-end tenants.
"Pay no attention to the negative ones. Their posts are first because they sit staring at a PC screen all day and wait to get the jump on every new story and turn good news into bad."
Really?!?!? Is that it? Wow. You're SO smart! Should EVERYone *gush* over any and all development in the city of Buffalo? Sorry, ace, but I get Artspace, this however - I don't get. You could buy a HOUSE, a HOUSE, and a nice one in a great neighborhood for that kind of dough. What exactly is the advantage to a tenant paying $1295-1995 to live in THAT neighborhood? The advantage is for the developers since if tenants occupy, it brings that area back from the dead which means eventually MORE tenants paying those ridiculous rents and still living 6 blocks from the DMZ. And I'm glad that $1295-1995 a month is a "joke" to "many Buffalonians." You must be talking about the ones living on the waterfront or in one of the other high priced "lofts."
These rents being high have a hidden benefit, when this building converts to condos the current tennants will be able to afford the mortgage payments.
If you can stand all that ugly ductwork running through the visible living space of your apartment-- FIne! But, shouldn't there be more in return? As much as $2000 a month. Is there any place to lay down the daily mail? Please: looking at these rents, never tell me NYC is over-priced.
The kid's dorm room at MIT looks about like this but without the fussy details: who needs big flower vases when you've got wi-fi?
well pgf I think NYC would actuallly be about 4-5K for a space like this. I always used a formula that rent/mortgage should equal a weeks pay so if the rent is 2K the total houshold income should be about a 100K and the less expensive units 50K a year salary. Thats not so bad. A single executive or childless couple could make it happen.
And the comment about buying a house in a nice neighborhood for this money, well you are right, but not everyone wants a house and a lawn to mow, a driveway to shovel or a roof to replace. This is fuss free living for a certain demographic.
vgs
Well, maybe. The difference is that New York City has jobs-- lots of them. At least for the time being. And good (by American standards) public transit. And great opera, museums-- well, on and on. $2,000 a month to live in Buffalo? What for?
$2,000 in New York gets you one quarter of a crudely carved-up basement bedroom in Queens with a family from Mali as your close, and I mean, very close neighbors. That notwithstanding, my two grand ain't gonna be spent on a lovely view of ductwork in Buffalo. For that money, you can get a house in Elmwood with a hanging planter from Home Depot filled with adorable pansies.
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