By Sabrina Bachai
After renting their last Brooklyn project in just one day, the developers of the new Crown Heights rental, The Plex, are upbeat about the building’s prospects in today’s new market.
“We are getting a good response from the area, the neighborhood is receptive; we’re starting to build up the neighborhood and everyone surrounding the project has been very excited,” said Jessica Peters, the Prudential Douglas Elliman broker who’s handling leasing at the 98-unit building at 301 Sullivan Street.
In 2009, Nostrand Group LLC managed to lease up the 14-unit 320 Bedford in the Williamsburg section in less than 24-hours.
With more than half of The Plex rented out since leasing began at the beginning of this month, Peters believes this project has arrived just in time to fill a void in the area for Manhattan-style living at the right price.
“The construction is one-of-a-kind for the area,” she said of the Karl Fisher-designed building with Hadas Metzler interiors.
Units have a “fresh and youthful” concept and common areas, like the lounge and recreation center, have Wii and Xbox game consoles, a billiards table and even an ATM. A mini conference room is furnished with Apple desktops and the fitness center includes a yoga space and sauna. There’s a screening room for movies and a refrigerated storage room in the lobby for Fresh Direct deliveries.
Although each apartment is equipped for a washer and dryer, the building has its own laundry in the basement. Outside, a dog run is being built and there is a parking garage for up to 25 cars.
The Plex is within walking distance of the 2, 3,4 and 5 trains, and minutes from Prospect Park.
According to Peters, all of this attention to resident needs has been drawing a variety of renters to the building, which offers studios to three-bedrooms ranging from $1,350 to $2,800 per month.
“Our apartments will be home to all types of people, from students, to young business professionals, to small families,” said Peters, noting that move-ins start at the end of November.
Located right across from an Associated grocery store, with a plethora of shops to choose from and a newly established farmers market, the developer believes that The Plex will be great for local businesses as it draws in more renters looking to stretch their dollar.
Sometimes seen as the cubic zirconia among the jewels of Brooklyn neighborhoods, Crown Heights has been benefiting from an overspill of buyers and renters moving east of pricey pockets like Williamsburg.
It has helped the retail corridor along Frankin Avenue blossom and driven up sale prices by five percent in the past year, according to Trulia.com.
Rents average $184 psf, according to newyorkcityrentals.com, which noted, “rentals are highly sought after considering their affordability and overall attractive condition.”
Norstrand Group held the The Plex in hiatus during the housing market crash, pausing construction until last summer. They resumed building in April 2010.
The plan now is to have all 98 apartments rented by move-in day. On its performance so far, it’s looking like Norstand has turned out another winner.
