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Bidding Wars Break Out for New Williamsburg Rentals

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Say what you will about the 20-story Zazza Williamsburg, but renters certainly think the building is packing plenty of pizazza. The South Burg's tallest new tower, named for its developer in case you were curious, soft launched over the weekend with a pair of open houses, a Curbed tipster reports, leading to some serious demand for the 17 of its 66 units currently on the market. The building, a rare rental Development Du Jour (it was originally planned as condos), has apartments priced all the way up to $7,000 per month?but it also has 700-square-foot one-bedroom apartments priced under $2,000. No matter the neighborhood, that's a rarity for new construction touting amenities like a doorman, gym, courtyard and oh-so-toasty fire pit, and that's what led our tipster to try and snag one of the apartments at Bedford and South 8th Street. But then lookie at what happened:

I've lived in the neighborhood and watched the building for several months, and I showed up to apply for one of the "aggressively priced units." I was given the run around and Saturday turned into today and I wanted to find out if my credit was approved. I finally got it out of them that units received "a larger than expected pool of qualified applicants." I did overhear people offer to sign three year leases on the spot and other crazy things while at the open house. I was told the top applicants were being presented this evening to the owner and tomorrow [Ed. Note: This e-mail was received last night, so "tomorrow" is actually today] we would basically bid on the same units we applied for, now with the stipulation of a 2 year lease with a second year rent increase of 5%. Here is the real kicker - in an overflooded rental market and being on the southside, we are being told rent is now going to the highest bidding qualified applicant.

A "best and final" bidding process for rentals? In South Williamsburg? We contacted the building's broker to find out if indeed the world as we know it is ending, and Corcoran's Kara Dusenbury did tell us that some apartments received "multiple qualified applicants," and in those cases perspective tenants are being asked if they want to "sweeten the deal." She expects the first Zazza leases to be signed tonight, by which time we'll be holed up in our bomb shelter somewhere beneath the Mojave Desert. Here are the current prices posted on Corcoran's Zazza page:


· Official Site: Zazza Williamsburg [livezazza.com]
· Zazza Williamsburg [Corcoran]
· Zazza Williamsburg coverage [Curbed]

zazza

424 bedford avenue, Brooklyn, NY 11211