Opening a new rental building during a viral outbreak that forced New Yorkers to shelter in place for weeks does not seem like fortuitous timing.
But the city’s rental market can work counterintuitively sometimes. Developers hope that a state-of-the-art building in a great location can overcome a temporary dip in the market.
Tavros Holdings founder Nicholas Silver has waited more than four years to finish The Dime, a 23-story tower in the heart of Williamsburg’s lively south side neighborhood which Tavros is developing in partnership with Charney Companies.
Construction continued on the site during Gov. Cuomo’s stay-at-home order — 30 percent of the building’s 177 units are below market and affordable housing developments were deemed essential work sites.
But the official launch was pushed back from April to mid-June. Prospective tenants have been able to tour and lease apartments virtually since Monday but Silver is eager to show them off in person.
“I already had corona — if I have to tour every person through the building I’ll do it,” Silver told Commercial Observer. “We’ve been extremely thorough providing masks, limiting the number of workers on site, and installing hand sanitizer and washing stations. Everything will be appointment only.”
Before the coronavirus pandemic swept across the region, a multifamily complex with a massive retail space in Brooklyn’s hottest neighborhood was considered a lucrative asset.
In many ways that’s still true. The 350,000-square-foot complex incorporated the historic Dime Savings Bank which will eventually house a retailer — one, hopefully, that has not yet declared bankruptcy. Its South Fifth Street entrance is steps from the Marcy Avenue subway station, two blocks from the Williamsburg Bridge, and six blocks away from Domino Park. Its market-rate apartments are less expensive than comparable studios and one-bedrooms on the waterfront.