A newly available Corktown building is testing the limits of how chic Detroit has become by offering at $10,000-a-month rental apartment. That’s more than double the rent of several high-end rentals offered in the city now, and possibly the highest asking rent here ever.
The three-floor fully furnished loft with private elevator, fireplace and gym/spa is part of the renovated Bullock-Green HDWE building at 2556 Michigan Ave. The new rental unit, available this week, is on the same block as Katoi, the red-hot Thai-fusion restaurant — and New Life Rescue Mission, a soup kitchen. Both establishments draw large crowds.
“I have two guys interested,” said apartment building owner Christopher Burcham. One of the interested parties wants a separate, covered garage instead of parking in the main living space, which has a garage door that enables a car to pull in next to the 14-seat dining table.
Burcham renovated the historic Corktown structure — Bullock Green refers to a former hardware store in the building — that will offer a total of four units. Monthly rental prices for the other three units range from $2,500 to $2,800. The price per square footage for those units ranges from $2.75 to $2.95 per square foot. There’s interest in those units, too, Burcham said. Those rental prices are on the high-end for Detroit, but not unheard of.
The $10,000-a-month unit is 7,580 square feet spread over three floors. It’s a mix of distressed industrial walls and doors, with contemporary white decor from RH Modern. The bathtub offers a sweeping view of gritty Michigan Avenue, including the empty train station.
The 10-grand-a-month-rent appears to be an unprecedented asking price for a Detroit rental, according to a two real estate agents and various websites. A new riverfront complex called Orleans Landing is offering townhouses for $3,105 a month. There’s a 4,500-square-foot house in Indian Village that’s asking $3,995 a month.
“The highest rent I can think of is $5,500,” said Sabra Sanzotta, a real estate broker and founder of The Loft Warehouse, a Detroit real estate firm that focuses on greater downtown Detroit. She was referring to recent rental of a residence at the Book Cadillac, the downtown building that’s both a Westin hotel and condominium and rental complex. Earlier this year, a Book Cadillac penthouse sold for $1.2 million, a deal brokered by The Loft Warehouse.
Ryan Cooley of O’Connor Real Estate in Corktown says “there’s a limited market” for a $10,000 per month apartment. “Of course, if you can pay that much in rent, you are better off buying a house or condominium,” he said. “But it could appeal to someone who may only be around for a limited time — a professional athlete maybe.”
Cooley praised Burcham’s renovation of the building. “It looks great,” he said.
Sanzotta said she was “curious to see” if someone rents the unit. “If it’s furnished, if it can be used as a live work-space; $10,000 a month for that amount of space is possible,” Sanzotta said.
Burcham admits he’s testing the waters.
“Maybe you can rent a house in Birmingham for $10,000,” Bircham said. “But Detroit’s got all the best restaurants, you can eat at midnight. Where can you go in the suburbs?”
He plans to live in the unit, unless someone makes him an offer. “I’d be willing to negotiate. I’d be happy to move,” Burcham said.