News
Renting Luxury
December 20, 2010
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| No longer do you have plain rooftops on rental buildings—you’re seeing more elaborate designs with abundant landscaping, seating, fireplaces, and wet bars, as well as services like health clubs and features likes amenity-rich resident lounges. Tenants are looking for the lifestyle of condo living in luxury rental buildings, says Rose Associates senior managing director Bob Scaglion, who consults on the layouts, the building, and the marketing of new apartment developments. For example, Rose Associates is marketing and managing a Lincoln Center property, AIRE, at 67th St and Amsterdam Ave, that has two soundproof music rooms, a draw for residents from the performing arts neighborhood. Other enticements: a yoga studio and indoor/outdoor children’s play areas. |
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| AIRE, above, is only one of the buildings in the 35k-apartment portfolio that Rose Associates markets and manages for owners like AvalonBay, UBS, JPMorgan, and Africa-Israel USA (and 11k of those are in Peter Cooper Village and Stuy Town). Upscale amenities are attractive, considering many buildings are no longer offering incentives like a free month’s rent. Overall, rents had dropped off 15% in ’09, but the market has recovered two-thirds of that, he says—and ‘11 will continue the upward trend, with 5% to 10% more growth in rental rates. Rose Associates just completed the lease up of 34 Berry and 184 Kent in Williamsburg, Brooklyn, and is two-thirds along with the lease-up of Aire. The firm will be marketing new developments next year, particularly in the Financial District. |
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| J.D. Carlisle Development Corp’s The Beatrice at 105 W. 29th St is one luxury rental development that's attracted tenants with condo amenities. Within three months of its launch, over 70% of its 301 units are occupied. The development, which is on the top 30 floors of the 54-story Perkins Eastman-designed, mixed-use glass tower and above the new Eventi Hotel, includes studios to three-bedroom apartments from $2,775 to $20k per month. J.D. Carlisle president Evan Stein tells us the building's attracted a wide swath, including international renters, reverse commuters, and young couples. Citi Habitats is marketing the space. |
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| Like condos, each apartment features high-end finishes like wall-to-wall windows, hardwood oak floors, and top-of-the-line appliances, Evan says. Some even have 12-foot high ceilings. Other goodies include a full-time doorman, an on-site parking garage, and a full-service hotel-style concierge, who has the ability of arranging everything from the mundane dry cleaning to the opulent booking of a private jet. And all tenants have access to the 3,700 SF Cloud Lounge and 2,600 SF terrace on the 54th floor, which offers expansive views of Manhattan, a lounge area, billiards, a fireplace, entertaining kitchen, and WiFi. |
