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The Observer's Luxury Rentals May 2010

The Observer's Luxury Rentals May 2010

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Published by Anna C. Lindow
The New York Observer's Luxury Rentals May 2010
The New York Observer's Luxury Rentals May 2010

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Published by: Anna C. Lindow on Apr 29, 2010
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08/30/2012

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Luxury Rentals
MONTHLY
 
The
Essential Resource
for
Prospective Renters
SPECIAL ADVERTISING SUPPLEMENT TO THE NEW YORK OBSERVER 
May 2010
GET ‘EM WHILE THEY’RE HOT
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Inside this issue
 
‘T
is the season torent apartments,or that is theresounding chorus being sungin the real estate community.According to The Real EstateGroup’s March rental report,rents are up, and though theyhave not reached the March2009 level, brokers say theuptick should last at leastthrough September.“Trac is increasingand serious renters areresuracing,”says JasonGohari, Associate Director atThe Moinian Group. “We’reexperiencing an increase inboth broker and walk-in trac.”But Mr. Gohari admits that“One may contribute a part oour current success at Dwell95and Ocean/1 West Street to thechange in season.”The largest percentagerent increase on average sinceFebruary was in non-doormanbuildings in Gramercy Park anddoorman buildings in the EastVillage. Two-bedroom doormanapartments have seen thesteadiest recovery comparedwith last year’s numbers.Doorman buildings haverecovered more quickly thanthose without, a sign that somestratication in luxury pricesmay be on the horizon. “Asactivity picks up this summer,renters should anticipate areturn to paying a premiumor service,”the March rentalreport states.And although rents are up,but so are vacancies overall.The Real Estate Group alsosays that the increase invacancies can be a sign ohealth in the market. SnezanCebic, o Mark David &Company, agrees. “I’ve hadtwo applications all throughbecause the landlord eitherdecided to relist the apartmentwithout concessions or theydecided to list it a higher price.”And as the luxury marketheats up, concessions are therst thing to go. Glenwoodhas stopped oering rentalconcessions at their premiereMidtown West propertyEmerald Green. “In act, we’vestopped them at hal o ourbuildings,”says GlenwoodExecutive Vice President GaryJacob. Mr. Cebic sees thistrend as well. “Tenants on thehigh end are still asking orand receiving rent reductions,between 5 and 8%, butlandlords are taking awaymany o our concessions.”Which hoods to keep aneye on? Brokers say MidtownWest, Gramercy Park, and theUpper West Side in Manhattan.“Non-doorman luxury listings...the Westside in particular isdoing really well,”says Mr.Cebic. Scott Walsh, Director oMarketing at TF Cornerstone,says “within our portolio, weare 99% occupied.”Downtown Brooklyn, with itsmany new towers, is still leasing
2
 
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Luxury Rentals
Monthly
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4
 
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steadily, as is Murray Hill, as thestalwart landing spot or youngproessionals new to the city.Silver Towers, EmeraldGreen, Ohm, 505 W. 37th andother mid-range luxury towersare snapping up the renters whoare looking to upgrade at thelast minute beore the economygoes up again. Glenwood hadto close down the leasingoce or the Emerald Greentowers or a month because thecompany was overwhelmed bydemand, and 505 W. 37th, TFCornerstone’s latest Midtownproject, is doing more than twodeals a day, according to Mr.Walsh.
M
eanwhile on the UpperWest Side, The Cornerat 200 West, a glasstower overlooking the 72ndstreet transit hub, had a waitlistbeore it opened. “We werecautiously optimistic aboutthe rental climate when weopened the doors to the leasingoce our weeks ago. Whathas happened since is beyondour wildest imagination. [Thebuilding] has been extremelywell received,”says Jerey Kaye,Vice President at developer TheGotham Organization.Things in Brooklyn arelooking up as well. New Yorkmagazine recently christenedPark Slope New York City’smost “livable”neighborhood,and Cobble Hill came outnumber our on that list.“There’s going to be a pop inthe rental market because othe season. I interest ratescontinue to rise, people willbe priced out o the condomarket again,”predicts DavidMaundrell, President oAptsandlots.com, a Brooklyn-based brokerage. Maundrell’sseven-year old company hadsurprising success with theirmost recent building- 150Johnson - renting 17 units therst day. They also have highhopes or the soon to premiere175 Kent, a 170-unit building inWilliamsburg just down romJMH Development’s waterrontgem 184 Kent.And in a market witheectively halted construction,there are still exciting newbuilding openings on thehorizon. Mr. Maundrell says heis as excited about 307 Atlantic,on the border o BrooklynHeights and Boerum Hill, as oneo his own buildings- 74 Grandin the Clinton Hill area. Backin Manhattan, the amenity-packed building The Ashley on63rd has just begun leasing,and Rose Associates’The Aire isset to open in May.Will these landlords stillbe paying the broker ee? Mr.Jacobs doesn’t think so. “Whenthe market gets better, rstconcessions stop, then, thenext show o strength is thatbuilding owners will stop payingcommissions,”the GlenwoodExecutive Vice President says.“But we haven’t reached thatpoint just yet.
150 Johnson Avenue (above)and 184 Kent Courtyard (below)
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