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JUNE/JULY 2012 THE ESSENTIAL RESOURCE FOR TRENDY RENTERS
COVER PHOTO 640 NOHO ELEVATING EXPECTATIONS FOR LUXURY LOFT LIVING IN HISTORIC NOHO
Go West! 7 Train Expansion Leads to Big Boom
Summer Rental Market Sizzles
New York’s Greenest Digs
The Best of Kips Bay Décor Show House
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730 Fifth Avenue New York, NY 10019 212.242.9900
88 Greenwich Street New York, NY 10006 212.269.8888
239 East 79th Street New York, NY 10075 212.929.1400
110 Fifth Avenue New York, NY 10011 212.633.1000
26 Astor Place New York, NY 10003 212.584.6100
45 Horatio Street New York, NY 10014 212.604.0300
TOWN Residential, LLC is a licensed real estate broker and proud member of REBNY. Town Residential LLC is a partnership with Thor Equities LLC. We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status, or national origin. All information is from sources deemed reliable but is subject to errors, omissions, changes in price, prior sale or withdrawal without notice. No representation is made as to the accuracy of any description. All measurements and square footages are approximate. Exact dimensions can be obtained by retaining the services of an architect or engineer.
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Every New York renter knows that in the summer as temperatures increase so do rental prices, which often peak in August and September. “It is a big time for new hires and job transfers, all of who are competing for housing. People tend to take vacation time in the summer as well and they’ll often use some of that time off to make a move, especially families with school-aged kids,” said Arthur Fenton, Senior Vice President of Prudential Douglas Elliman. We take this all into account on pages 6-10 in our rental market piece. The massive multibillion dollar expansion of the 7 train will bring new development and heightened accessibility to Midtown’s Far West Side. See how we predict the extension will effect the already booming microneighborhood on pages 12-14. Ben Weitzenkorn talks technology and innovation on pages 16-18, where he investigates upscale green and LEED-certified housing options in the city. The non-profit Kips Bay Decorator Show House celebrates its 40th year with a phenomenal design showcase spanning two twin penthouse complexes in The Aldyn. Check out our spread on pages 20-21 of which rooms made us envious . Cheers to a fantastic summer! Benjamin-Émile Le Hay
luxury rentals june/july 2012
Courtesy of susan Zises Green DesiGns
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ART DIRECTOR CONTRIBUTORS
ADVERTISING COORDINATION PRODUCTION DIRECTOR
MARK STINSON PETER LETTRE
LARA ROSENBLUM BEN WEITZENKORN
LESA ANDREASEN BEN WEITZENKORN
PHOTO EDITOR ADVERTISING PRODUCTION
SUSTAINABLE DIGS A crop of luxury hi-rises have been going up with LEED guidelines in mind. Ben Weitzenkorn digs deeper into what these buildings o er their tenants and how green living is revolutionizing New York City rentals.
Publisher JARED KUSHNER Editorial Director ELIZABETH SPIERS President CHRISTOPHER BARNES Executive V.P. BARRY LEWIS Senior V.P., Associate Publisher JAMIE FORREST Editorial Manager MICHAEL WOODSMALL Marketing Manager ZARAH BURSTEIN Controller MARK PASQUERELLA Audience Development SYDNEY SARACHAN Accounts Payable Manager TRACY ROBERTS Accounts Receivable IAN MCCORMICK
THE NEW YORK OBSERVER 321 WEST 44TH STREET, NEW YORK, NY 10036 212.755.2400 WWW.OBSERVER.cOm
6 SUMMER SIZZLE Balmy weather has already begun to plague New York. As temperatures rise, Lara Rosenblum reports on how the summer rental market is sure to be piping hot!
ON THE COVER
7 Train Extension
12 GO WEST! With the anticipated completion of a $2b expansion of the MTA’s 7 line, we probe our real estate experts on how it will impact Midtown’s ﬂourishing Far West Side.
20 DESIGNING DREAMS Luxury Rentals attended the 40th Annual Kips Bay Decorator Show House VIP reception at The Aldyn. Here is our list of the spaces you must see before it comes to an end in mid-June.
TOWN RESIDENTIAL EXCLUSIVE, 640 NOHO: THE OPEN CONCEPT LIVING ROOM PHOTOGRAPH: MICHAEL WEINSTEIN
Mark Menendez was misquoted in the March/April 2012 issue of Luxury Rentals on page 12, 2nd paragraph. That statement was made by another agent. We apologize for the error.
4 LUXURY RENTALS JUNE/JULY 2012
TWO TREES AND ONFORCE SOLAR
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A view of the Queensboro Bridge from 3 Riverview Terrace.
As temperatures go up, so does the New York luxury rental market
By Lara Rosenblum
NEW YORK CITY’S LUXURY rental market remains relatively shielded from turbulence. When price isn’t the issue, housing stock finds a way to makes itself available and, without scarcity, prices remain relatively stable. This year though, luxury rentals have already exceeded the peak prices we saw at the height of the real estate bubble in 2007. Brokers anticipate that over the summer luxury rentals prices will continue to climb right alongside summer temperatures.
6 luxury rentals june/july 2012
SUMMERSIZZLE rental prices in the city
The summer housing market in the city is limited by new construction—supply remains low while demand steadily increases—and there are plenty of other contributing factors. Laurie Zucker, a principal at Manhattan Skyline Management said that the market in May is flooded with college graduates who are moving out of dorms, need a place to live but aren’t yet in a position to buy a home. “Additionally, it is a big time for new hires and job transfers,
all of whom are competing for housing,” she said. “People tend to take vacation time in the summer as well, and they’ll often use some of that time off to make a move, especially families with school-aged kids.” Arthur Fenton, Senior Vice President of Prudential Douglas Elliman said that another demographic to keep in mind are the new and returning students who don’t want to live in student housing. “Many people want to be settled before the start
Manhattan Skyline’s 55 Thompson at dusk.
of the school year—as a result, summer occupancy is very important,” he noted. The rental market is further complicated by the desire to “trade up” to a new home in a new neighborhood—a trend that occurs year round. “The city has seen a surge in renters looking to upgrade their current apartments and a huge influx of renters from the entry level to über-luxury apartment seekers,” said Mark Menendez,
the Executive Vice President and Director of Rentals at Prudential Douglas Elliman. “Migration of empty nesters and sellers from the suburbs looking to relocate back to the city has also put pressure on inventory.” When people move, it’s because they can afford to. Tumult and turnover in NYC rentals are often indicators of a growing economy and strong job market. That’s mostly
good news, but according to Senior Vice President of Citi Habitats, Rado Varchola, it’s not going to bring rents down anytime in the immediate future. “As long as the vacancy rate remains [near one percent] and the local economy continues to improve, we will see the rents go up for the foreseeable future,” she said. According to Elizabeth Kee, an Associate Broker and Vice President of CORE, this year could be a record breaking one. “We can expect that 2012 will reach new lows in the vacancy rate, coupled with new highs in NYC apartment rental prices.” But the question remains: beyond simple supply-side economics, why exactly are vacancy rates so low? Ms. Kee explained that since landlords know there will be high summer demand, they often allow wintertime renters to sign leases that extend beyond 12 months. “Once an apartment becomes vacant during [the winter] time, each year the lease will end during the height of the season,” said Ms. Kee, and in college towns (and make no mistake, New York is one) that’s summertime. For example, a lease that started last December, might not end until July 2013. The rentals that go on the market during the summer go for the adjusted market rate that
The handsome living room of 8 Warren Street.
june/july 2012 luxury rentals 7
The sitting room of 1 Gramercy Park North.
A dining nook at 640 Broadway.
The entrance of West River House. A peek at 25 Bond Street’s fifth floor.
‘Popular areas such as Williamsburg, DUMBO and Park Slope have prices that rival Manhattan.’
Cindy Scholtz, Citi Habitats
is—you guessed it—notably higher than the rent the previous tenant paid. The fact that landlords can demand higher prices when they rent in May, June, July and August can discourage renters with leases ending in summer months from moving. Jeffrey Wachtenheim, Representative and Licensed Salesperson at Town Residential said summer rent increases have left some looking to move but, “at the end of the day, there really is no place feasible to [move to].” Mr. Menendez agreed. He believes that when assessing the cost of broker fees, moving expenses and time spent searching for an apartment, “renters find that the cost of a new apartment and moving could, in most cases, be higher.” This causes people to stay put, which, in turn, keeps availability low, contributing to inflated rental A fireplace at prices. 34 West 11th Street. One privilege, previously reserved for the luxury rental seeker, defied economics—they were few and their choices were many—but that’s no longer so. Vannessa Kaufman, Senior Vice President and Associate Broker at Sotheby’s International Realty, said she has the evidence to prove it. “I have seen the highest [rental rates] ever: [At] $40,000 to $100,000 per month is almost not a shock anymore!”
The living room at 79 Laight Street, 2D.
luxury rentals june/july 2012
148 East 63rd Street’s modern living space.
clockwise from top: michael weinstein, town, elliman, manhattan skYline, sotheBYs anD two trees
MANHATTAN RENTAL PROPERTIES
Local Experts Worldwide
UNION SQ PENTHOUSE, 50 W 15th ST:
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rooms, 2 ½ bath in the Mandarin Oriental Hotel. $24,950/m. WEB: NYO0017878. E. Sample, 212.606.7685, B. Powers, 212.606.7653
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Spectacular 3 bedroom, 3 ½ bath offering incredible light. Broker owner. $23,000/m. WEB: NYO0017812. Mika Sakamoto, 212.606.7676
THE PARK LAUREL/15 W 63RD ST:
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255 E 74TH ST.: Ultra luxurious 3 bedroom, 3 ½ baths, 2,054+/- sq ft condo features designer finishes and fireplace. $18,000/m. WEB: NYO0018163. Harry Nasser, 212.400.8724
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furnished 2 bedroom, 2 ½ bath. Electric is included. Hotel maid service available. $17,500/m. WEB: NYO0018121. Dolly Hertz, 212.606.7601
Live high in the sky, surrounded by the serene views. 2 bedrooms. $14,000/m. WEB: NYO0017988. Christine Driscoll, 212.400.8711
FURNISHED LONG OR SHORT TERM:
524 E 72ND ST: Breathtaking views from every room of this 41st floor, 3 bedroom, 3 bath condo. Furnished preferably. $11,000/m. WEB: NYO0018057. Anne Aransaenz, 212.606.7645
210 E 68TH ST: Spacious 3 bedroom, 2 baths home with an expansive living room and dining room. High ceilings, fireplace. $11,000/m. WEB: NYO0018138. Shep Skiff, 212.606.7794
1 MORTON SQ: Spectacular river views, 2 bedroom, 2 ½ bath condo with abundant closets and washer/dryer. $10,500/m. WEB: NYO0018000. Pamela O’Connor, 212.606.7709
EAST SIDE MANHATTAN BROKERAGE I sothebyshomes.com/nyc 38 EAST 61ST STREET NEW YORK, NY 10065 T 212.606.7660 F 212.606.7661
Sotheby’s International Realty, Inc. is owned and operated by NRT LLC. Sotheby’s International Realty® is a registered trademark. Spanish Balconies used with permission.
129 West 20th Street has over 4,000 square feet of living space, 25 foot ceilings, a wet bar and a fireplace.
The city luxury rental market offers the best only to those who come ready for it. One particularly coveted apartment at 132 West 22nd Street had three appointment bookings within the first hour of its listing. One prospective renter “made an offer to rent at full asking price of $20,000 per month, with a year rent in advance, plus security, a full 15% broker’s fee and a request for an option to renew for a second year,” Ms. Kee said. The apartment was rented in less than 24 hours. Like everything else in this city, coveted neighborhoods and hotspots are always changing. Truly luxurious buildings, such as Chelsea’s Port 10, include amenities like private balconies, in-unit washers and dryers, catered roof lounges with fully staffed food and drink bars—even screening projectors for rooftop film viewings. Joshua Young, a project manager at Cantor & Pecorella, the exclusive rental and marketing agent, said units at Port 10 are “meticulously designed to maximize comfort and flexibility: Apartment
sizes range from studios and one bedrooms— many with windowed home offices—to two and three bedrooms.” Buildings like Port 10 make standard the sought-after offerings of a concierge, lounge areas, gyms and even the occasional swimming pool. They outshine and out-price the luxury buildings that do not have hotel-like amenities. Students looking to get into a cozy upscale suite: it’s definitely time to hustle. Mr. Fenton said the most popular neighborhoods for students who can afford luxury living are Chelsea, the Upper West Side, Flatiron, the East Village, Greenwich Village, and the West Village. Asaf Bar-Lev, Representative and Licensed Salesperson at Town Residential, doesn’t want to exclude Union Square. “We are also seeing a large migration downtown towards the Lower East Side for students,” he said. Ms. Zucker said students from Long Island looking to please their parents should pick Murray Hill. “It has a lot of luxury, doorman build-
ings... It’s an easy commute from there, and parents like that.” But she still believes that most students will gravitate towards downtown areas like Soho and NoLita. A bit off the red carpet path, are areas like Midtown West and the Financial District, mentioned Mr. Wachtenheim. Luxury bargains are tough to come by in Manhattan; even in Brooklyn rock bottom deals are a thing of the past, said Cindy Scholtz, Senior Associate Salesperson at Citi Habitats: “Popular areas such as Williamsburg, DUMBO and Park Slope have prices that rival Manhattan. DUMBO topped the charts in rental prices, comparable to Flatiron and Chelsea.” Luxury living in New York is definitely feasible. With a bit of luck, the right broker and the right timing, a savvy renter can snag a luxury rental without breaking the bank— but don’t wait until the last minute to start looking. Come prepared to jump on it once you find the home you want.
The rooftop view of Port 10 in Chelsea.
luxury rentals june/july 2012
C&P InC. and CItI habItats
©2012 BRER Affiliates Inc. An independently owned and operated broker member of BRER Affiliates Inc. Prudential, the Prudential logo and the Rock symbol are registered service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide. Used under license with no other affiliation with Prudential. Equal Housing Opportunity. All material presented herein is intended for information purposes only. While, this information is believed to be correct, it is represented subject to errors, omissions, changes or withdrawal without notice. All property information, including, but not limited to square footage, room count, number of bedrooms and the school district in property listings are deemed reliable, but should be verified by your own attorney, architect or zoning expert. If your property is currently listed with another real estate broker, please disregard this offer. It is not our intention to solicit the offerings of other real estate brokers. We cooperate with them fully.
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7 TRAIN EXTENSION
An evening balcony shot of 505 West 37th Street with views of the Empire State Building.
luxury rentals june/july 2012
7 TRAIN EXTENSION
Clockwise from top left: MTA’s rendering of the 10th Avenue station; an extrioer image of Citi Habitats and The Corcoran Group’s The Matena building; fine living at 447 West 36th Street; and outside 33 West End Avenue.
TH E M A SSI V E $2 .1 BIL L ION PROJ ECT TH AT W IL L TR A NSFIGU R E T H E FA R W E S T S I DE O F M I D T OW N M A N H A T T A N By Benjamin Émile Le Hay
A YEAR FROM DECEMBER, Manhattan’s Far West Side is slated to welcome a major extension to MTA’s 7 subway line. Principally funded by the Hudson Yards Development Corporation, the nearly $2.5 billion construction project is a joint venture between Skanska USA and the RailWorks Corporation. The Far West Side of Midtown has seen tremendous economic and community growth for several years now. Case in point: the boom in high-rise luxury apartments, the gentrification of Clinton, and the foodie explosion in Hell’s Kitchen; Midtown West has blossomed into a flourishing urban center for fine living, nightlife, entertainment and dining, yet retains its gritty New York aura. The 7 line extension will bring with it an entire new section of tracks from Times Square to Jacob Javits Center with a 10th Avenue station and a 34th street stop at 11th Avenue. “We’re one step closer to opening up the Far West Side of Manhattan to major, transit-oriented economic growth,” said Dr. Michael Horodniceanu, President of MTA Capital Construction, about the extension. While there have been a few obstacles in terms of funding the complete project, in May, the MTA reported that the 7 subway extension is 65 percent complete. Vannessa Kaufman, Senior Vice President and Associate Broker at Sotheby’s International Realty, said, “by giving the area a much needed transportation facility, it will connect the future Hudson Yards buildings, Chelsea Piers and everything around it—not only to NJ and Queens—[but to] other subway lines. This will no longer be the isolated Far Midtown West.” Mark Menendez, Executive Vice President at Prudential Douglas Elliman and the Director of Elliman Rentals, said the neighborhood is “considered to be one of the last frontiers of Manhattan. From upper Chelsea, to Clinton to Riverside Boulevard, there are new options for renters.” What exactly does this extension mean for luxury renters and residents? Jeffrey Wachtenheim, Representative and Licensed Salesperson with Town Residential, said that “the extension of the 7 train will make the neighborhood more accessible for people who are dependent on public transportation. “The train definitely will make this neighborhood more desirable and, in effect, the apartments may be leased faster and for higher yields.” Many upscale apartment buildings and complexes have already been built along the Far West Side including: Silver Towers, the Ashley/Aldyn, and Related’s MIMA. All have
june/july 2012 luxury rentals 13
7 TRAIN EXTENSION
garnered plenty of attention and proved popular with renters and buyers alike. Mariana Vredjian, Director of Residential Leasing at Silverstein Properties, explained how “Silver Towers has elevated the design standard and amenity offerings for today’s luxury rental buildings.” She credits the building’s “spacious, well designed floor plans and stunning views of the city and the Hudson River” as having a strong influence on the Far West Side’s upgrade in up-market living. “Silver Towers has helped spur development along the West 42nd Street corridor, an area now well on its way toward becoming a world-class residential neighborhood,” she added. Elizabeth Kee, Associate Broker and Vice President at CORE, also noted the recent emergence of trendy new rental buildings, “Today, this neighborhood might seem a little too underdeveloped for some rent-
Mercedes House is a luxury complex in the heart of the Far West Side.
lishing a new residential neighborhood. The city’s initiative to provide access to the riverfront has also had a hugely positive impact on the way people look at these areas as prime destinations and not just potential options.” Asaf Bar-Lev, Representative and Licensed Salesperson at Town Residential, agrees, “It is safe to say that one of the engines driving the rapid development we are currently witnessing along the West Side is the extension of the 7 train. Since the announcement at the end of 2001, we’ve seen more real estate development initiatives in and around Hudson Yards.” A newly designed property joining Midtown’s Far West Side, 33 West End Avenue is nestled between the Far West Side and the Upper West Side, a burgeoning micro-neighborhood often referred to as Riverside South. 33 West End Avenue offers renters condominium quality and top-notch amenities. Many of the building’s newly renovated studios, one and two bedrooms for rent, offer residents outdoor space and washer and dryers. Additionally, there is a 24-hour concierge, a private tenant lounge and a health club. “Rarely, if ever, do landlords take it upon themselves to upgrade rental apartments in a building less than five years old,” said Justin DeBlase of Cantor & Pecorella, the exclusive leasing agent for the building. The building also highlights why many renters are flocking to the Far West Side: magnificent city views. 33 West End Avenue’s spectacular river and skyline panoramas are boosted by high ceilings and double height windows. Two Trees Management Company tapped visionary architect Enrique Norten for its Far West Side luxury complex, Mercedes House. “The 7 line expansion has clearly already had a tremendous impact on Manhattan’s West Side. It’s basically taken one of the last urban areas of Manhattan and created an oasis,” a Two Tree representative stated. Another building that has recently sprouted up on the Far West Side is 505 West 37th Street. The building, which was completed in 2010, is a large, glass two-tower complex featuring 835 rental units. It was designed by the award-winning architectural firm Handel Architects. The exquisite exterior is matched with plenty of sophisticated design and interior details that luxury renters now expect. Like 33 West End Avenue, 505 West 37th Street has sizeable balconies and private outdoor spaces, most with terrific Manhattan and waterfront views. Occupants also get the must-have 24-hour concierge, roof deck and state-of-the-art fitness center. A special feature at 505 West 37th Street is an infinity pool, boasting exceptional views of the Empire State Building, the Statue of Liberty and the High Line. If that’s not enough to keep you busy, there is also a lounge with a film screening area and billiards. Realtors are reporting positive responses and high-demand for such rental properties already on the Far West Side. Mr. BarLev said, “As a real estate professional and lover of New York’s evolving neighborhoods, it’s exciting to witness the redevelopment of the Far West Side.” He added that the extension of the High Line Park is one such development. Residences such as Silver Towers, Ohm, 455 West 37th Street and 505 West 37th Street are attracting a more diverse pool of high-end renters. Many know that the 7 train expansion equates speedier commutes and lifestyle conveniences. “The buildings will offer more of a lifestyle choice,” added Ms. Kaufman. With this sudden increase in luxury properties, and as the 7 train expansion comes to completion in 2013, it will be interesting to note how rental market prices react. They are expected to surge. “It is clear that with easy transportation access, this part of town will emerge as one of the next great neighborhoods. Accessibility destines the area to be flooded with renters who are hungry for new developments,” Mr. Bar-Lev concluded. His predictions are spot on.
‘It is safe to say that one of the engines driving the rapid development we are currently witnessing along the West Side is the extension of the 7 train.’
Asaf Bar-Lev, Town Residential
ers. However, with the expansion of the 7 train and the plans to develop the West Side Yards, within a summer or two this area will prove to be one of NYC’s most convenient and desirable neighborhood for renters,” she said. “My prediction is that by 2014, more people will exit Penn Station and head west than east—something that never before seemed possible.” Mr. Menendez, echoed this prediction: “We knew it was inevitable, but the planning from developers and the city together have made these new areas the potential ‘it’ neighborhoods of the near future with green buildings, amazing amenities and new designs separating it from the rest of the city. The most impactful feature will be the 7 train. This will attract renters looking to explore new areas and find value, which in turn will bring new restaurants and lifestyle shops that are the staples of estab14 luxury rentals june/july 2012
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Sustainability is Stylish
A view of Verdesian.
NEW YORK REALTY DOES GREEN LIKE WE DO EVERYTHING ELSE—WITH PIZAZZ!
By Ben Weitzenkorn
EW YORK is a lot of things. We’re America’s most populace city, a cosmopolitan center, the cultural capital of the world and a leader in design and innovation. When the world wants to know what’s coming up next—they look here. In New York, we pack 7,000 people into each square quarter of a mile, so we’re always looking for solutions to make living in such cramped environs as great as possible. We’ve been doing it for over 100 years—we pretty much have to. Great innovations—the subway, Brooklyn Bridge, one of America’s first skyscrapers—have always risen to meet the city’s needs, keeping it livable, functional and moving New York changes and grows. Following in this tradition, New York is quickly becoming a leader in sustainable, vertical living. Mark Menendez, Executive Vice President at Prudential Douglas Elliman and Director of Elliman Rentals, knows that New Yorkers understand that taking care of the environment leads to an improved quality of life. “Green building is no longer considered just a marketing ploy,” he said. “These buildings are doing their part to make that happen and renters are very happy to know that their choices can make a difference.” Mr. Menendez believes everyone—from
The exterior of 1214 Fifth Avenue from Central Park.
luxury rentals june/july 2012
TWO TREES AND ONFORCE SOLAR
OnForce Solar panels.
the home buyer to the builder—needs to play a role in environmental stewardship. “It’s our industry’s responsibility to embrace [green construction] fully and make it our standard going forward to improve the quality of life for all of us,” he said. A trend of green luxury rental towers has been on the rise over the past decade and four of them intertwine luxury and sustainability unlike anywhere else. The Solaire, at 20 River Terrace, the adjacent Verdesian at 211 North End Avenue, Emerald Green at 320 West 38th Street and 1214 Fifth Avenue, all cater to residents who seek to combine lavishness with green living. The first three are LEED certified, a designation used by the federal government to recognize “Leadership in Energy and Environmental Design.” The latter expects to receive that certification soon. The United States Green Building Council has established a framework for developers, owners and operators to implement practical, energy efficient solutions with a measurable impact. Their LEED stamps of approval are increasingly sought after as smart, luxury renters look to make environmentally sound choices in all aspect of their lives. Michael Gubbins, Vice President of residential property management for the developer of The Solaire and Verdesian, the Albanese Organization, explained how fresh outdoor air is delivered into all of the apartments through a double-filtration system and humidifier and how their large windows allow much more light into the units than an average NYC apartment. “Since the Solaire opened in 2003, it has had a great reputation for service and being environmentally friendly,” Mr. Gubbins said. Based on that and other amenities like a state of the art fitness center and rooftop garden, he said, turn over is pretty low. “The indoor environmen18 luxury rentals june/july 2012
A leafy look at The Solaire’s exterior.
tal quality and reduced energy costs are two of the attributes residents talk most about,” Mr. Gubbins said. “A lot of people are starting their families and want to be in an environmentally friendly setting.” Gary Jacob, Executive Vice President at Glenwood Management, said environmental initiatives at their building Emerald Green, are a prime example of their dedication to the utmost in quality of life. “Sustainable features in this building include green roofs that utilize recaptured water, roof terraces
‘It’s our industry’s responsibility to embrace [green construction] fully and make it our standard going forward to improve the quality of life for all of us.’
Mark Menendez, Prudential Douglas Elliman
with heat reflective pavers, electric car chargers, water-efficient plumbing and sustainable bamboo wood flooring [are] throughout every home,” he said. “As a company, we’re dedicated to clean and sustainable development and are focused on incorporating these elements [into] future projects.” This philosophy, Mr. Jacob said, attracts a diverse mix of residents “from young professionals and couples, to families and empty-nesters – who all appreciate living in a luxury, full-service property that is also built from an environmentally conscious standpoint.” At 1214 Fifth Avenue, where residences
start on the 21st floor to take advantage of mind blowing views of Central Park, the building uses 30 percent less water than is legally required and 15 percent less energy. Other features include a 1,500 square foot health and fitness center and a lobby that literally brings Museum Mile inside with sculpture and painting. Daria Salusbury, Senior Vice President and at Related Companies, the building’s developer, said the it’s “iconic address makes this building the epitome of luxury rental living,” while actively engaging in a sustainable lifestyle. Charles Feit, CEO of OnForce Solar, a company that provides solar technologies to big and small businesses as well as homeowners, has also noticed an uptick in the interest and adoption of a green lifestyle, mainly through the adoption of solar energy technology. As the cost of solar continues to drop, New Yorkers are giving it a serious look. “Residential solar adoption is increasing dramatically in the New York metro area due to new financing mechanisms and solar lease programs,” he said. “The economics are equally as compelling for both residential and commercial market segments,” Mr. Feit said. When homeowners and businesses choose solar ... the result is an average four year payback ... Once the system is paid for—free energy for the next 25-plus years.” Our mass transit, locally sourced food markets and walking and bicycle culture are living proof of the fact that New Yorkers care about sustainability. These new luxury rental towers are just the latest chapter in New York’s commitment to efficiency and the environment. As the rest of the country and the world strive to find solutions to combat global warming, New York is emerging out as a leader in urban sustainability. And we look great doing it.
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make apartment magic at Kips Bay Decorator Show House
By Benjamin-Émile Le Hay NEW YORK CITY’S LEADING interior designers once again participated in the Kips Bay Decorator Show House, now celebrating its 40th year. In May, the Show House Committee hosted a VIP dinner and preview of the showcase at the Aldyn Residences. Most importantly, the Show House events support the Kips Bay Boys and Girls Club, which serves over
It was all about texture, bright colors and embracing your inner-youth at in-demand designer Laura Bohn’s room. Her team created an innovative child’s playroom lined with fuzzy brush tiles from Robin Reigi on one wall while installing 3-D tiles above. Circular shag rugs from Edward Fields, configurable and malleable foil curtain from ElasticCo. and plush sport-themed pillow chairs only added to the fun, avid modern concept. Not too shabby for a city kid!
12,000 youth annually. This is the first time in history that the Kips Bay Decorator Show, which runs until mid-June, takes place on the Upper West Side. Luxury Rentals was on the scene at the opening to take in the 6,000 square foot penthouses that were revamped— floor to ceiling—with incredible, opulent designs. Here are some of our favorite collaborations and spaces.
Kahan respectively. With all that design porn, you might be too transfixed to notice the breathtaking views of the Hudson River.
Brian DeL toro
It’s the painted finish wooden panels that make Mr. del Toro’s study a winner. He too, is a protégé of Albert Hadley (and David Kleinberg) at Parish Hadley. Romantic, yet masculine, jewel tones emitted a midcentury American elegance, without overwhelming. He selected art and meubles that either referenced or originated from France, Italy, Germany, Africa and Sweden, which keeps things contemporary and cosmopolitan.
Brian J. Mccarthy, inc. Bunny WiLLiaMs, inc. DaviD KLeinBerg Design associates
This trio emulated a gentlemanly atmosphere in their refined sitting room. Inspired by their mentor Albert Hadley of Parish Hadley, they blended modern 20th century furniture with stately heirloom
20 luxury rentals june/july 2012
pieces and antiques. For that extra exclusive touch, they incorporated fine art by Jacqueline Humphries and Le Corbusier on loan from Greene Naftali Gallery and Jane
Shawn Henderson’s sensual den played with naughty themes without digressing into vulgarity. He and his team ingeniously fused sumptuous touches that tickle the senses. In the middle of the room, he hung
Bunny WilliAmS, inc. dAvid KleinBerG deSiGn ASSociAteS BriAn del tor0
a metal chain and sheepskin covered swing. The walls were flawlessly upholstered in velvet and hugged gorgeous crown moldings. The seduction continued with subtle gray-blue, eggshell and chrome tones, modern curiosités and objets d’art.
“The collector’s bedroom” is an appropriate title for Alexander Doherty’s space. He has kept things sensible with a French twist: ‘30s, ‘40s and ‘50s furniture, paintings and lighting, with a taste of Americana. “It’s often a challenge convincing clients that paneling is the right choice for they tend all too quickly to conjure up images of stiff, formal salons in French châteaux,” Mr. Doherty said.
ShAWn henderSon SuSAn ZiSeS Green
“Sophisticated. Classic. Timeless.” With a motto like that it’s no wonder interior designer Susan Zises Green keeps busy with demanding clients in Manhattan, The Hamptons, Fairfield County, Palm Beach and Nantucket. She created the Entry and Living Room portions of one of the penthouses and sought inspiration from the flow of the Hudson River. Her fabulous concept of textured fabrics such as linen, wood, silk, cotton and seashells made her room feel extra fanciful.
jAmeS rixner jAmeS rixner
For his fifth round at Kips Bay Show House, James Rixner took over a family room, which flowed into a chef’s kitchen. He colored his space in rich sky blues, earthen greens, lime and softer neutrals. Winter white leather chairs and ashen kitchen counters were adult, but gentle. Mr. Rixner appropriately called his work “Heart of the Home.” It was truly a symbol of stylish lavishness.
SuSAn ZiSeS Green
Location Chelsea East Village Gramercy/Flatiron Harlem Lower East Side Midtown East Midtown West Morningside Heights Murray Hill
Studio $2516 $1932 $2305 $1303 $1875 $1982 $2316 $1695 $2077
1BR 3338 2823 3260 1656 2202 2505 3437 2299 2812
2BR 4922 3284 4803 2027 3349 3900 4735 3007 3593
3BR 5978 4291 5845 2808 4348 4975 5477 4088 4680
Location SoHo/TriBeCa Upper East Side Upper West Side Wall Street/BPC Washington Heights West Village April Average March Average % Change
Studio $2473 $1745 $1969 $2540 $1250 $2401 $2025 $1953 4%
1BR 3863 2497 2642 3386 1500 3554 2785 2747 1%
2BR 6417 3400 4029 4650 1713 4529 3891 3865 1%
3BR 8960 5714 6276 5500 2350 6500 5186 5107 2%
1BR 3982 3689
2BR 6561 5687
3BR 8634 7059
BLDG Classification Elevator*** Walkup**
Studio $2231 $1972
1BR 3086 2580
2BR 4221 3459
3BR 5753 4785
New Development w/ DM* $2909 Doorman $2529
* New Developments include all rental and condo buildings built after 2004. **Walkup averages include brownstone and townhouse rentals. ***Elevator averages in the downtown neighborhoods include a significant number of loft rentals compared to other neighborhoods.
2.00% 1.50% 1.00% .50%
Bettina equities: Living Well, In the World’s Greatest City. Bettina is known for affordable prices that make Manhattan living in the finest buildings within reach, with NO FEE! Attractive studios, spacious three-bedroom duplexes and triplexes in the most desired neighborhoods: East/West Side, Clinton, Murray Hill, Gramercy Park, Union Square and East Village. Experience the difference in the way our buildings are run with a quality commitment and ongoing attention to amenities such as exceptional maintenance/ upgrades, a responsive management staff and roomy, comfortable layouts. www.bettinaequities.com. (212) 744-3330. eMerald green, Glenwood’s first LEED-certified rental building, offers residents superior construction, impeccable finishes, attentive service and convenient amenities. Residents enjoy such features as front-load washers and dryers in every home, 24hour doormen, fully equipped children’s playroom and a state-of-the-art fitness center. Comprised of 568 spacious apartments ranging from alcove studios to twobedroom, two bathroom homes with large terraces, Emerald Green stands as the prime residential addition to Midtown West. Visit www.glenwoodnyc.com or call (212) 535-0500.
Mercedes house, New York’s latest breakthrough development, is changing the cityscape forever. From Two Trees Management Company and visionary architect Enrique Norten comes a luxury rental complex with unobstructed views of the Hudson and a design that has recast the city skyline. Inside its zigzagging footprint, residents of Mercedes House don’t just rent a home - with the extraordinary array of amenities, they embrace a lifestyle. Mercedes House is the address for life in style. www.mercedeshouseny.com 212.876.6666
For nearly a century, Prudential douglas elliMan has been recognized as a leader in the residential real estate industry. With more that 3,500 agents and over 60 offices from Manhattan to Montauk, the company’s reach is surpassed. Prudential Douglas Elliman offers its customers a comprehensive array of services including residential sales and rental brokerage, retail and commercial sales & leasing, relocation, new development marketing, property management, mortgage brokerage and title insurance. So whether you’re in the Manhattan, Brooklyn, Queens, Westchester or Long Island, including the Hamptons and North Fork, there is a Prudential Douglas Elliman office and agent ready to assist you in any of your real estate needs. Please contact 1.800.elliMan or visit elliman.com
Steps away from the Hudson River, silVer towers is one of the newest luxury rental buildings to rise on West 42nd Street. With an emphasis on amenities for the best kind of city living, residents enjoy daily shuttle service, Abigail Michaels concierge, Clay Health Club and Spa, a 75-ft indoor pool, nail salon, children’s room, entertaining terrace, peaceful inner courtyard, park, dog run, garage, and cafe. Apartments range from studios to 2-bedrooms, lofts to penthouses. The statuesque towers offer exceptional apartment layouts with multiple corner city and river views. For more information, visit silvertowers.com or call 212.473.4242.
With over 15 years of experience in the New York real estate marketplace, sotheBy’s international realty senior Vice President eric Malley, who is ranked in the top 2% of all 46,000 NRT brokers nationwide, brings a formidable set of skills to his brokerage practice. Prior to joining Sotheby’s International Realty, Mr. Malley has the unique distinction of being the founder and principal of his own real estate investment company, MalleyGroup, which is now aligned with Sotheby’s International Realty. Over the past five years, he surpassed the expectations of a turbulent economic climate, generating more than 350 million dollars in transactions. For more information please contact 212-604-7625 or email firstname.lastname@example.org
Launched by Founder and CEO Andrew Heiberger in 2010, town residential is a Manhattan-based real estate services firm specializing in luxury residential sales, rentals and new developments. Already an integral part of the New York real estate landscape, Town has opened six offices in under two years and built a hand-picked team now exceeding 325 licensed representatives and staff. For more information, please visit townrealestate.com.
For advertising information, contact Robyn Reiss (212) 407-9382 | email@example.com
24 luxury rentals JUNE/JULY 2012
ART WALLY FINDLAY
Vu cao dam (1903 - 2000)
le PHo ( 1907 - 2001)
andré Hambourg (1912 - 2003) gaston sébire (1920 - 2000)
nicola simbari (b. 1927)
andré Vignoles (1912 - 2003)
EXHIBITION NOW ON VIEW IN NEW YORK
WALLY F I NDLAY GAL L E R IES
NEW YORK • PALM BEACH • BARCELONA
124 EAST 57th STREET • NEW YORK, NY 10022 • +1 (212) 421 5390 WWW.WALLYFINDLAY.COM www.facebook.com/wallyfindlay
Jean dufy (1888 - 1964)
c o n s ta n t i n k l u g e (1912 - 2003)
RE THINK THE RENTAL.
Imagine your life at Silver Towers. Impromptu Saturday matinees of the newest Broadway musical. Wednesday night gallery openings and just a short walk home. Daily jogs along the Hudson River. Nightly wine and cheese on the roof deck after another spectacular sunset. Silver Towers’ central location in Midtown allows each resident to fully enjoy all that Manhattan has to offer. With an amenity package that includes a ﬁtness center, 75’ pool, concierge, and roof deck with bbqs and cabanas, as well as easy access to several subways and the East side via shuttle service, your life will never have felt so easy and fulﬁlled. Stop imagining and start living the Silver Towers experience.
Studios from $2,890 1 Bedrooms from $3,890 2 Bedrooms from $4,990
RENTAL GALLERY 620 west 42nd street, new york, ny 10036 212.473.4242 www.silvertowers.com firstname.lastname@example.org Facebook.com/SILVERTOWERS
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