rental july 2010
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Luxury RentalsMonthly
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Emerald GreenLuxury green living
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JUly 2010
Neighborhood Spotlight:
Upper West Side
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A SpeciAl AdvertiSing Section of the new York obServer
Luxury RentalsMonthly
Y ROLAND LI
As the city enters the
sweltering summer
months, the rental
arket is also heating up. Juned August have traditionally
en peak season or the rental
arkets, as recent graduates
d job hunters seek out new
artments and last year’s
oup looks to upgrade. Along
th the improving economy,
ere has been a surge in rental
tivity.
The Real Estate Group o
ew York’s May report ound
nt prices throughout the city
p 1.94 percent compared
April and vacancies alling
71 percent, positive signs or
ndlords.
“Renters are a lot more
lling to pay brokerage
mmissions now. Vacancies
ve denitely dropped,“ says
ndrew Barrocas, CEO o the
eal Estate Board o New York.
here are denitely signs that
e market is bouncing back. I
ould expect it stay strong.”With these trends, the
ndulum has swung
om a renters’market to a
ndlords’ market, and tenant
ncessions like months o
ee rent or the payment o
oker ees are disappearing.
“The rental market’s
etty robust. We’re actually
eing a lot o competition
r apartments,”says Nicolas
Richberg, a broker or Citi
Habitats.
With more tenants to
choose rom, landlords can
choose to re-list apartments at
higher rents, and there’s even
been reports o bidding wars
among renters.
In Midtown West, a number
o rental towers have gone up,
including Glenwood’s Emerald
Green, Larry Silverstein’s
Silver Towers and Douglaston
Development’s Ohm on 11th
Avenue, which books two rock
shows a month to attract a
younger crowd.
TF Cornerstone has also
developed two towers at 505
West 37th Street.
“505 West 37th Street is our
newest property. It’s renting
very quickly. We’re probably
not going to be giving as much
as ree rent,”says Scott Walsh,
director o market research at
TF Cornerstone.
Over 500 units o the 835
units in the complex have been
rented out, and over 40 leases
Enjoy outdoorspace in thecourtyard at184 Kent, inBrooklyn.
EXCLUSIVE MARKETING & LEASING AGENT:
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are being signed a week. As o
mid-June, TF Cornerstone will
drop two months o ree rent in
avor o just one month.
“I think the tide is denitely
turning. People who want to
get good deals, there are still
good deals out there,”says
Mr. Walsh. “I wouldn’t say
we’re on 2008 numbers, but
we’re on the rebound. People
are always looking to live in a
nice apartment in a well-run
building.”
Further south,
neighborhoods like the WestVillage have remained strong
throughout the recession
and continue to have low
availabilities. With ew huge
new developments, these
downtown neighborhoods
have attracted intense
competition or the ew units
that are available.
“It’s a low rise
neighborhood. Some o
these units would never be
on the rental market,”says
Paul Gavriani, a senior vice
president and associate broker
at Corcoran. “There’s never
a lot o vacancy in the West
Village.”
At the tip o Manhattan, the
Financial District continues
to transorm itsel into a
residential neighborhood
instead o one that centers
on the nine-to-ve work day.
New developments like the
Beekman and, eventually, the
World Trade Center sit e willbring even more rental stock to
the area. Developers have also
converted vacant commercial
space into residential, bringing
in even more inventory.
The result has been rental
buildings that are cheaper
than some o the luxury stock
o Uptown. But even though
the price per square oot is
generally cheaper, many o
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e buildings in the Financial
strict have the same
menities such as doormen,
ms and lounges, as their
ore expensive northern
ighbors.
“It’s the land o a good deal
r renters. All the owners in
e rental buildings have to
mpete with each other,”says
r. Gavriani. “There has been
omentum, there has been an
crease in population there.
ut I think 50,000 people in an
ea that size, it’s not that big.”
Across the East River,
Brooklyn has seen a
rental building boom
Downtown Brooklyn. Thege amount o new stock has
ade landlord concessions a
tural part o leasing, with as
any as ve months o ree
nt. Although landlords want
get rid o these incentives,
s been more dicult when
ere’s so much empty space,
en as the economy improves.
enants have gotten used to
ese incentives as well, so
ey’re harder to shake o.
“There’s still a lot o
ventory, especially in
wntown Brooklyn,”says Alex
altalamacchia, director o
asing at aptsandlots.com, a
okerage that works with both
ntals and sales in Brooklyn.
hey don’t really have a choice.”
In order to attract upscale
tenants, these new buildings
oer amenities that are
comparable to Manhattan.
DKLB BKLYN at 80 Dekalb
has a screening room and
tenant’s lounge and Avalon
Brooklyn oers a concierge
service, gym, parking,
dry cleaning and 24-hour
doorman.
These eorts seem to have
paid o - 80 Dekalb recently hit
the 80 percent leased mark,
with 234 units rented out.
Neighborhoods like
Brooklyn Heights and Park
Slope have less rental stock,
much like the West Village,
and thus are less dependent
on concessions. These
neighborhoods have always
been very desirable, and
have remained so during the
downturn.
In northern Brooklyn,
especially Williamsburg,rentals have done well. New
developments like LCOR’s
34 Berry Street is 50 percent
leased ater just one month,
while 184 Kent’s 339 units are
40 percent leased.
“We’re certainly seeing
strength as inventory tightens.
Prices are trickling upwards as
well,”says Mr. Saltalamacchia.
But rents are still
cheaper than Manhattan,
and the unique culture and
atmosphere o Brooklyn
makes it an appealing choice
or renters.
Overall, the rental markets
in Manhattan and Brooklyn
have shown recovery, and the
next ew months are poised
to be extremely active. While
there’s still some uncertainty,
and landlords are still oering
concessions to attract tenants,
the market is moving closer to
the pre-downturn days.
“It’s much improvedcompared to last year. There’s
denitely huge jump in activity,”
says Kali Valenzuela, a broker
or City Habitats. “There’s a
renzy or these apartments.
In the all, it really depends on
employment rate over the next
quarter or so. That’ll have to do
with whether it’s sustainable
or not.”
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Although known or
its townhouses,
the Upper West
de has seen a boom in new
ntal towers, particularly
the southern area o the
ighborhood.
Extell Development Co.
s built a slew o residential
wers in the area. The Ashley,
400 West 63rd Street, is
e newest rental building and
pened on May 10th.
“I think the building is
eaking to an audience that
s been renting by choice.
eople that want to rent, but
ey don’t want to eel like
ey live in a transient rentalilding. The Ashley really has
condominium favor to it,”
ys Cli Finn, a broker rom
ti Habitats and director o
les at the property.
The Aire, at 200 West 67th
reet, and the Corner, at 200
est 72nd Street, are new
xury apartment towers that
e more centrally located.
These two properties are close
to Lincoln Center and the
nearby transportation hub.
Two-bedroom apartments
are around $6,000 per month
at both buildings, and three
bedrooms range rom $18,000
to $20,000, making them
signicantly more expensive
than nearby townhouses.
808 Columbus Square's
luxury aesthetic starts with its
lobby. The designer wood and
Bulgarian limestone match
the tower's amenities, which
include a salt water pool and
elevated private parks. 808
Columbus is the centerpiece
o the mixed-use ColumbusVillage, which is currently being
constructed and includes
over 700 apartments and a
Whole Foods, and proo that
developers are still very active
in the Upper West Side.
New developments are
generally more inclined to give
out incentives to tenants such
as a month or two o ree rent,
since there is so much space
to rent out. Meanwhile, more
established rental towers are
less likely to give such breaks,
since there are ewer vacancies
to ll.
“When you have 900
apartments, you have to
accelerate your leasing,”said
Mr. Finn.
The more aordable
existing stock has remained
attractive, and landlords have
less space to ll, compared
to brand new apartments.
And part o the appeal o the
neighborhood is its historic,
landmarked rental buildings,
including pre-war buildings
and brownstones. Terrace
Court at 202 Riverside Drive,
the Ormonde at 154 West
70th Street and Parc 77 at 50
West 77th Street are some o
the prominent, landmarked
rental buildings. And while
these buildings are older, they
still oer plenty o amenities
including laundry rooms,
concierge service and
doormen.
“They’re holding up a
little bit better than the new
developments, because the
new developments’prices are
so high,”says Kali Valenzuela,
a broker or City Habitats.
“The older buildings have a
more established hi story.”
Trump Place at 140
Riverside Boulevard is one
o the iconic New York rental
properties, and is part o a
number o rental and condo
towers close to the Hudson
River.
There’s still one major
undeveloped parcel and
one o the last open spaces
in Manhattan, the area is
between the West Side
Highway and West End
Avenue, spanning 59th
and 61st Streets. Extell has
proposed an enormous
ve-building, mixed-use
development called Riverside
Center. The proposal calls
or around 2,200 residential
units, although it’s undecided
what percentage will be
condos or rentals.
City Planning is currently
reviewing the project,
and Community Board 7
and Manhattan borough
president Scott Stringer’s
oce will also make
recommendations. The City
Council has a nal say or the
project, with a vote scheduled
or the end o the year.
Development is expected
to take around eight years,
ollowing city approval.
Upper West Side
Neighborhood Spotlight
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bsrr: Wha do you s
h rnal ark?
e’re in peak rental season
May – Aug), and the rental
arket is on re. The vacancy
te is getting tighter and
hter. We just issued our May
ntal market report, and the
cancy rate in Manhattan
ess than 1 percent. That’s
e rst time we’ve seen a
b 1% gure since August
007. Prices are rising slowly
d owners are removingcentives, as long as they
on’t think it’ll impact their
asing activity.
Inventory is tight in many
ighborhoods. For example,
ere was an apartment that
me online in the last 24
ours, and during that period
e received six oers. For
ose looking to rent, keep in
nd that apartments aren’t
staying on the market long. It’s
very important to come with
paperwork and unds.
How would you dsrib
so o h nw rnal
dlopns, suh as th
Ashly or Silr towrs?
I would describe the new rental
buildings as almost “condo
light”. They’re built to a very
high standard and include
many nice amenities. Renters
are more sophisticated anddon’t want the cookie cutter
buildings without the latest
amenities. They’re just built
or a whole dierent clientele.
Owners are smart; they’re
trying to build destination
buildings that create a whole
liestyle or residents. Owners
understand that competition
or clients is erce, so they
are creating more and more
spectacular projects.
Wha abou ohr buildings?
Nearly 75 percent o available
units in Manhattan are rentals.
Not all buildings have the
amenities that The Ashley or
Silver Towers do, but owners
do what they can to maximize
the appeal o their buildings.
Units in new developments are
also built more eciently today
than they were in the past.
Clients don’t care about theprice per square oot, they only
care about the absolute price.
In terms o the time and eort
that was spent in marketing
the buildings and coming up
with an identity; I don’t think
that in the past it was as well
thought out as it is today.
At this point, there are so
many varied buildings and
locations in the City that
most people can nd a home
that suits their needs and
budget. It’s important or the
local economy to attract new
people to the City as these
new residents bring their
intellectual wealth, their actual
wealth, and lay roots or the
uture.
Wha nighborhoods ar
popular righ now?
Most people that we initially
speak with want to livebelow 23rd Street. Those
neighborhoods have the
biggest buzz and the biggest
cachet.
In down markets, many
downtown areas hold their
value better than others,
given the inventory in these
neighborhoods, and the great
restaurants and nightlie. The
West Village has the tightest
ary Malin is the president o Citi Habitats, overseeing the
m’s day-to-day operations and shaping its overall brand.e joined in the brokerage in 1998, just our years ater it
as ounded, and has seen Citi Habitats grow to over 800
afers and become one o the largest names in residential
al estate.
Q&A with
Gary Malin
The Observer speaks with two professionals in the real estateindustry to get an insider’s view of todays market.
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4
cancy rate at 0.33 percent.
Additionally, The Upper
est Side is always a draw
r people. We opened up the
shley or Extell and it’s doing
ry well. The Upper West Side
one o those well-tracked
eas that continues to be
sirable.
You can then look at the
r West Side and all that new
nstruction. Silver Towers
e opened a little over a year
o, and we’re over 70 percent
nted. Everything they’re
oing on the High Line is also
eating a lot o interest in that
neral area.
The Financial District also
s a big draw. When you lookdemographics there, they’re
well-heeled group o people.
s they continue to move into
e area, more amenities like
staurants and supermarkets
ll ollow.
ow did you g sard in
al sa?
y ather has been in the real
tate industry or a number
years, and my grandather
ore him – but on the
mmercial side. There’s always
en real estate in my blood.
A ew years ater I graduated
om law school, I was
proached by a good riend
mine, Andrew Heiberger,
under o Citi Habitats. I
as initially brought in as
legal consultant, and overthe years I became more and
more closely involved in the
business. I was eventually
asked to join the rm in 1998. I
came in as the Chie Operating
Ocer and general counsel.
You jus rposiiond cii
Habias’ sals diision as
cii Sals. Wha was h
rasoning bhind his?
Citi Habitats is a very powerul
sales brand as well as a rental
brand. We rented nearly 13,000
apartments last year, and when
you do that much volume,
it overshadows the sales
business. We wanted to ocus
the spotlight on the sales side
o the business. We transact
with more New Yorkers than
any other brokerage rm in thecity. We really get to know our
clients, and strive to be their
“broker or lie”– rom helping
them rent their rst apartment
or second apartment to
eventually helping them buy
a home, we build long term
relationships.
cororan bough cii
in 2004, wha’s h
rlaionship lik bwn h
wo opanis?
Pam Liebman is incredibly
supportive o what we do at
Citi Habitats. There’s a great
relationship between our
organizations. NRT/Corcoran
purchased both a successul
rental and sales company.
We’ve only been in business
since 1994. A lot o the
companies that are in the city
that are as big as us have been
around much longer.
There are a lot o rms
out there that ocus heavily
on sales. There are a lot o
rms out there that ocus
heavily on rentals. We’re heavy
rentals and we’re heavy sales.
We understand the market
- rentals are the gateway to
building great relationships.
Renters turn into buyers, who
then turn into sellers.
Wha’s h oulook or Nw
York’s ral sa indusry?
There is optimism out there.
Obviously the economy is ar
rom out o the woods, but
people eel considerably better
than they did a year ago. That
translates to people eeling good
about the marketplace. Last
year the purchasers and the
tenants had more power. On the
sales side, things have become
more balanced between the
buyer and seller. For rentals,
that pendulum has swung to the
landlord’s side. But everyone’s
willing to transact, or else you
wouldn’t see as many deals
closing as we’ve been seeing.
New York has recovered aster
than other markets across the
country. In other places, the
vacancy rate was 10 percent.
Here, it was in the low 2’s.
For many people who enter
our market on the rental side,
there’s a disconnect. The
Manhattan rental market as
a whole has recovered pretty
quickly, so renters cannot
expect the same deals that
were oered a year ago. The
rental market has adjusted, and
those days are gone.
Downtown isalways a draw with its nightlie,restaurants (Mo-randi, let) andshops (below).
P A U L I N E
P . ; J A L E A L
est. 2004
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bsrr: Wha ar you
ing in h orall rnal
ark?
e nd the sale market and
ntal market are in sync. What
mean by this is that they are
oth strong in core locations
d desirable areas and sot in
ose where excess supply and
cations are not as desirable.
s a development where we
e those clients that have the
ancial resources will pay more
d outbid others to be in the
ighborhood that they want
be in because there is such a
ortage o quality apartments
desirable locations and clients
alize that.
ha propris ha you
nly bn inold wih?s a policy or our team we do
ot like to disclose inormation
garding the properties we
ve worked on or sale or rent
the customers as privacy is
ry important to us and our
ents. I can tell you though
at when you represent over
00 owners o condo and
ntal units throughout the city
ere is never a dull moment.
Wha nighborhood do you
hink has h bs alu as
ar as rnals?
In neighborhoods with more
o a supply o apartments
like Midtown West and the
Financial District is where there
are better values.
Wha ar so noabl nw
rnal dlopns?The new Beekm an Tower
at 8 Spruce Street will be
interesting.
copard o buying, wha
ar so o h bnfs o
rning?
We deal with a lot o
individuals in the nancial
industry and when they
present you with an excel
spreadsheet with a model
that details the nancial
benets o renting over
buying and return investment
on that 25 to 30 percent o
the purchase price down
payment you realize that
some people just look at
shelter over their heads as
just a nancial arrangement
versus owning a home. Otherthan that the only other
benets I see are the fexibility
to move neighborhoods
within the city or out o the
city with relatively little costs
compared to purchasing. I
you are committed to living in
Manhattan or the long term
though it’s always better to
buy as there is only a nite
amount o land and no matter
what anyone says what goes
on here is the catalyst or the
rest o the world.
I also rad abou your
parnr and llow cororan
brokr So Husis. How
dos his arrangn
work?
Scott and I have worked
together or over 6 years and
it’s been a great business
arrangement because we
complement each other well
and have the same goals and
vision or our business. It helps
that we are also riends and
respect each other or what the
other brings to the table.
How did you iniially g
inold in h ral saindusry?
My amily was involved in real
estate and rom a young age
when you are playing with
Tonka Trucks and visiting
construction sites to now
where we represent multi-
million dollar properties it just
becomes part o what you do
and think about. I wouldn’t
rather be doing anything else.
ark Jovanic is a senior vice president and
sociate broker at Corcoran. He works with a
riety o buyers, renters and properties in all
ice ranges and neighborhoods.
Q&A with
Marc Jovanic
“In neighborhoods with more of a
supply of apartments like Midtown
West and the Financial District is
where there are better values.
BARBARA A. GRIMALDI(212) 759 3920
227 EAST 56TH STNEW [email protected]
Appointments to fit your schedule.
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Insurance subject to availability and qualifications.Allstate Insurance Company and Allstate Property and Casualty Insurance Company, Northbrook, Illinois © 2009 Allstate Insurance Company.
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