the observer's luxury rentals 2011

June 2011Luxury Rentals

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Date: June 08, 2011

Project: Extell Aldyn / Ashley

Publication: NY Observer Rental Magazine

Issue: 06.15.2011

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luxury rentals • 3

By Nina Zipkin

T he Manhattan real estate market is back and with a vengeance and prices have stabilized. “Last year we saw a transformation in the

market going into the summer where the prices increased and vacancy levels went down. Almost all landlords who had been offering incentives to tenants and brokers in order to fill vacancies during the real estate slump are no longer doing so,” said Declan Devlin, Director of

Residential Rentals at Keller Williams. Andrew Scheck of Platinum Properties

has noted this particular shift as well, but he says that since people are renting at a higher rate now with fewer and fewer properties available, “…it’s tougher for agents,” because the incentives like several months of free rent or waiver of amenity fees had been appealing to renters in the past.

But overall, Frances Katzen, Managing Director at Prudential Douglas Elliman describes the rental market as “much stronger

than last year during the same quarter.” Last year Katzen sold 3,800 rentals, but this year the number has doubled to approximately 6,800 rentals.

“The market is busy with the normal summer influx but also with a second market…of New Yorkers who have just sold and don’t want to buy immediately and those who just feel too uncertain to commit. Generally when the sales market is flat or uncertain, the rental market flourishes…New Yorkers don’t see anything wrong with renting,” said Vannessa

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Kaufman of Sotheby’s, who is not surprised by the recent boom in the real estate market.

Kaufman also explained that, in many cases, the annual influx of summer graduates and interns do drive some of the rental market. They often look for studios, one bedroom apartments and buildings that allow shares.

However, on the other end of the spectrum, there are people who look beyond the summer months. Often, families that have relocated to New York City from abroad or other parts of the country are in the market for larger, more expensive apartments for the long term.

What are the exciting areas and buildings that renters will be clamoring for during this busy time of year? Some new development and conversion rental projects include 2 Cooper Square, 808 Columbus, The Beatrice, the Continental, 25 Broad, The Aldyn, Frank Gehry Building and many others.

Responding to the intriguing neighborhoods primed for the rental market, Devlin explains, “the usual suspects are Downtown on the West Side from Chelsea proper all the way down to Tribeca…the biggest up and coming area I see is the far West Side or Hudson Yards. We are seeing successes with the luxury rental projects that opened in the last couple of years.”

Other popular areas are SoHo, Gold Coast, Gramercy, Flatiron, the West Village and Greenwich Village. “Midtown may not be sexy, but [it] continues to be popular because of its proximity to Midtown offices,” said Patricia Levan of Levan Real Estate. Katzen has found that the Financial District is an area that seems to be going out of style. Prince Dockery of the Prince Group at Prudential Douglas Elliman has noted fewer inquiries for rental properties on

the Upper East Side. Scheck has seen a drop-off of interest in Murray Hill.

But ultimately, Vice President, Director Bill Grant of Brown Harris Stevens says that due to the nature of the New York real estate market, there is no such thing as a neighborhood that just isn’t “hot” anymore. “They evolve and change, but do not become obsolete.” Much like the rental market, these are neighborhoods that continue to flourish.

Frank Gehry’s skyscraper, the city’s tallest residential building, offers luxury renters

iconic design and unobstructed 360˚ viewsCliff Finn of Citi Habitats Marketing Group

and Nancy Packes of Nancy Packes, Inc.

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015232 NY Observer Combo-v1.indd 1 6/8/11 5:31 PM


By Nina Zipkin

R obert DeNiro. Sarah Jessica Parker. Andy Warhol. All names that are synonymous with New York. These once and future iconic downtowners aren’t the only ones in the

spotlight. We will be seeing a vibrant and energetic downtown rental market this summer.

“If things continue as they have been, it will be…very

busy…prices for the larger apartments and townhouses have been renting at close to and for asking price,” said Vannessa Kaufman of Sotheby’s International Realty.

Although these properties are highly sought after, Shii Ann Huang, a Senior Vice President and Associate Broker at Corcoran notes that it is an incredibly active market because there are many qualified buyers who are interested but there is not enough inventory to keep up with the demand.

According to Patricia Levan of Levan Real Estate, this is

an equation that means an increase in rents that won’t be abating any time soon. Jason Perkal, of the Prince Group at Prudential Douglas Elliman added, “with less than a 1% vacancy rate and high demand, prices are being driven upward.”

The late spring and summer months are often particularly busy for rentals. Prince Dockery, also of the Prince Group at Prudential Douglas Elliman explains that the annual spike is a result of “the influx of interns and college graduates moving to New York City as they begin

the DOWntOWn rental market:

F a m o u s f a c e s a d d e n e r g y

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jobs in the area. Additionally, many people already in the workforce change jobs around this time of year.”

In the constantly volatile downtown real estate market, Anna Shagalov, Senior Vice President of Halstead Property says there is at least one constant, explaining “lofts are always the most coveted,” though she adds a few caveats. Huang said that in particular, the pre-war loft condominiums were in high demand, as well as units with unique touches.

“Traditional lofts (long and narrow, with only front and rear exposures) are not as popular as other varieties, especially those boasting more square footage, large living and common areas,” said Bill Grant, Vice President, and Director at Brown Harris Stevens, who has also found that apartments in full service buildings that have open kitchens are highly coveted.

According to Grant, the downtown real estate market is unique because of “the close proximity of neighborhoods with distinct personalities. Soho has a totally different feel than its neighbor Little Italy, different from its other neighbor, Chinatown.” The Highline is a new area that attracts people downtown and developments in the area, such as the Richard Meier towers on Perry Street are being mimicked in some of the new waterfront development along

the west highway. Many brokers see big things

for the downtown market. “The development along the Lower East Side will follow the expansion we saw in the Meat

Packing District. This is the place for investors to look,” said Levan. Popular new development and conversion downtown rental buildings currently being marketed this summer include 8 Spruce Street, 25 Broad, 2 Gold and Dwell 95 to name a few.

“It feels like a more residential area than ever before,” said Andrew Scheck of Platinum Properties who believes that

the area’s reputation as being extremely

safe, and the fact that these amenities are often free of charge are major draws.” To Devlin, it’s easy to see why renters are attracted to the downtown area; a wide variety of options for dining, nightlife and shopping with an easy commute to Wall Street and Midtown. It’s

easy for downtown residents tow work hard and play hard.

Broome Street Duplex Penthouse Loft, listed at $25,000 a month by Brown Harris Stevens Agents William Grant (212-906-0518) and Jill Mangone (212-452-4478).

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By Nina Zipkin

A sher Abehsera, VP of Residential Properties at Two Trees Management Co. LLC has found the perfect way to describe the New York based real estate development firm- they are pioneers. David Walentas founded Two Trees in 1968, and

since then the firm has worked tirelessly to make DUMBO (Down Under the Manhattan Bridge Overpass) and Brooklyn highly desirable area for both commercial and residential real estate.

The numbers alone speak to their dedication; they have been in business for 43 years, during which they have developed and managed over 3 billion dollars worth of properties, rehabilitated and converted at least 6,000 apartments and more than 3 million square feet of retail and office space. The company owns a combined total of more than 4 million square feet of real estate, comprised of residential, industrial and commercial properties throughout the United States.

They recently added two new developments to their portfolio; The Mercedes House at 555 West 53rd Street and the Historic GAIR2 at 25 Washington Street. Mercedes House was designed by architect Enrique Norton, and the location takes full advantage of views of the Hudson and Clinton Park in particular. According to Abeshara, when occupancy initially began, with 222 apartments available, the Mercedes House reached 80% capacity in just five weeks. The list of amenities includes everything imaginable, including Bosch washer and dryers in every apartment, a wellness center, swimming pools, basketball and volleyball courts, golf simulator and a screening room, and many, many more.

Named after the building’s original architect Robert Gair who built the property in 1901, the latter GAIR2’s redevelopment was done by architects WASA/Studio A-Wank Adams Slavin Associates, LLP. The historic

property is located at Brooklyn Bridge Park where, in only five weeks time from when it opened its doors in May, 60% of the building’s 106 units have been rented.

GAIR2, like many Two Trees properties, maintains its historic exterior. “We want to pay homage to the architectural integrity of the building while developing something that makes every day life convenient,” says Abeshara. But that isn’t to say there aren’t modern amenities to boot, the building offering custom Italian kitchens and a 2,500 square foot rooftop deck as well as the convenience of a Fresh Direct supermarket.

The company VP insists that Two Trees aims to take a broad and holistic view of the properties they hold. “Our initiatives go above and

brOOklyn piOneersT w o T r e e s M a n a g e m e n t C o . L L C

T w o T r e e s M a n a g e m e n t C o . L L C

continued on paGe 14

Mercedes House.

GAIR2 exterior.

Views from GAIR2.


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How would you describe the rentals market currently? The rental market in New York City is one of a kind. With vacancy rates below 1%, apartments are renting at an incredibly fast pace. To secure an apartment in this market it’s imperative that you are prepared with all of your paperwork and sufficient funds in the bank.

Do you think things are heating up for summer? 100%. Those in the market for a new home are in for quite a surprise. Tenants must start their apartment search prepared to act and realize that it’s a landlord’s market. Last month, the Manhattan vacancy rate was below 1% - at 0.94%, which is substantially lower than the national vacancy rate, which is hovering just over 6%.

Low vacancy means high demand - and higher prices. Rents are now up anywhere from 9 to 15 percent from a year ago. Prices are expected to go even higher in the coming months. Even if you already have an apartment in the city, should your lease come to an end in the summer months, expect to see an increase in rent for your renewal. Landlords are no longer offering incentives. Free rent and no brokers fees are a thing of the past.

Is summer usually the busiest time for renters? If so, why? Yes. Much of the demand is coming from college students who are moving to NYC to start school in the fall. New graduates also flock to the city to start their first jobs during this season. Also, who the heck wants to move with a foot of snow on the ground? What areas are hot? To each his own. I live on the Upper West Side and I’m very happy there. I love being near Central Park and the 1,2,3, A, C, E, B, and D trains, not to mention, it’s affordable! Many of my clients like different neighborhoods for different reasons. Neighborhoods like the West Village, Tribeca, Soho and Chelsea are in extremely high demand, and as a result you get a lot less for your money in those areas. To gain a better sense of how “hot” these neighborhoods are, take a look at the vacancy rates from April.

Upper West Side was 1.23%, versus the West Village at 0.44%, Tribeca/Soho at 0.59% and Chelsea at 0.59%.

What areas are going out of style? Every area is “in style” for a different type of person. NYC is so diverse, so different neighborhoods work well for different types of people. It is amazing that one island, only about 23 miles long, is home to such a diverse population.

New developments are popping up all over the city, even in areas that at one time were considered undesirable. Look at the far West Side. Not the city’s most convenient area, but the new buildings over there are beautiful and loaded with amenities and are now renting fast as a result!

Are prices up or down? Rents are up across the board. I’ve noticed the biggest jumps in two and three bedroom apartments. It goes back to the theory of supply and demand. 75% of the rental stock in the city is studios and one bedrooms, so the lack of inventory in the larger categories means prices for these types of apartments are going to rise the fastest. It sounds crazy, but many people are offering to lease an apartment at rents even higher than the asking price to ensure they secure the apartment they want.

I’ve heard that the real estate market in Manhattan is back with a vengeance. Do you agree with this? Yes, we aren’t quite at the level we were during the peak of the market, but we are close. Manhattan is an anomaly and different rules apply here. With the amount of wealth and opportunities available and diverse employment base, our city attracts the best and brightest from all over the world, regardless of the economy. Now, with the worst of the 2008 economic crisis behind us, the market is really beginning to take off.

What are the top new rental buildings? New York by Gehry in the Financial District – It’s the tallest residential building in the Western Hemisphere, and one of the best designed.

The Ashley on the Upper West Side – With a full sized basketball court, bowling alley, golf driving range simulator, rock climbing wall, 75’ indoor pool, and squash courts, this building is home to numerous professional athletes.

The Beatrice in Chelsea – This building features the “Cloud Lounge” – Located 53 floors high you will find 3,700 sq ft of amenities including a pool table, fireplace, private seating areas and expansive skyline views. The residences start above the Eventi Hotel on the 26th floor, so every apartment is sure to have an amazing view.

MiMA in Clinton – A Dog-owner’s paradise! This building features “Dog City” - a fully-equipped, professionally-staffed pet spa featuring indoor and outdoor play spaces; wash, dry and groom facilities; on and off-site vet care; pet training; scheduled dog walks; pet play dates; and much, much more.

What are some of the amenities you are seeing? If you can think of it, you can probably find it somewhere in New

Q&aMorgan Turkewitz, a licensed broker at Citi Habitats and our 2010 “rookie of the year.”

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York City! I have seen all sorts of amenities, including: indoor and/or outdoor pools, children’s playrooms, fitness centers, rock climbing walls, rooftop decks, dog grooming, dry cleaning, saunas/steam rooms, lounges, game rooms, bowling alleys, full size basketball courts, squash courts, event planners, maid services, and more

What is the funniest or craziest thing you have seen in terms of rentals lately? I recently worked with a client who had an unusual fear. He was scared of pigeons! His fear of pigeons had prevented him from moving to New York. There are pigeons everywhere in this city…My client was able to overcome his fear and we looked for apartments in NYC together, as moving here was his ultimate dream. He found him an apartment on a low floor, because the higher he go, the closer the pigeons.

What is the most memorable property you’ve shown? A penthouse apartment with a large and beautiful terrace with views of Central Park. This was a one of a kind apartment for a one of a kind celebrity client. I’d tell you their name, but then I’d have to kill you (kidding!) but I do take my clients’ privacy very seriously.

What are the best rentals downtown? I’ve heard of 25 Broad, what are some other top buildings? NY by Gehry at 8 Spruce Street. The building is one-of-a-kind with its rippling stainless steel façade, and the views from the higher floors are literally breathtaking. This is the rental building for those looking to make a statement.

Do you think downtown is a hot area for summer? Yes. With NYU’s tremendous presence in the Village and

a shortage of dormitory space, many college students will be scouring the area in the coming months for a home this summer. It’s not just because of NYU though. There is no better time to take advantage of outdoor spaces like Chelsea Piers, Washington Square Park, Union Square and the brand new Highline. Further downtown there are some fantastic outdoor spaces as well and you can find housing for a fraction of the price. You must experience Stone Street, a really cool cobblestone street that’s closed to traffic and full of outdoors bars and cafes. This can be found in the heart of the Financial District or you can go further west and enjoy the Battery Park City Waterfront during the summer months.

Why are renters attracted to the downtown area? The diverse types of housing stock (everything from walk-up brownstones, to cool Loft spaces, to high rises, are available downtown), the history, cultural opportunities, and the nightlife. Several downtown neighborhoods have an “artistic/non-conformist” Manhattan image which makes these areas extremely attractive to many people.

How would you describe the downtown market? Highly competitive. I’ve had clients lose apartments because they didn’t track down tax returns and employment letters in time. I can’t stress enough the importance of beginning the apartment search well prepared! Think of it as the “warm up” to a race.

What do you see next for the downtown rental market? I believe the market will continue to flourish. Keep your eyes on the Financial District especially. With all the new development in the area, (the Freedom Tower, 9-11 Memorial, Fulton Street Transit Center), the neighborhood is undergoing a real 21st century transformation. I expect the final result to be nothing short of spectacular.

Morgan TurkewiTz

beyond real estate, to deliver a rental product that makes the community better,” Abeshara claims. The company has set about achieving this by initiating projects to improve the properties’ communities by planting trees, replacing cobblestones and even adding retailers such as Urban Outfitters and Trader Joe’s.

DUMBO is upping its appeal to the technologically savvy by being the first neighborhood in New York City to have its very own wireless network. Two Trees began working alongside the DUMBO Improvement District and Brooklyn Bridge Park the beginning of this month.

Two Trees hopes to continue to encourage growth in both DUMBO and Brooklyn by appealing to diverse groups of people who will contribute to the already established residents who are proud to call the areas home. “We always look to do game changing things and bring something to the neighborhood that’s never been done before like a new type of architecture,” says Abeshara. “Our goal is to better the lives of our tenants.”

brooklyn pioneersMercedes House aerial view.

continued from paGe 10


17

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Brooklyn RENTAL SNApShoT price indicates ASKING median rents. ALL BrookLyn Type Price Studio $1,800 1 BR $2,000 2 BR $2,500 3 BR $2,700 4+ BR $4,000 WILLIAMsBurg/greenpoIntType Price Studio $2,300 1 BR $2,700 2 BR $3,300 3 BR $3,295 4+ BR $3,400

DuMBo/BrookLyn HeIgHtsType Price Studio $1,950 1 BR $2,805 2 BR $4,243 3 BR $5,995 4+ BR $7,600

BoCoCA (BoeruM HILL, CoBBLe HILL, CArroLL gArDens) Type Price Studio $2,275 1 BR $2,600 2 BR $3,000 3 BR $4,600 4+ BR $10,000

pArk sLope Type Price Studio $1,700 1 BR $2,100 2 BR $2,800 3 BR $4,047 4+ BR $10,500

DoWntoWn BrookLynType Price Studio $1,925 1 BR $2,358 2 BR $2,900 3 BR $3,500 4+ BR n/a WInDsor terrACe/kensIngtonType Price Studio $1,450 1 BR $1,850 2 BR $2,000 3 BR $2,200 4+ BR n/a

Fort greene Type Price Studio $1,550 1 BR $2,225 2 BR $2,950 3 BR $5,300 4+ BR $8,625

prospeCt HeIgHts Type Price Studio $2,725 1 BR $2,075 2 BR $2,350 3 BR $3,000 4+ BR $4,147

Manhattan RENTAL SNApShoT price indicates ASKING median rents. ALL MAnHAttAn Studio $2,300 1 BR $3,095 2 BR $4,690 3 BR $6,899 4+ BR $13,000

HArLeM/MornIngsIDe HeIgHts/eAst HArLeM Studio $1,450 1 BR $1,800 2 BR $2,400 3 BR $3,225 4+ BR $5,000

CArnegIe HILL/yorkvILLe Studio $1,797 1 BR $2,592 2 BR $3,850 3 BR $6,157 4+ BR $10,000

upper eAst sIDe Studio $1,897 1 BR $2,550 2 BR $4,699 3 BR $4,550 4+ BR $25,000

LInCoLn squAre Studio $2,472 1 BR $3,400 2 BR $6,255 3 BR $10,000 4+ BR $24,000

upper West sIDeStudio $1,960 1 BR $2,590 2 BR $4,200 3 BR $7,500 4+ BR $13,000

CLInton (HeLL’s kItCHen)Studio $2,400 1 BR $3,295 2 BR $5,000 3 BR $5,172 4+ BR $6,000 MurrAy HILL/kIps BAy Studio $2,050 1 BR $3,095 2 BR $4,570 3 BR $5,100 4+ BR $16,000

MIDtoWn Studio $2,410 1 BR $3,300 2 BR $5,300 3 BR $8,500 4+ BR $17,500

CHeLseA Studio $2,362 1 BR $3,450 2 BR $6,220 3 BR $11,000 4+ BR $17,250

West vILLAge/greenWICH vILLAgeStudio $2,050 1 BR $3,095 2 BR $4,570 3 BR $5,100 4+ BR $16,000 eAst vILLAge/ LoWer eAst sIDeStudio $1,795 1 BR $2,200 2 BR $3,150 3 BR $4,150 4+ BR $4,800

trIBeCA/soHo Studio $3,200 1 BR $3,995 2 BR $8,425 3 BR $14,000 4+ BR $25,000

LoWer MAnHAttAn Studio $2,650 1 BR $3,500 2 BR $5,000 3 BR $8,000 4+ BR $17,500

BAttery pArk CIty Studio $2,550 1 BR $3,100 2 BR $5,795 3 BR $12,500 4+ BR $13,750

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How would you describe the downtown real estate market right now? Very brisk, especially Soho and Tribeca. Everybody wants to live in Soho, especially the Europeans, and there are a lot of Europeans buying here right now. What makes the downtown real estate

market unique than those in other neighborhoods? Soho is an area of only 20 blocks, where most of the buildings are only five stories high, and most of the lofts are full floors. So there can never be a whole lot of inventory. Right now, there’s a great deal of competition for what’s there. Also Soho can be difficult if you don’t have the right broker and the right lawyer. Lots of complications regarding artist certification, certificates of occupancy, (many Soho buildings don’t have them), and various aspects of Loft Law. (Tribeca’s easier and there are many condos there. Condos are in vogue at the moment.) In the Village, it’s hard to find an apartment with more than two bedrooms. We believe that’s because, in the 20s, when nearly all the prewar buildings were built, the Village wasn’t considered a family area. What types of apartments are most popular downtown? Lofts. No question. What is the most unique or interesting downtown apartment you have shown? Right now, we are representing one of the largest simplex properties anywhere. The architect measured it at 9427 square feet, which is about 1/5 of an acre, and that’s how we’re advertising it.

Is the area more renters or more buyers? Mostly buyers, but we are seeing more renters than usual. Are the downtown style lofts still hot? or has something else taken their place? While the new and shiny condos are still highly sought after, artist’s lofts in original or close to original condition are becoming more popular. Many people don’t want to live in a building where everybody has the exact same layout, the same kitchen, etc. Also, if you want privacy, you need a full floor with an elevator opening directly into the loft, and these are almost always in smaller buildings. What is the most popular downtown area? Soho and Tribeca. But Noho is becoming more and more important, and Soho is moving east. The lower east side and the East Village are full of chic, expensive little shops and restaurants, and that’s where the young and edgy want to be. And everybody loves the West Village. Once they’re there, you can’t pry them out with a crowbar. What’s the craziest thing you have seen in the world of downtown real estate? Fifteen or twenty years ago, there was a farm on the roof of 141 Prince Street. Literally. There were ducks and chickens, and a lot of hay. That was pretty crazy but what’s even crazier is that particular loft has since been transformed into a super-luxurious penthouse that just traded for $25,000,000. What areas used to be hot that aren’t anymore? There aren’t any. Over the years, the downtown market has expanded and is still growing. New areas are becoming more desirable, but nobody’s leaving the older, more established neighborhoods. New residents are coming in from Europe and from uptown. At least one couple bought in Tribeca because it was as far away as they could get from their Upper East Side parents and still be in Manhattan. What does the typical downtown buyer want? Some of them want what doesn’t exist, a full floor artist’s loft on a high floor with a lot of light, a great view and a 24 hour doorman, for example. But location is very important to downtown buyers. Light, if they can get it, but amenities less so. Are there any new or unexpected areas that are now hot ? The East Village. In the 70s, it was scary and druggy. Now it’s full of lovely and very expensive condos. There’s a Ralph Lauren shop next door to what was once a slaughterhouse. There are new and desirable condo developments on the Bowery, once a haven for drunks. The Meatpacking District used to be just that, a place where they packed meat. Now it’s full of…shops and art galleries. If you want to know what’s going to be the next hot neighborhood, just think of a place where you wouldn’t be caught dead.

Confidence Stimpson is a Senior VP at Stribling & Associates and Siim Hanja who used to work for Stribling and now works at Brown Harris Stevens. Answers can be attributed to both of them.

Q&aConfidence Stimpsonwith



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What are the most popular buildings? streets? 101 Warren Street, the Gunther Building on Broome Street, the New Museum building at 158 Mercer are all very popular. In the Village, 40 Fifth Avenue and the prewar condos at 59, 299 and 302 West 12th Street command excellent prices. All of the prewar buildings facing Gramercy Park are sought after. There are really too many good buildings to name. Greene Street, Mercer, Wooster, West Broadway, Crosby, Lafayette, in any order, are all popular streets. In Tribeca, the area around Duane Park, also N Moore Street and others near it. In the Village, the Gold Coast still reigns supreme, as do the beautiful little townhouse streets in the west village. What do you see as major trends in the area? Fifteen years ago there were no doormen in Soho, and no hotels. But there were a number of parking lots. Now several new developments are full service and there are several hotels like the Mercer, the Crosby Street Hotel and the Soho Grand. Nearly all the parking lots have sprouted condominiums.

What do you see next for the neighborhoods? They will continue to expand eastward. Are there any major developments that have changed the area? The opening of 101 Warren Street, along with the next door Barnes & Noble and Whole Foods has made what was once a really nothing neighborhood quite desirable. How would you describe the downtown atmosphere in three words? Relaxed, fun, smart.

What is your favorite part of downtown? All of it. Of course, one of the nicest parks in the city is Rockefeller Park, which runs along the river. Who is the most iconic downtowner? It would be hard to name a person, but the cast-iron facade of 28 Greene Street is absolutely the essence of Soho. It’s stunning. Has been on the covers of many publications, and is newly renovated. Greene Street itself has in fact the longest stretch of cast-iron facades in the world.

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Observer ChildAugust 24th

NYO MagaziNesUpper West Side – September 21stUpper East Side – October 12thDowntown – November 16th

Observer luxurY reNtalsOctober 5th brOOklYN liviNg suppleMeNtOctober 19th

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Contact robyn Weiss, real estate Director at [email protected] and 212-407-9382 for advertising information.


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tHe ALDyn The aldyn is extell Development company’s newest luxury residence in the vibrant Riverside South neighborhood. Rental residences at The aldyn feature gracious layouts and spectacular hudson River views. aldyn residents will be treated to over 40,000 square feet of amenities, including a KiDVille uSa indoor playground and the la PaleSTRa athletic club and Spa with a 75’ indoor pool, 38’ rock climbing wall, basketball and squash courts, bowling alley, yoga, Pilates and Kinesis rooms. The aldyn leasing center is located at 60 Riverside Blvd, new york, ny 10069. For more information, please call 212.308.1777 or visit www.thealdyn.com

tHe AsHLey The ashley, a newly constructed rental property, is the latest addition to manhattan’s vibrant Riverside South neighborhood. Residences feature classically designed oversized floor plans with sophisticated and elegant details. an extensive selection of amenities includes a 40,000 sf la PaleSTRa fitness center & Spa, abigail michaels concierge Service, residents’ courtyard, lounge and a host of services. The ashley is now leasing for immediate occupancy. The ashley leasing center is located at 60 Riverside Blvd, new york, ny 10069. For more information, please call 212.247.4600 or visit us at www.theashleynyc.com

BettInA equItIes: living Well, in the Worldís 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 runó 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.

CoLuMBus squAre, a collection of five unique rental buildings and over 500,000 square feet of prime retail and community space rising from 97th to 100th Streets between columbus avenue and amsterdam avenue, has become one of nyc’s most sought-after residences. each apartment is smartly designed with nine-foot ceilings, piece-laid white oak strip flooring, floor-to-ceiling windows, and solar shades. Residents are surprised by the elegant touches that are generally reserved for condos, such as valet parking, acres of landscaped roof decks, and a 70-foot salt water swimming pool. For more information log onto www.columbussq.com or call 1-866-644-8813.

gAIr2 Brooklynís waterfront community of DumBo is getting a spectacular new residence, gaiR2, a luxury rental building at 25 Washington Street. The impraessive red brick homes were re-developed by DumBo pioneers Two Trees managementand named after gaiR2’s 19th-century builder, Robert gair. The 106 apartments feature a high-end contemporary design aesthetic with exposed wood beams and stone countertops. an amazing rooftop deck offers residents breathtaking views of the Brooklyn and manhattan Bridges and the nyc skyline. For more information, please visit www.gair2.com or call 718-222-5555.

25 BroADDescribed as “authentically modern”, the rental apartments at 25 Broad at The exchange offer sleek, high-level finishes in a historically landmarked building. Doorman living in the heart of the financial District offers residents the ideal location for easy access to dining, shopping and direct transportation. and within the building, over 8,000 Sf of amenity space includes a residents’ lounge with flat screen tv, pool tables and catering kitchen, fitness center, children’s playroom, 3D golf simulator and more. 888.430.6085| 25broadnyc.com


tHe pAvILIon located at 500 east 77th St., the historic Pavilion offers the best of luxury rental living today. The Pavilion’s one-, two- and three-bedroom homes are built with growing families in mind, boasting glenwood’s signature finishes, generous proportions and timeless sophistication. Just steps from John Jay Park and the city’s finest schools, residents also benefit from glenwood’s full-service amenities including landscaped rooftop sundecks, available valet and maid service and on-site shopping. For more information, call 212.535.0500 or visit www.glenwoodnyc.com

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soLoW rentAL toWers Recognized for their award winning architecture, Solow Rental Towers have facades of sleek, black, curtain wall glass that afford residents breathtaking, unobstructed river, park and skyline panoramas, while allowing maximum natural lighting to fill every room. each is professionally staffed to provide maximum comfort, security and convenience with lobbies attended by doormen and 24-hour white glove concierge and valet parking in available on-site garages. Professionally managed fitness centers, three with glass-enclosed rooftop pools, are equipped with the latest cybex apparatus. The highly acclaimed duplex and triplex Solow Townhouses are unique city homes with wood burning fireplaces, skylights and back yards. please call 212-829-9000. www.solowresidential.com.

ALLstAteWelcome to grimaldi & associates where insurance and financial planning isn’t complicated. Since 1990 we have provided our clients with a no hassle approach to doing business. We pride ourselves in our knowledge and taking time to understand your needs. you’re not a number, but a part of our family. our fully licensed and knowledgeable staff is always there to assist and looks forward to serving you with the same care and personal attention you’ve come to expect. Protecting the Present, future and Beyond. Barbara A. grimaldi, 227 e 56th st / 212- 759 -3920.

Le FAnIon brings you pottery, chandeliers, fine art, antique furniture and more. each dazzling colorful crystal fruit chandelier, inspired by the french Kings, is unique in design and combination of colors and fruit. get one of these gems and it will transform your house. The whimsical pottery is simply extraordinary. fine art, including rare prints, is also offered. everything in the store, including the lovely antique french country furniture, has the essence and origin of Southern france. The store is open 7 days a week (except Sundays during the Summer) and is located at the charming corner of West 4th and Bank Streets in greenwich Village. tel. (212) 463-8760 or go to www.lefanion.com for even more treasures from the south of France.

The NextoBSERvER

LuxuRY RENTALSoctober 5th

Contact robyn Weiss, real estate Director at [email protected] and 212-407-9382 for advertising information.

gorgeous fine art,

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Le Fanion299 West 4th Street

New York, NY 10014212-463-8760 lefanion.com

From the South of France, Le Fanion brings you

BEAT THE SUMMER HEAT IN OUR POOLDiscover Columbus Square

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Building AmenitiesPrivate Landscaped Deck and Lawn • 1 Block from Central Park

State-of-the-Art Gym • Doorman • Concierge • Children’s Playroom

Apartment FeaturesGrohe Ladylux Kitchen Faucet • Vented Bosch Washer/Dryer • White Oak Floor

Floor-to-Ceiling Windows • CaesarStone Slab Countertops • Italian Porcelain Kitchen Floor

RetailWhole Foods across the street • Ryan Center • Petco • Modell’s • Sephora

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Studios from $2,525* • 1 BRs from $3,295* • 2 BRs from $5,795**Net effective rents

866.749.8015 • www.ColumbusSq.com

SCAN ME

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the observer's luxury rentals 2011

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