rental july 2010

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special advertising supplement to the new York observer

JUly 2010

Neighborhood Spotlight:

Upper West Side

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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

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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

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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.



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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a free review to help you decide what protection is right for you.

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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rental july 2010

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