The Real Deal New York

Developer tests rental market in Chelsea, EV

June 01, 2010 02:00PM

The Atlantic Development Group is testing the strength of rebound in the rental market by simultaneously opening rental buildings in the East Village and in Chelsea, the Wall Street Journal reported. Atlantic, which owns or manages 48 rental buildings in the city, plans to open 2 Cooper next month, at 2 Cooper Square and East 4th Street near the Bowery. The 15-story, amenity-rich building is charging the highest rents ever for this neighborhood, brokers say, with three-bedroom apartments running as high as $20,000 per month. At the same time Atlantic is launching Port 10, at 303 10th Avenue and 28th Street, near the High Line. The 13-floor building, which offers a 24-hour concierge service, doorman and fitness center, hopes to attract recent college graduates who have traditionally flocked to cheaper apartments in Murray Hill or the Upper East Side. One-bedrooms start at $3,000 per month. “They’re both in great locations and offer a greater array of amenities than we’ve ever provided before,” said Sharon Smith, an Atlantic executive vice president. [WSJ]

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