The Real Deal New York

On 102nd Street, $10,000 a month rentals lease fast

August 31, 2012 02:00PM

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From left: Hal Fetner, 1214 Fifth Avenue and the building’s entertainment space

Durst Fetner Residential‘s new rental building is stretching the traditional Upper East Side boundaries and bringing its price points with it. Crain’s reported that 40 percent of the 185 units in the luxury rental building, at 1214 Fifth Avenue at East 102nd Street, are already accounted for — even though the developer doesn’t plan on opening its leasing office for another two weeks. Though the building is on the park, the leasing pace was no given: rents start at $5,000 for a 700-square-foot one-bedroom, and two-bedroom units measuring 1,000 square feet start at $7,000 per month. Three bedroom’s start at $10,000 a month.

“We have gotten no resistance to those rent levels,” Daria Salusbury, a senior vice president at Related Cos., which is managing the property, told Crain’s.

One reason for the steep rents at the Peli Clarke Architects-designed building developed by Durst Fetner Residential, is the number of amenities, including an indoor lap pool and a children’s playroom, and unobstructed views of central park – which have been known to nearly double the price of condos. Only the top 30 floors will be residential, with Mount Sinai Hospital using the bottom floors. [Crain’s] – Christopher Cameron

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