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]

[more]

From left: 80 Dekalb Avenue, BKLYN Gold, Beekman Tower and Cliff Finn of Citi Habitats

Citi Habitats’ managing director of new development marketing, Clifford Finn, gave The Real Deal the scoop on several new development rentals the company will be marketing this spring.

In early April, Citi Habitats will begin leasing units at the Ashley, a 209-unit luxury rental building developed by Extell Development. Located on 63rd Street between West End and Riverside, the Ashley is the sister rental tower to new condo the Aldyn. Starting in mid-May, Citi Habitats will be handling rentals at the Addison, a 270-unit project on Schermerhorn Street in Downtown Brooklyn from Broadway Management Company, the developer of new Manhattan condominium Sutton57. Rentals of the Addison’s studios and one- and two-bedroom units will start in mid-May for summer occupancy, Finn said.

Downtown Brooklyn has exploded with new rentals recently, including another project Citi Habitats is marketing, Forest City Ratner’s 354-unit 80 DeKalb Avenue. Also in May, Citi Habitats will start leasing at Lalezarian Properties’ new rental project at 350 West 37th Street at Ninth Avenue. The 80/20 project is tentatively being called “Townsend,” though that could change. [more]

Peter Fine

From the February issue: No one could blame Peter Fine if he expected the past year to be easy
– even amid the market turmoil. Widely regarded as one of the city’s
top affordable housing developers, Fine started last year as the
darling of the entertainment world, as the unlikely coproducer of a
Tony Award-winning musical.
With close ties to President Obama’s new urban development guru, he was also more politically connected than ever. However, while his Broadway show, “In the Heights,” has enjoyed
continued success, Fine’s political connections and real estate career
have taken a beating over the past year.  [more]

Atlantic
Development Group, one of the city’s largest affordable housing
developers, filed lawsuits against developers Larry Silverstein and the
Moinian Group. Atlantic, which is under investigation by the Manhattan
District Attorney’s office, is suing the developers for allegedly
failing to deliver money that Atlantic planned to use to build
low-income housing projects in Hell’s Kitchen and the South Bronx. In
the two separate filings, Atlantic is seeking $3 million from Moinian
and an unspecified amount from Silverstein. “These were firm contracts
on which Atlantic made commitments to build affordable housing and it
is merely trying to collect the damages rightfully due by contract,”
said an Atlantic spokesperson in a statement.