511-515 West 36th Street
Lalezarian Properties has paid $21.25 million for a commercial loft building in the Hudson Yards Special District, with plans to erect a residential rental development on the site, the New York Observer reported.
The Lake Success, N.Y.-based company intends to raze the existing six-story, 37,929-square-foot structure at 511-515 West 36th Street and build on that lot, as well as adjacent parcels it already owns at 519 and 525 West 36th Street. [more]
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]
In Downtown Brooklyn, where a surge of new rental buildings have recently come online, there’s been no shortage of interest. At the Brooklyner, which at 515-feet lays claim to the tallest-building-in-the-borough title, 90 units were leased within the first month, roughly half of those currently available. When completed, the Lawrence Street development will have 491 units, with prices beginning at $1,450 for a studio, $1,900 for a one-bedroom and $2,450 for a two-bedroom. But those prices don’t factor in the incentives: including two months’ free rent on a 14-month lease for one- and two-bedrooms. At the BKLYN Gold, a 512-unit rental complex on Gold Street, studios are priced from $1,825 and one- and two-bedrooms are $2,220 and $2,860, respectively. Tenants who sign a two-year lease at BKLYN Gold can get five months worth of free rent, and that’s proved a successful marketing strategy. Two months since its sales launch, Lalezarian Properties has received 100 applications for the building. [Post]
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