Despite significant job growth in New York City over the last year, rents have declined in the last few months. A new study claims that the relatively stagnant rents are the result of new tenants’ professions: many have jobs as artists, designers or workers in the city’s growing technology sector, rather than in the high-paying field of finance that has traditionally driven the rental market, the Wall Street Journal reported. [more]
Posts Tagged ‘nancy packes’
As space for residential development dwindles in Manhattan, developers are turning to Brooklyn, the Wall Street Journal reported, but they must be careful if they want to appeal to the different sensibilities of Brooklyn renters.
Citing a report by Nancy Packes, a consultant to some of the city’s largest developers, the Journal said 14,000 new residential units are being planned for Brooklyn in the coming years, compared to just 5,000 in Manhattan. [more]
East Harlem’s new 116-unit tower on Central Park, 1280 Fifth Avenue, will no longer be marketed through Nancy Packes and Brown Harris Stevens Project Marketing. The developer, Brickman, has opted instead for Core, The Real Deal has learned.
“We appreciate the initial involvement and contribution from Brown Harris Stevens on the pre-development and initial marketing of 1280 Fifth Avenue,” Brickman’s principal Bruce Brickman said, though he declined to give any specifics on why the company made the switch. Nancy Packes declined to comment, citing confidentiality arrangements. … [more]
Cooper Square Realty has been tapped as the managing agent for New York by Gehry, the 76-story Financial District rental tower developed by Forest City Ratner, Crain’s reported. Move-ins have already begun at the steel, 903-unit building, whose leasing office opened last month. Citi Habitats, which is marketing the property with Nancy Packes, would not reveal occupancy numbers but said leasing activity has been “above expectations.” Studios at the 8 Spruce Street behemoth — the tallest residential building in the city — start at $2,630 per month, while one-bedrooms start at $3,580 per month and two-bedrooms start at $5,945 per month. [Crain’s]
The leasing office at the Frank Gehry-designed 8 Spruce Street opened to renters a few days ago, just about a week after more than 1,000 residential leasing brokers streamed through the 76-story tower near City Hall to get a first peek inside of the building.
Clad in an undulating stainless steel skin, 8 Spruce Street is the tallest residential tower in the city, and has drawn intense interest through its impact on the skyline and its high-profile architect.
Susi Yu, a senior vice president of development at Forest City Ratner, said in an interview with Insights from The Real Deal (see video above) that hundreds of apartment brokers — by invitation only — came over several days starting the second week in February to view the available units.
The building, being marketed by Citi Habitats Marketing Group and Nancy Packes Inc., is releasing an initial group of approximately 120 units on floors 11, 12 and 14, and 27 through 34. The starting price for studios averaging 500 square feet is $2,630 per month; the one-bedrooms start at $3,580 for upwards of 630 square feet; and two-bedrooms start at $5,945 per month, for apartments1,050 square feet and bigger, Yu said.
Those figures would amount to a price of $63 per foot for studios and $68 per foot for one- and two-bedrooms, according to calculations by The Real Deal.
And while brokers began viewing layouts in the 903-unit tower recently — and the leasing office opened last weekend — the very first tenant tour actually took place Feb. 11. It was a special preview for a couple expecting their second child, to firm up their housing plans, Yu said.
Move-ins are scheduled for next month.
Stonehenge Partners plans to turn a former St. Vincent’s Hospital building into roughly 200… [more]
The lobby of 1280 Fifth Avenue
The new, Robert A.M. Stern-designed condominium at 1280 Fifth Avenue hosted a celebration Wednesday, giving real estate pros and potential buyers a sneak peek (see photos above). While the Museum for African Art, which will open in the adjacent building in 2011, was not available for preview, guests on hand boldly entered the new condo construction — signing waivers before touring the nearly complete building. Nancy Packes, who is president of her own, independent development
marketing firm, Nancy Packes Inc., and Brown Harris Stevens Project Marketing, the exclusive marketing agency for the building, which was developed by Brickman, said that five units in the 116-unit building have sold, while another six units are in negotiation.
From left: Jonathan Rose, head of Jonathan Rose Companies, a rendering of the Tapestry at 245 East 124th Street, and two images from the building’s model units
The leasing office at Tapestry, a 185-unit green residential building in East Harlem, is opening April 1, one of several new rental buildings hoping to take advantage of the traditionally stronger rental season. Residents at the 12-story building, located at 245 East 124th Street at Second Avenue, will be able to move into the building in May. For the 92 market-rate units, rents start at $1,850 for studios, $2,050 for one-bedrooms, $2,800 for two-bedrooms and $3,900 for three-bedrooms. All of the units are currently being offered with one-month free and a broker OP, or owner pays (the broker fee), according to Seth Rosner, managing director at Nancy Packes, the real estate company handling the leasing. The building, which will be complete by the move-in date, was developed by Jonathan Rose, the president of Jonathan Rose Companies, along with Lettire Construction…. [more]
Looking to drum up some business in these tough times? Try issuing a
During the roller coaster ride that has been the residential real
estate market of the past year, brokers and consumers have scrambled
for information to interpret rapidly changing market forces. In
response, real estate firms have issued a veritable avalanche of
market reports, each hoping to become the consumer’s go-to source for
information, and grow their brand in the process.
But this information overload may now be backfiring, since there are
now so many reports available, often with wildly disparate information.
“All of these firms believe in [issuing reports] as a way of marketing
themselves and separating themselves from the competition,” said Paul
Purcell, a partner at real estate consultancy Braddock + Purcell and
the co-founder of Charles Rutenberg Realty in New York. “It simply
serves to confuse the consumer, and make them wonder why each firm has
different information.”… [more]
Prudential Douglas Elliman broker Rick Rosa is taking his Long Island City listings and experience with him to Nancy Packes Inc. as executive vice president and head of the Rosa Group.
“My business is not going to change in any way, shape or form, just the umbrella that I’m under is going to change,” Rosa said.
Company head Nancy Packes is expanding the business, at 675 East 42nd Street, which has long existed as a rental firm. Packes will retain her title of president at Brown Harris Stevens Project Marketing, but her non-compete clause with BHS has expired, allowing her to expand her own company into new development sales…. [more]