The Real Deal

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Columbus Square arrives

Kathy Rudney, a broker with Prudential Douglas Elliman, is handling rentals at Columbus Square

From the February issue: It's away from the heart of the Upper West Side. Its rents are up to 30 percent higher than the competition's. And its shops more closely resemble strip-mall offerings than what's typically found on city blocks. But Columbus Square, a mega mixed-use complex that spans six blocks from West 97th to 100th streets between Amsterdam and Columbus avenues, is posting enviable rental and retail numbers in a down market, according to brokers familiar with the project and the neighborhood. Since May, the project has leased 290 of 454 apartments in two buildings at the site, where five buildings are planned, for a rental rate of 64 percent. One-bedrooms there list for about $3,400, which dwarfs the $2,300 average that postwar equivalents in the neighborhood usually command, brokers said. Once complete, Columbus Square will have 710 apartments. Of course, with the housing market still weak, tenants are receiving generous extras from the co-developers, Stellar Management and the Chetrit Group. Those incentives include up to three months of free rent, plus coverage of the broker's fee, for signing a 14-month lease, according to Kathy Rudney, the Prudential Douglas Elliman broker handling rentals. But the base rents, she noted, are firm.  [more]

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