Slew of new rentals coming to market

TRD New York /
Mar.March 02, 2010 12:51 PM
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.

The two buildings are slated to share a 37,000-square foot amenity space complete with a bowling alley and 75-foot pool, Finn said.

Though rents haven’t been finalized yet, he said studios will likely start at around $2,500 per month, one-bedrooms at $3,200, two-bedrooms at $4,600, and three-bedrooms at $10,000 per month.

The high prices are justified by large sizes for rentals, Finn said, noting that two-bedrooms will range in size starting at 1,200 square feet, and three-bedrooms will start at 1,800 square feet. “It’s meeting the need in that area to have a larger rental product,” he said. “Typical rentals can be very tight.”

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. But Finn said rentals in the neighborhood are “absorbing nicely,” noting that Citi Habitats has rented 140 of 80 DeKalb’s 292 market-rate units, with a helpful incentive in the form of two free months of rent.

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.

The building has 165 market-rate units, Finn said. Lalezarian Properties is also the developer of BKLYN Gold in Downtown Brooklyn.

In 2011, Citi Habitats will also be marketing a 53-story Rental Tower On 32nd Street and Sixth Avenue for Atlantic Development Group that has yet to be named, Finn said.

Finn said he couldn’t comment on whether Citi Habitats is in the running for a contract at what could be perhaps the year’s most sought-after new rental development: Frank Gehry’s 76-story Beekman Tower at 8 Spruce Street, which will have some 900 rental units.

Meanwhile, he said, Citi Habitats has leased 50 percent of 935 market-rate units at Larry Silverstein’s Silver Towers at 42nd Street and 11th Avenue in the nine months since the project came on the market. The project, like 80 DeKalb, is still offering two free months of rent to new residents, he said.

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