More condos go rental in struggling market

TRD NEW YORK /
Nov.November 04, 2010 12:30 PM
From left: 34 Leonard, Cipriani Club at 55 Wall Street, 75 Wall Street and William Beaver House

As some new condominiums struggle with sales, developers are converting units to rentals to create revenue, allowing residents to get the condo lifestyle without the commitment, the Post reported. At 34 Leonard, the first thing that the new owner, Epic, did after taking over the Tribeca development in September was to scrap sales and make it a rental. In five weeks, 12 of the 16 units rented, and “it seems we’ve made the right decision,” said Cara Stone, a spokesperson for Epic. Cipriani Club Residences at 55 Wall Street is also renting unsold units. “Our role is to sell the units, but in the meantime, we’ve had so much demand for short-term rentals,” said Elie Pariente, president of Urban Marketing, which is handling sales. According to Platinum Properties, 75 Wall Street is also renting out some of its available condos, and William Beaver House, also in the Financial District, has had a number of condos for rent as well. [Post]

 

Related Articles

arrow_forward_ios
14-16 East 16th Street and Robin Birley

Robin Birley to open nightclub at Reubens’ new Union Sq. building

Manhattan's Financial District

FiDi hums with development a year after Sandy

Placeholder image

East Village looks to distinguish large bars from neighborhood haunts

Celebrating change at 75 Wall: PHOTOS

Celebrating change at 75 Wall: PHOTOS

From left: Ariel Cohen of Prudential Douglas Elliman, 75 Wall Street and developer Ben Hakimian

Half-sold 75 Wall switches brokers

Interior of the old Pink Elephant

Pink Elephant set to make NYC return

Placeholder image

Brokers tour remaining units at 20 Pine Street and 75 Wall Street

APF rebranding “The Club Row Building”

APF rebranding “The Club Row Building”

arrow_forward_ios
Loading...