J.D. Carlisle at work on several new projects

J.D. Carlisle Development, which has now filled up 99 percent of its 300 rental apartments at its latest project, the Beatrice, is now working on a handful of new residential developments in New York City. In an interview with the New York Times, President Evan Stein made the case for rentals from a developer’s perspective: “It’s hard to put your heart and soul into something where at the end of the day you don’t have a tangible asset anymore,” he said, adding that he hopes he wouldn’t ever have to convert the Beatrice apartments to condo, even if the market sees another boom. The four remaining apartments at the Beatrice are penthouses, which will be ready for occupancy May 1 and range from $20,000 to $23,500 per month. “We have several rental buildings that have gone through four or five real estate booms, but we like rentals,” Stein said. That’s not to say that condos are out of the question entirely, J.D. Carlisle was also behind the Cielo and Morton Square, where Stein lives, and some of the projects on the way will also have condos. “Three [of the upcoming projects] are ground-up and one is a gut renovation,” Stein said, declining to go into further detail because of confidentiality agreements. [NYT]