Buyers go bonkers as Macklowe art auction fetches $676M
TEN23, the Equity Residential-developed, 100-unit rental building going up at 500 West 23rd Street near the High Line, is in its final phases of construction and will kick off its leasing efforts in the fourth quarter of this year, Tom Lebling, a senior vice president at the real estate investment trust, told the New York Times. Lebling said rents for studios will begin in the low $3,000s per month, while one-bedrooms will be asking in the $4,000s and two-bedrooms will range from the high $5,000s to low $6,000s. Pricey? Maybe. But according to Lebling, “once you see the finish product the demand will be there.” He expects move-ins to begin during the first quarter of 2012. As for the portfolio of Macklowe Properties rental buildings Equity Residential purchased last year, the buildings are now undergoing minor renovations, but will remain rentals. Lebling said the company has “pretty much eliminated concessions on every one of [its] New York properties. And that’s also true of broker fees.” [NYT]
