Former FiDi condos find success as rentals

TRD New York /
Oct.October 27, 2011 09:46 AM
From left: William Beaver House, 25 Broad StreetAnd The Setai Wall Street

Financial District condominium projects have found success since being converted to rentals early this year, according to the Wall Street Journal, although the Occupy Wall Street protests have dampened the trend in recent days.

The 300-unit Sapir Organization-developed William Beaver House, for example, put its 208 unsold units on the rental market this spring, and about 75 percent of them have been leased at a rate of 18 per month and $57 per square-foot.

Similarly, 25 Broad Street, the condo conversion by Kent Swig, went on the rental market earlier this year, and 104 of the 305 units have rented for about $55 per square foot.

These projects have increased the Financial District’s share of the downtown rental market, defined as south of 42nd Street, by 21 percent in the last year, the Journal reported, citing Jonathan Miller.

Though initially seen as a sign of failure for these projects, quickly filling the vacant units with renters has helped accelerate the neighborhood’s transformation into a true residential neighborhood. That, in turn, will help sales once these units are put back on the buyer’s market.

This has already proven true at the Setai Wall Street that HFZ Capital Group took over earlier this year. That building is now 82 percent sold with six more units in contract. [WSJ]

Related Articles

Creston Apartments at 2030 Creston Avenue in the Bronx (Credit: Google Maps, iStock)

Construction firm with alleged mob ties worked on Bronx affordable housing project

Former HFZ Capital Group executuve John Simonlaca (Credit: HFZ, iStock)

Meet the HFZ exec accused of taking mob bribes

HFZ managing director John Simonlacaj and The XI development (Credit: LinkedIn and Wikipedia Commons)

HFZ’s High Line condo-hotel project was ATM for the mob, prosecutors say

(Credit: iStock)

The city’s rental growth is slowing

The number of closed sales fell by more than 14 percent year over year in the third quarter (Credit: iStock)

Low mortgage rates are killing Manhattan’s all-cash buyer

From left: The Chrysler Building, Beny Steinmetz, and 76 Eleventh Avenue (Credit: Unsplash, Getty Images, and The XI)

Beny Steinmetz, reported backer of Chrysler Building owner and HFZ, to be tried in Guinean bribery scandal

From left: Graeme Hart, The XI and HFZ Capital Group's Ziel Feldman (Credit: Getty Images)

New Zealand’s richest man buys condo at Ziel Feldman’s the XI

But at the Belnord: Why HFZ’s UWS project is offering a rosier view of the market

But at the Belnord: Why HFZ’s UWS project is offering a rosier view of the market