$11,750-per-month renter gets to name FiDi residential building

New York /
Jan.January 10, 2012 06:30 PM

Taking a page out of commercial real estate territory, one Financial District developer is hoping to pique interest in a $11,750-per-month rental by offering building naming rights.

Developer the Kash Group is offering the prospective renter of the renovated 3,000-square-foot, three-bedroom unit at 165 William Street the chance to name the whole 30,000-square-foot building, said Devin Someck, executive vice president of boutique listing brokerage Living Real Estate Group.

Someck said he listed the unit for $13,750 per month at the end of December to test the market, and later dropped the price to $11,750 per month. The renter of the second-floor unit will be able to name the building whatever they want for at least the term of her lease within reason, Someck said, so long as it’s not vulgar or offensive, adding that one interested party and culinary fanatic had proposed naming the property after her favorite dish or food product. A celebrity name might also work, he said. When asked if the developer would entertain the name “ishkabibble,” however, Someck said he was unsure.

“I thought it would be a creative way to market the property,” he said. “[A renter] can bring their character, background and personality to the space.”

Shlomo Bakhash, a partner at the Kash Group, added: “When [Someck] came to me with this idea, I said ‘wow, this is a very unique way to brand the building.’ If it succeeds, it might be a good strategy for the building going forward.”

Bakhash said that the firm purchased the property in December 2010 with a view to renovating some of the units.

“When we bought it,” he said, “half of the building was market rate and the other half was rent-stabilized. With this particular apartment, we bought out the tenant for $300,000, including legal fees, and spent a further $250,000 to fix it up.”

Currently, six of the building’s 11 units are market rate. The rest of the building’s units are currently occupied.

The apartment has Electrolux appliances, marble baths, wide-plank walnut hardwood floors, custom closets and an expansive three-bedroom layout, according to the listing.

 

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