New luxury rental developments are continuing to outdo one another in amenities in an effort to charge ever higher rents. The New York Times reported that Friedland Properties and Rose Associates plan to charge between $80 and $90 per foot for the Larstrand, a building at 227 West 77th Street, on Broadway, that broke ground last year. That’s far above the neighborhood average of $60 per square-foot, as recorded by MNS.
What warrants the astronomical rents at the $135 million, 181-unit building? Kitchens with quartz counters, Bosch appliances and Bertazzoni ovens and bathrooms tricked out with defoggable mirrors with built in televisions. The developers are also committing to building highly coveted common areas, including a 4,800-square-foot roof deck with an outdoor movie theater.
“The evolution of the high-end luxury building is that residents are now requiring special programming in these kinds of spaces,” said Robert Scaglion, a senior managing director at Rose Associates. Rose also marketed and leased the Aire, at 200 West 67th Street, and the Corner, at 200 West 72nd Street — two high-end rentals that opened in 2010.
With little competition coming on the market when the building is expected to be completed in 2013, there’s nothing (except the approximately 36 below market-rate units included in the building) to undercut the sky-high rents. “I was blown away by what the rents ended up being for the Corner,” said MNS CEO Andrew Barrocas said, “and I expect this building to do just as well.” [NYT]