An existing Gramercy rental building recently purchased by Benedict Realty Group will undergo a new marketing push in the coming months, according to an announcement from sales and rental brokerage MNS, which has been selected as the exclusive marketing agent for the building.
Benedict purchased 321 East 22nd Street for $31 million in April, according to news reports, and is now set to renovate the units and rebrand the building. All homes will be renovated as they become available, the announcement said. A spokesperson for Benedict confirmed that 95 percent of the units are currently occupied, with leases set to begin expiring shortly.
The 115-unit development, at 321 East 22nd Street, will have studio, alcove studio and one-bedroom duplex units, MNS said; rents will range from $2,100 to $3,300 a month, lower than the Manhattan average. According to a recent market report for the second quarter of 2012, the median cost of a Manhattan rental apartment rose to $3,125 per month.
“With the building’s recent renovations and upgrades, we expect a strong push in leasing activity,” said Andrew Barrocas, CEO of MNS. – Katherine Clarke