In February, an oversupply of high-end units brought apartments with monthly rents at $10,000 or more down by about 11 percent to an average rent of $12,925. Additionally, a Douglas Elliman report found that 36.2 percent of buildings offered tenants concessions to sweeten the deal, as The Real Deal reported.
Extell’s 110 market-rate apartments in the building, which can range in size from studio apartments to three-bedrooms, are supposed to rent from between $3,695 up to $12,510 for a three-bedroom unit. The developer is also offering two months free rent.
Director of residential sales and leasing, Anna Zarro believes the building is “in a really special position given the sub-market we’re in,” and said applications for the units have been coming in steadily, though she didn’t give exact numbers. “There’s not so much new, well-thought out luxury product with the lifestyle considerations that we’re providing.”
Some of the amenities Zarro believes will seal the deal include a rooftop terrace, a large gym and pool area and a series of enormous private “backyard” terraces. Balconies or the backyards are attached to 52 of the units.
“I think that’s going to set us apart a little bit,” said Zarro about the outdoor space, which tenants can landscape to their own taste. Time will tell, but it’s not slowing down Extell’s plans; the company is in final stages of securing its next development site on the Upper East Side, as TRD reported.
Here’s a look at what one of EVGB’s two-bedroom units going for just over $9,000 per month.