When one thinks of the chic singles scene Downtown, a child-care center generally does not come to mind, especially inside a sleek condominium.
But, at the Armani Casa-designed 20 Pine in the Financial District, where marketing has targeted single people and hip, young couples, 170 children ages 6 weeks to 5 years old will be romping around at Bright Horizons soon.
Assuming the majority of the people using the child-care center will not be residents of the building, will that become a nuisance to those who live there? How will a child-care center fit with the image of the condo and more importantly — impact sales?
“It could detract from the marketing. It could detract from the appeal of the building,” said Andrew Gerringer, head of the development marketing group and the investment sales division at Prudential Douglas Elliman, who has had no involvement with the project. “It’s interesting because most of the apartments there [will] not be family-oriented apartments because they’re small, so it’s really not a service that the [residents in the] building will take advantage of.”
Marketing for the one- and two-bedroom units at the 38-story condo has been focused on the refined, wealthy buyer.
The project’s developer, Shaya Boymelgreen, told The Real Deal in January 2006 that Armani has a “chic elegance” that complements the aesthetics of 20 Pine.
“If you are the type of buyer who would prefer a five-star restaurant on site or a party room or basketball court, like some other buildings have, you may drop this building a little further down on your list of favorites, all else being equal,” said Gil Neary, a managing partner at Downtown brokerage DG Neary Realty, whose firm is also not involved with the project. On the other hand, “like any added service it may be very attractive to those who would be likely to use it often.”
Some people have already moved into the Michael Shvo-marketed condo conversion, which has suffered from construction delays. The building is expected to be completed before the end of the year. Shvo did not respond to requests for comment.
The child-care center is slated to open early next year, the space indicates on a fact sheet. Leah Lesser, a spokeswoman for Bright Horizons Family Solutions, said the only information she could provide about the center was on the fact sheet.
Bright Horizons at 20 Pine will be operating year-round between 7 a.m. and 6 p.m., Monday through Friday. Bright Horizons Family Solutions manages more than 600 care and education centers in the U.S., Canada and Europe.
Kevin Isbell, a resident already living in 20 Pine, said he had been under the impression that a retailer or restaurant was going to be leasing the commercial space. But, upon learning about the center’s lease, he said its hours of operation “are perfect” because he’ll be at work then anyway.