LuxRentals Summer

COVER PHOTO

640 NOHOELEVATING EXPECTATIONS FOR LUXURY LOFT LIVING

IN HISTORIC NOHO

Luxury RentalsJUNE/JULY 2012 THE ESSENTIAL RESOURCE FOR TRENDY RENTERS

A SPECIAL ADVERTISING SUPPLEMENT TO THE NEW YORK OBSERVER

Go West! 7 Train Expansion Leads

to Big Boom

Summer Rental Market

Sizzles

New York’s Greenest

Digs

The Best of Kips Bay Décor

Show House

LR_0612_Cover.indd 1 6/1/12 2:24:38 PM

We de� ne our neighborhoods as much as they de� ne us.

3 RIVERVIEW TERRACE � TH5 BR, 4.5 BATH WEB ID: 138095 $34,500

79 LAIGHT STREET

15 BLEECKER STREET

3 BR, 3.5 BATH WEB ID: 737289 $25,000

2 BR, 2 BATH WEB ID: 743798 $8,750

322 WEST 57TH STREET

71 FRANKLIN STREET

640 BROADWAY

4 BR, 4 BATH WEB ID: 677935 $25,000

3 BR, 2 BATH WEB ID: 404376 $11,000

1 BR, 1 BATH WEB ID: 963937 $6,350

TOWN Residential, LLC is a licensed real estate broker and proud member of REBNY. Town Residential LLC is a partnership with Thor Equities LLC. We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status, or national origin. All information is from sources deemed reliable but is subject to errors, omissions, changes in price, prior sale or withdrawal without notice. No representation is made as to the accuracy of any description. All measurements and square footages are approximate. Exact dimensions can be obtained by retaining the services of an architect or engineer.

1

88 Greenwich StreetNew York, NY 10006

212.269.8888

26 Astor PlaceNew York, NY 10003

212.584.6100

110 Fifth AvenueNew York, NY 10011

212.633.1000


212.242.9900

45 Horatio StreetNew York, NY 10014

212.604.0300

239 East 79th StreetNew York, NY 10075

212.929.1400

Untitled-5 2 5/29/12 6:04:29 PM

We de� ne our neighborhoods as much as they de� ne us.

3 RIVERVIEW TERRACE � TH5 BR, 4.5 BATH WEB ID: 138095 $34,500

79 LAIGHT STREET

15 BLEECKER STREET

3 BR, 3.5 BATH WEB ID: 737289 $25,000

2 BR, 2 BATH WEB ID: 743798 $8,750

322 WEST 57TH STREET

71 FRANKLIN STREET

640 BROADWAY

4 BR, 4 BATH WEB ID: 677935 $25,000

3 BR, 2 BATH WEB ID: 404376 $11,000

1 BR, 1 BATH WEB ID: 963937 $6,350

TOWN Residential, LLC is a licensed real estate broker and proud member of REBNY. Town Residential LLC is a partnership with Thor Equities LLC. We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status, or national origin. All information is from sources deemed reliable but is subject to errors, omissions, changes in price, prior sale or withdrawal without notice. No representation is made as to the accuracy of any description. All measurements and square footages are approximate. Exact dimensions can be obtained by retaining the services of an architect or engineer.

1

88 Greenwich StreetNew York, NY 10006

212.269.8888

26 Astor PlaceNew York, NY 10003

212.584.6100


212.633.1000


212.242.9900

45 Horatio StreetNew York, NY 10014

212.604.0300

239 East 79th StreetNew York, NY 10075

212.929.1400

Untitled-5 3 5/29/12 6:04:33 PM

2 luxury rentals june/july 2012

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Every New York renter knows that in the summer as temperatures increase so do rental prices, which often peak in August and September. “It is a big time for new hires and job transfers, all of who are competing for housing. People tend to take vacation time in the summer as well and they’ll often use some of that time off to make a move, especially families with school-aged kids,” said Arthur Fenton, Senior Vice President of Prudential Douglas Elliman. We take this all into account on pages 6-10 in our rental market piece. The massive multi-billion dollar expansion of the 7 train will bring new development and heightened accessibility to Midtown’s Far West Side. See how we predict the extension will effect the already booming micro-neighborhood on pages 12-14. Ben Weitzenkorn talks technology and innovation on pages 16-18, where he investigates upscale green and LEED-certified housing options in the city. The non-profit Kips Bay Decorator Show House celebrates its 40th year with a phenomenal design showcase spanning two twin penthouse complexes in The Aldyn. Check out our spread on pages 20-21 of which rooms made us envious .

Cheers to a fantastic summer!

Benjamin-Émile Le Hay

e d i t o r ’ s n o t e

LR_0612_EdNote.indd 2 6/1/12 1:14:25 PM

Responsibly Green,Elegantly Glenwood

The finest Manhattan rentals in the neighborhood of your choice.Near the Best NYC Schools • Unparalleled Service • Fitness Center • Children’s Playroom &

Swimming Pool • 24-Hour Doorman • Magnificent Lobbies • Landscaped Gardens • Exciting City

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Equal Housing Opportunity

30442 Glenwd ObservMag June12.indd 1 5/24/12 5:16 PM

Untitled-3 1 5/29/12 3:01:40 PM

4 LUXURY RENTALS JUNE/JULY 2012

Market Overview 6 SUMMER SIZZLE

Balmy weather has already begun to plague New York. As temperatures rise, Lara Rosenblum reports on how the summer rental market is sure to be piping hot!

7 TrainExtension 12 GO WEST!

With the anticipated completion of a $2b expansion of the MTA’s 7 line, we probe our real estate experts on how it will impact Midtown’s fl ourishing Far West Side.

COURTESY OF MANHATTAN SKYLINE

AND SUSAN ZISES GREEN

C O N T E N T S

THE NEW YORK OBSERVER321 WEST 44TH STREET, NEW YORK, NY 10036

212.755.2400WWW.OBSERVER.cOm

ON THE COVERTOWN RESIDENTIAL EXCLUSIVE, 640 NOHO:

THE OPEN CONCEPT LIVING ROOM

PHOTOGRAPH:

MICHAEL WEINSTEIN

Publisher JARED KUSHNEREditorial Director ELIZABETH SPIERS

President CHRISTOPHER BARNESExecutive V.P. BARRY LEWIS

Senior V.P., Associate Publisher JAMIE FORRESTEditorial Manager MICHAEL WOODSMALL

Marketing Manager ZARAH BURSTEINController MARK PASQUERELLA

Audience Development SYDNEY SARACHANAccounts Payable Manager TRACY ROBERTS

Accounts Receivable IAN MCCORMICK

EDITORBENJAMIN-ÉMILE LE HAY

ART DIRECTORLAUREN DRAPER

CONTRIBUTORSLARA ROSENBLUM

BEN WEITZENKORN

COPY EDITORSLESA ANDREASEN

BEN WEITZENKORN

PUBLISHER ROBYN REISS

ADVERTISING COORDINATION KATHERINE DESPAGNI

PRODUCTION DIRECTOR MARK STINSON

PHOTO EDITORPETER LETTRE

ADVERTISING PRODUCTION LISA MEDCHILL

A SPECIAL ADVERTISING SUPPLEMENT TO THE NEW YORK OBSERVER

JUNE/JULY 2012

Luxury Rentals

4

Mark Menendez was misquoted in the March/April 2012 issue of Luxury Rentals on page 12, 2nd paragraph. That statement

was made by another agent. We apologize for the error.

Going Green 16 SUSTAINABLE DIGS

A crop of luxury hi-rises have been going up with LEED guidelines in mind. Ben Weitzenkorn digs deeper into what these buildings o� er their tenants and how green living is revolutionizing New York City rentals.

DecoratingShowcase 20 DESIGNING

DREAMSLuxury Rentals attended the 40th Annual Kips Bay Decorator Show House VIP reception at The Aldyn. Here is our list of the spaces you must see before it comes to an end in mid-June.

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Untitled-14 1 5/30/12 6:32:34 PM


MARKET OVERVIEW

NEW YORK CITY’S LUXURY rental mar-ket remains relatively shielded from turbu-lence. When price isn’t the issue, housing stock finds a way to makes itself available and, without scarcity, prices remain rela-tively stable. This year though, luxury rent-als have already exceeded the peak prices we saw at the height of the real estate bubble in 2007. Brokers anticipate that over the sum-mer luxury rentals prices will continue to climb right alongside summer temperatures.

The summer housing market in the city is limited by new construction—sup-ply remains low while demand steadily increases—and there are plenty of other contributing factors. Laurie Zucker, a prin-cipal at Manhattan Skyline Management said that the market in May is flooded with college graduates who are moving out of dorms, need a place to live but aren’t yet in a position to buy a home. “Additionally, it is a big time for new hires and job transfers,

all of whom are competing for housing,” she said. “People tend to take vacation time in the summer as well, and they’ll often use some of that time off to make a move, espe-cially families with school-aged kids.”

Arthur Fenton, Senior Vice President of Prudential Douglas Elliman said that another demographic to keep in mind are the new and returning students who don’t want to live in student housing. “Many people want to be settled before the start

SUMMER SIZZLErental pricesin the city

By Lara Rosenblum

As temperatures go up, so does the New York luxury rental market

A view of the Queensboro Bridge from 3 Riverview Terrace.

LR_0612_MarketOverview.indd 6 6/1/12 2:47:04 PM

june/july 2012 luxury rentals 7

MARKET OVERVIEW

of the school year—as a result, summer occupancy is very important,” he noted.

The rental market is further compli-cated by the desire to “trade up” to a new home in a new neighborhood—a trend that occurs year round. “The city has seen a surge in renters looking to upgrade their current apartments and a huge influx of renters from the entry level to über-luxury apartment seekers,” said Mark Menendez,

the Executive Vice President and Director of Rentals at Prudential Douglas Elliman. “Migration of empty nesters and sell-ers from the suburbs looking to relocate back to the city has also put pressure on inventory.”

When people move, it’s because they can afford to. Tumult and turnover in NYC rent-als are often indicators of a growing econ-omy and strong job market. That’s mostly

good news, but according to Senior Vice President of Citi Habitats, Rado Varchola, it’s not going to bring rents down anytime in the immediate future. “As long as the vacancy rate remains [near one percent] and the local economy continues to improve, we will see the rents go up for the foreseeable future,” she said.

According to Elizabeth Kee, an Associate Broker and Vice President of CORE, this year could be a record breaking one. “We can expect that 2012 will reach new lows in the vacancy rate, coupled with new highs in NYC apartment rental prices.”

But the question remains: beyond sim-ple supply-side economics, why exactly are vacancy rates so low?

Ms. Kee explained that since landlords know there will be high summer demand, they often allow wintertime renters to sign leases that extend beyond 12 months. “Once an apartment becomes vacant during [the winter] time, each year the lease will end during the height of the season,” said Ms. Kee, and in college towns (and make no mistake, New York is one) that’s summer-time. For example, a lease that started last December, might not end until July 2013. The rentals that go on the market during the summer go for the adjusted market rate that

Manhattan Skyline’s 55 Thompson at dusk.

The handsome living room of 8 Warren Street.



MARKET OVERVIEW

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is—you guessed it—notably higher than the rent the previous tenant paid.

The fact that landlords can demand higher prices when they rent in May, June, July and August can discourage renters with leases ending in summer months from moving. Jeffrey Wachtenheim, Representative and Licensed Salesperson at Town Residential said summer rent increases have left some looking to move but, “at the end of the day,

there really is no place feasible to [move to].” Mr. Menendez agreed. He believes that when assessing the cost of bro-ker fees, moving expenses and time spent searching for an apartment, “rent-ers find that the cost of a new apartment and mov-ing could, in most cases, be higher.” This causes people to stay put, which, in turn, keeps availability low, con-tributing to inflated rental prices.

One privilege, previ-ously reserved for the luxury rental seeker, defied economics—they were few and their choices were many—but that’s no lon-ger so. Vannessa Kaufman, Senior Vice President and Associate Broker at Sotheby’s International Realty, said she has the evi-dence to prove it. “I have seen the highest [rental rates] ever: [At] $40,000 to $100,000 per month is almost not a shock anymore!”

‘Popular areas such as

Williamsburg, DUMBO and

Park Slope have prices that rival

Manhattan.’ Cindy Scholtz, Citi Habitats

A dining nook at 640 Broadway.The sitting room of

1 Gramercy Park North.

The entrance of West River House.

A peek at 25 Bond Street’s fifth floor.

The living room at 79 Laight Street, 2D.

A fireplace at 34 West 11th Street.

148 East 63rd Street’s modern living space.


EAST SIDE MANHATTAN BROKERAGE I sothebyshomes.com/nyc38 EAST 61ST STREET NEW YORK, NY 10065 T 212.606.7660 F 212.606.7661Sotheby’s International Realty, Inc. is owned and operated by NRT LLC. Sotheby’s International Realty® is a registered trademark. Spanish Balconies used with permission.

UNION SQ PENTHOUSE, 50 W 15th ST: Sun-flooded 3,000+/- sq ft duplex with private roof top, 3 bedrooms, 3 baths. $39,000/m. WEB: NYO0016891. Eric Malley, 212.606.7625

PENTHOUSE WITH 2 TERRACES: Luxuri-ous condo with 3 bedrooms, formal dining room, 4 baths, 10’ ceilings. $22,000/m. WEB: NYO0018044. Ella Semyonova, 212.400.8778

SUPERB RENOVATION: High floor 2 bed-rooms, 2 ½ bath in the Mandarin Oriental Ho-tel. $24,950/m. WEB: NYO0017878. E. Sample, 212.606.7685, B. Powers, 212.606.7653

MANHATTAN RENTALPROPERTIES

Local Experts Worldwide

UNITED NATIONS PLAZA: Palatial, high floor, 14-room wrap with dazzling light and views. Furnished or unfurnished. $20,000/m. WEB: NYO0017674. Nikki Field, 212.606.7669

FURNISHED LONG OR SHORT TERM: Live high in the sky, surrounded by the serene views. 2 bedrooms. $14,000/m. WEB: NYO0017988. Christine Driscoll, 212.400.8711

148 E 63RD ST: Contemporary 4 bedroom, 4 ½ bath townhouse in wonderful condition. $24,750/m. WEB: NYO0018105. V. Kaufman, 212.606.7639, B. Goldenberg, 212.606.7636

THE PARK LAUREL/15 W 63RD ST: Spectacular 3 bedroom, 3 ½ bath offering incredible light. Broker owner. $23,000/m. WEB: NYO0017812. Mika Sakamoto, 212.606.7676

THE ESSEX HOUSE: Stunning mint, fully furnished 2 bedroom, 2 ½ bath. Electric is in-cluded. Hotel maid service available. $17,500/m. WEB: NYO0018121. Dolly Hertz, 212.606.7601

255 E 74TH ST.: Ultra luxurious 3 bedroom, 3 ½ baths, 2,054+/- sq ft condo features de-signer finishes and fireplace. $18,000/m. WEB: NYO0018163. Harry Nasser, 212.400.8724

1 MORTON SQ: Spectacular river views, 2 bedroom, 2 ½ bath condo with abundant closets and washer/dryer. $10,500/m. WEB: NYO0018000. Pamela O’Connor, 212.606.7709

524 E 72ND ST: Breathtaking views from ev-ery room of this 41st floor, 3 bedroom, 3 bath condo. Furnished preferably. $11,000/m. WEB: NYO0018057. Anne Aransaenz, 212.606.7645

210 E 68TH ST: Spacious 3 bedroom, 2 baths home with an expansive living room and dining room. High ceilings, fireplace. $11,000/m. WEB: NYO0018138. Shep Skiff, 212.606.7794

Untitled-9 1 5/30/12 11:46:25 AM


MARKET OVERVIEW

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The city luxury rental market offers the best only to those who come ready for it. One particularly coveted apartment at 132 West 22nd Street had three appointment bookings within the first hour of its listing. One pro-spective renter “made an offer to rent at full asking price of $20,000 per month, with a year rent in advance, plus security, a full 15% broker’s fee and a request for an option to renew for a second year,” Ms. Kee said. The apartment was rented in less than 24 hours.

Like everything else in this city, coveted neighborhoods and hotspots are always changing. Truly luxurious buildings, such as Chelsea’s Port 10, include amenities like pri-vate balconies, in-unit washers and dryers, catered roof lounges with fully staffed food and drink bars—even screening projectors for rooftop film viewings. Joshua Young, a project manager at Cantor & Pecorella, the exclusive rental and marketing agent, said units at Port 10 are “meticulously designed to maximize comfort and flexibility: Apartment

sizes range from studios and one bedrooms—many with windowed home offices—to two and three bedrooms.” Buildings like Port 10 make standard the sought-after offerings of a concierge, lounge areas, gyms and even the occasional swimming pool. They outshine and out-price the luxury buildings that do not have hotel-like amenities.

Students looking to get into a cozy upscale suite: it’s definitely time to hustle. Mr. Fenton said the most popular neigh-borhoods for students who can afford lux-ury living are Chelsea, the Upper West Side, Flatiron, the East Village, Greenwich Village, and the West Village. Asaf Bar-Lev, Representative and Licensed Salesperson at Town Residential, doesn’t want to exclude Union Square. “We are also seeing a large migration downtown towards the Lower East Side for students,” he said. Ms. Zucker said students from Long Island looking to please their parents should pick Murray Hill. “It has a lot of luxury, doorman build-

ings... It’s an easy commute from there, and parents like that.” But she still believes that most students will gravitate towards down-town areas like Soho and NoLita.

A bit off the red carpet path, are areas like Midtown West and the Financial District, mentioned Mr. Wachtenheim.

Luxury bargains are tough to come by in Manhattan; even in Brooklyn rock bot-tom deals are a thing of the past, said Cindy Scholtz, Senior Associate Salesperson at Citi Habitats: “Popular areas such as Williamsburg, DUMBO and Park Slope have prices that rival Manhattan. DUMBO topped the charts in rental prices, comparable to Flatiron and Chelsea.”

Luxury living in New York is definitely feasible. With a bit of luck, the right broker and the right timing, a savvy renter can snag a luxury rental without breaking the bank—but don’t wait until the last minute to start looking. Come prepared to jump on it once you find the home you want.

The rooftop view of Port 10 in Chelsea.

129 West 20th Street has over

4,000 square feet of living space,

25 foot ceilings, a wet bar and a

fireplace.


s a l e s | r e n t a l s | r e l o c a t i o n | n e w d e v e l o p m e n t s | r e t a i l | m o r t g a g e | p r o p e r t y m a n a g e m e n t | t i t l e i n s u r a n c e

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many jurisdictions worldwide. Used under license with no other affiliation with Prudential. Equal Housing Opportunity.

All material presented herein is intended for inform

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issions, changes or withdrawal without notice. All property information, including, but not lim

ited to square footage, room count, num

ber of bedrooms and the school district in property listings are deem

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Untitled-3 1 5/29/12 3:02:34 PM


7 TRAIN EXTENSION

An evening balcony shot of 505 West 37th Street with views of the Empire State Building.

LR_0612_Westside.indd 12 6/1/12 2:52:08 PM

7 TRAIN EXTENSION

june/july 2012 luxury rentals 13

A YEAR FROM DECEMBER, Manhattan’s Far West Side is slated to welcome a major extension to MTA’s 7 subway line. Principally funded by the Hudson Yards Development Corporation, the nearly $2.5 billion construction project is a joint venture between Skanska USA and the RailWorks Corporation. The Far West Side of Midtown has seen tremendous economic and com-munity growth for several years now. Case in point: the boom in high-rise luxury apart-ments, the gentrification of Clinton, and the foodie explosion in Hell’s Kitchen; Midtown West has blossomed into a flourishing urban center for fine living, nightlife, entertainment and dining, yet retains its gritty New York aura. The 7 line extension will bring with it an entire new section of tracks from Times Square to Jacob Javits Center with a 10th Avenue station and a 34th street stop at 11th

Avenue. “We’re one step closer to opening up the Far West Side of Manhattan to major, transit-oriented economic growth,” said Dr. Michael Horodniceanu, President of MTA Capital Construction, about the extension.

While there have been a few obstacles in terms of funding the complete project, in May, the MTA reported that the 7 subway extension is 65 percent complete. Vannessa Kaufman, Senior Vice President and Associate Broker at Sotheby’s International Realty, said, “by giving the area a much needed transportation facility, it will connect the future Hudson Yards buildings, Chelsea Piers and everything around it—not only to NJ and Queens—[but to] other subway lines. This will no longer be the isolated Far Midtown West.”

Mark Menendez, Executive Vice President at Prudential Douglas Elliman and the

Director of Elliman Rentals, said the neigh-borhood is “considered to be one of the last frontiers of Manhattan. From upper Chelsea, to Clinton to Riverside Boulevard, there are new options for renters.”

What exactly does this extension mean for luxury renters and residents? Jeffrey Wachtenheim, Representative and Licensed Salesperson with Town Residential, said that “the extension of the 7 train will make the neighborhood more accessible for peo-ple who are dependent on public transpor-tation. “The train definitely will make this neighborhood more desirable and, in effect, the apartments may be leased faster and for higher yields.”

Many upscale apartment buildings and complexes have already been built along the Far West Side including: Silver Towers, the Ashley/Aldyn, and Related’s MIMA. All have

By Benjamin Émile Le Hay

T H E F A R W E S T S I D E O F M I D T O W N M A N H A T T A N

T H E M A S S I V E $ 2 . 1 B I L L I O N P R O J E C T T H A T W I L L T R A N S F I G U R E

Clockwise from top left: MTA’s rendering of the 10th Avenue station; an extrioer image of Citi Habitats and The Corcoran Group’s The Matena building; fine living at 447 West 36th Street; and outside 33 West End Avenue.

GO WEST!



7 TRAIN EXTENSION

garnered plenty of attention and proved popular with renters and buyers alike. Mariana Vredjian, Director of Residential Leasing at Silverstein Properties, explained how “Silver Towers has elevated the design standard and amenity offerings for today’s luxury rental buildings.” She credits the building’s “spacious, well designed floor plans and stunning views of the city and the Hudson River” as having a strong influence on the Far West Side’s upgrade in up-market living. “Silver Towers has helped spur devel-opment along the West 42nd Street corridor, an area now well on its way toward becom-ing a world-class residential neighborhood,” she added.

Elizabeth Kee, Associate Broker and Vice President at CORE, also noted the recent emergence of trendy new rental buildings, “Today, this neighborhood might seem a little too underdeveloped for some rent-

ers. However, with the expansion of the 7 train and the plans to develop the West Side Yards, within a summer or two this area will prove to be one of NYC’s most conve-nient and desirable neighborhood for rent-ers,” she said. “My prediction is that by 2014, more people will exit Penn Station and head west than east—something that never before seemed possible.” Mr. Menendez, echoed this prediction: “We knew it was inevita-ble, but the planning from developers and the city together have made these new areas the potential ‘it’ neighborhoods of the near future with green buildings, amazing ameni-ties and new designs separating it from the rest of the city. The most impactful feature will be the 7 train. This will attract renters looking to explore new areas and find value, which in turn will bring new restaurants and lifestyle shops that are the staples of estab-

lishing a new residential neighborhood. The city’s initiative to provide access to the river-front has also had a hugely positive impact on the way people look at these areas as prime destinations and not just potential options.”

Asaf Bar-Lev, Representative and Licensed Salesperson at Town Residential, agrees, “It is safe to say that one of the engines driv-ing the rapid development we are currently witnessing along the West Side is the exten-sion of the 7 train. Since the announcement at the end of 2001, we’ve seen more real estate development initiatives in and around Hudson Yards.”

A newly designed property joining Midtown’s Far West Side, 33 West End Avenue is nestled between the Far West Side and the Upper West Side, a burgeon-ing micro-neighborhood often referred to as Riverside South. 33 West End Avenue offers renters condominium quality and top-notch amenities. Many of the building’s newly renovated studios, one and two bed-rooms for rent, offer residents outdoor space and washer and dryers. Additionally, there is a 24-hour concierge, a private tenant lounge and a health club. “Rarely, if ever, do land-lords take it upon themselves to upgrade rental apartments in a building less than five years old,” said Justin DeBlase of Cantor & Pecorella, the exclusive leasing agent for the building. The building also highlights why many renters are flocking to the Far West Side: magnificent city views. 33 West End Avenue’s spectacular river and skyline pan-oramas are boosted by high ceilings and dou-ble height windows.

Two Trees Management Company tapped visionary architect Enrique Norten for its Far West Side luxury complex, Mercedes House. “The 7 line expansion has clearly already had a tremendous impact on Manhattan’s West Side. It’s basically taken one of the last urban areas of Manhattan and created an oasis,” a Two Tree representative stated.

Another building that has recently

sprouted up on the Far West Side is 505 West 37th Street. The building, which was com-pleted in 2010, is a large, glass two-tower complex featuring 835 rental units. It was designed by the award-winning architectural firm Handel Architects. The exquisite exte-rior is matched with plenty of sophisticated design and interior details that luxury rent-ers now expect. Like 33 West End Avenue, 505 West 37th Street has sizeable balconies and private outdoor spaces, most with terrific Manhattan and waterfront views. Occupants also get the must-have 24-hour concierge, roof deck and state-of-the-art fitness center. A special feature at 505 West 37th Street is an infinity pool, boasting exceptional views of the Empire State Building, the Statue of Liberty and the High Line. If that’s not enough to keep you busy, there is also a lounge with a film screening area and billiards.

Realtors are reporting positive responses and high-demand for such rental proper-ties already on the Far West Side. Mr. Bar-Lev said, “As a real estate professional and lover of New York’s evolving neighborhoods, it’s exciting to witness the redevelopment of the Far West Side.” He added that the exten-sion of the High Line Park is one such devel-opment. Residences such as Silver Towers, Ohm, 455 West 37th Street and 505 West 37th Street are attracting a more diverse pool of high-end renters. Many know that the 7 train expansion equates speedier commutes and lifestyle conveniences. “The buildings will offer more of a lifestyle choice,” added Ms. Kaufman. With this sudden increase in luxury properties, and as the 7 train expan-sion comes to completion in 2013, it will be interesting to note how rental market prices react. They are expected to surge. “It is clear that with easy transportation access, this part of town will emerge as one of the next great neighborhoods. Accessibility destines the area to be flooded with renters who are hun-gry for new developments,” Mr. Bar-Lev con-cluded. His predictions are spot on.

‘It is safe to say that one of the engines driving the rapid development

we are currently witnessing along

the West Side is the extension of the 7 train.’

Asaf Bar-Lev, Town Residential

Mercedes House is a luxury complex in the heart of the Far West Side.


227 East 85th Street, New York, NY 10028212-744-3330 • BettinaEquities.com

NO FEE MANHATTAN APARTMENT RENTALS in New York’s best neighborhoods.

Live the dream.

For over 30 years, Bettina Equities has been helping New Yorkers live well in the world’s

greatest city. With over 40 properties and more than 2,000 units throughout Manhattan, we help

people find apartments they love, in the neighborhoods they prefer.

Upper East Side Upper West Side Clinton Murray Hill Gramercy Park Union Square East Village

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EW YORK is a lot of things. We’re America’s most popu-lace city, a cosmopolitan cen-ter, the cultural capital of the world and a leader in design

and innovation. When the world wants to know what’s coming up next—they look here. In New York, we pack 7,000 people into each square quarter of a mile, so we’re always looking for solutions to make living in such cramped environs as great as possible. We’ve been doing it for over 100 years—we pretty much have to. Great innovations—the sub-way, Brooklyn Bridge, one of America’s first skyscrapers—have always risen to meet the city’s needs, keeping it livable, functional and moving New York changes and grows.

Following in this tradition, New York is quickly becoming a leader in sustainable, ver-tical living. Mark Menendez, Executive Vice President at Prudential Douglas Elliman and Director of Elliman Rentals, knows that New Yorkers understand that taking care of the environment leads to an improved quality of life. “Green building is no longer considered just a marketing ploy,” he said. “These build-ings are doing their part to make that happen and renters are very happy to know that their choices can make a difference.”

Mr. Menendez believes everyone—from

By Ben Weitzenkorn

GOING GREEN

A view of Verdesian.

Sustainability is Stylish

NEW YORK REALTY DOES GREEN LIKE WE DO EVERYTHING ELSE—WITH PIZAZZ!

The exterior of 1214 Fifth Avenue from Central Park.

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GOING GREEN

the home buyer to the builder—needs to play a role in environmental stewardship. “It’s our industry’s responsibility to embrace [green construction] fully and make it our standard going forward to improve the qual-ity of life for all of us,” he said.

A trend of green luxury rental towers has been on the rise over the past decade and four of them intertwine luxury and sustain-ability unlike anywhere else. The Solaire, at 20 River Terrace, the adjacent Verdesian at 211 North End Avenue, Emerald Green at 320 West 38th Street and 1214 Fifth Avenue, all cater to residents who seek to combine lavishness with green living. The first three are LEED certified, a designation used by the federal government to recognize “Leadership in Energy and Environmental Design.” The latter expects to receive that certification soon.

The United States Green Building Council has established a framework for developers, owners and operators to implement practi-cal, energy efficient solutions with a measur-able impact. Their LEED stamps of approval are increasingly sought after as smart, luxury renters look to make environmentally sound choices in all aspect of their lives.

Michael Gubbins, Vice President of residential property management for the developer of The Solaire and Verdesian, the Albanese Organization, explained how fresh outdoor air is delivered into all of the apartments through a double-fil-tration system and humidifier and how their large windows allow much more light into the units than an average NYC apartment. “Since the Solaire opened in 2003, it has had a great reputation for ser-vice and being environmentally friendly,” Mr. Gubbins said. Based on that and other amenities like a state of the art fitness cen-ter and rooftop garden, he said, turn over is pretty low. “The indoor environmen-

tal quality and reduced energy costs are two of the attributes residents talk most about,” Mr. Gubbins said. “A lot of people are starting their families and want to be in an environmentally friendly setting.”

Gary Jacob, Executive Vice President at Glenwood Management, said environmental initiatives at their building Emerald Green, are a prime example of their dedication to the utmost in quality of life. “Sustainable features in this building include green roofs that utilize recaptured water, roof terraces

with heat reflective pavers, electric car char-gers, water-efficient plumbing and sustain-able bamboo wood flooring [are] throughout every home,” he said. “As a company, we’re dedicated to clean and sustainable develop-ment and are focused on incorporating these elements [into] future projects.”

This philosophy, Mr. Jacob said, attracts a diverse mix of residents “from young professionals and couples, to families and empty-nesters – who all appreciate living in a luxury, full-service property that is also built from an environmentally conscious standpoint.”

At 1214 Fifth Avenue, where residences

start on the 21st floor to take advantage of mind blowing views of Central Park, the building uses 30 percent less water than is legally required and 15 percent less energy. Other features include a 1,500 square foot health and fitness center and a lobby that literally brings Museum Mile inside with sculpture and painting.

Daria Salusbury, Senior Vice President and at Related Companies, the building’s developer, said the it’s “iconic address makes this building the epitome of luxury rental liv-ing,” while actively engaging in a sustainable lifestyle.

Charles Feit, CEO of OnForce Solar, a com-pany that provides solar technologies to big and small businesses as well as homeowners, has also noticed an uptick in the interest and adoption of a green lifestyle, mainly through the adoption of solar energy technology. As the cost of solar continues to drop, New Yorkers are giving it a serious look.

“Residential solar adoption is increas-ing dramatically in the New York metro area due to new financing mechanisms and solar lease programs,” he said. “The eco-nomics are equally as compelling for both residential and commercial market seg-ments,” Mr. Feit said. When homeowners and businesses choose solar ... the result is an average four year payback ... Once the system is paid for—free energy for the next 25-plus years.”

Our mass transit, locally sourced food markets and walking and bicycle culture are living proof of the fact that New Yorkers care about sustainability. These new luxury rental towers are just the latest chapter in New York’s commitment to efficiency and the environment. As the rest of the country and the world strive to find solutions to com-bat global warming, New York is emerging out as a leader in urban sustainability. And we look great doing it.

‘It’s our industry’s responsibility to embrace [green

construction] fully and make it our standard

going forward to improve the quality of life for all of us.’

Mark Menendez, Prudential Douglas Elliman

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OnForce Solar panels. A leafy look at The Solaire’s exterior.

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Untitled-20 1 6/1/12 3:08:28 PM


DECORATING SHOWCASE

By Benjamin-Émile Le Hay

DESIGN STARS

make apartment magic at Kips Bay Decorator Show House

Laura Bohn It was all about texture, bright colors and

embracing your inner-youth at in-demand designer Laura Bohn’s room. Her team cre-ated an innovative child’s playroom lined with fuzzy brush tiles from Robin Reigi on one wall while installing 3-D tiles above. Circular shag rugs from Edward Fields, configurable and malleable foil curtain from ElasticCo. and plush sport-themed pillow chairs only added to the fun, avid modern concept. Not too shabby for a city kid!

Brian J. Mccarthy, inc.Bunny WiLLiaMs, inc.DaviD KLeinBerg Design associates

This trio emulated a gentlemanly atmo-sphere in their refined sitting room. Inspired by their mentor Albert Hadley of Parish Hadley, they blended modern 20th century furniture with stately heirloom

pieces and antiques. For that extra exclu-sive touch, they incorporated fine art by Jacqueline Humphries and Le Corbusier on loan from Greene Naftali Gallery and Jane

Kahan respectively. With all that design porn, you might be too transfixed to notice the breathtaking views of the Hudson River.

Brian DeL toro

It’s the painted finish wooden panels that make Mr. del Toro’s study a winner. He too, is a protégé of Albert Hadley (and David Kleinberg) at Parish Hadley. Romantic, yet masculine, jewel tones emitted a mid-century American elegance, without over-whelming. He selected art and meubles that either referenced or originated from France, Italy, Germany, Africa and Sweden, which keeps things contemporary and cosmopolitan.

shaWn henDersonShawn Henderson’s sensual den played

with naughty themes without digressing into vulgarity. He and his team ingeniously fused sumptuous touches that tickle the senses. In the middle of the room, he hung

NEW YORK CITY’S LEADING interior designers once again participated in the Kips Bay Decorator Show House, now celebrating its 40th year. In May, the Show House Committee hosted a VIP dinner and preview of the showcase at the Aldyn Residences. Most importantly, the Show House events support the Kips Bay Boys and Girls Club, which serves over

12,000 youth annually. This is the first time in history that the Kips Bay Decorator Show, which runs until mid-June, takes place on the Upper West Side. Luxury Rentals was on the scene at the opening to take in the 6,000 square foot penthouses that were revamped—floor to ceiling—with incredible, opulent designs. Here are some of our favorite collaborations and spaces.

Laura Bohn

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june/july 2012 luxury rentals PB

a metal chain and sheepskin covered swing. The walls were flawlessly upholstered in velvet and hugged gorgeous crown mold-ings. The seduction continued with subtle gray-blue, eggshell and chrome tones, mod-ern curiosités and objets d’art.

AlexAnder doherty “The collector’s bedroom” is an appro-

priate title for Alexander Doherty’s space. He has kept things sensible with a French twist: ‘30s, ‘40s and ‘50s furni-ture, paintings and lighting, with a taste of Americana. “It’s often a challenge convinc-ing clients that paneling is the right choice for they tend all too quickly to conjure up images of stiff, formal salons in French châteaux,” Mr. Doherty said.

SuSAn ZiSeS Green“Sophisticated. Classic. Timeless.”

With a motto like that it’s no wonder inte-rior designer Susan Zises Green keeps busy with demanding clients in Manhattan, The Hamptons, Fairfield County, Palm Beach and Nantucket. She created the Entry and Living Room portions of one of the pent-houses and sought inspiration from the flow of the Hudson River. Her fabulous con-cept of textured fabrics such as linen, wood, silk, cotton and seashells made her room feel extra fanciful.

Bunny WilliAmS, inc.dAvid KleinBerG deSiGn ASSociAteS

BriAn del tor0

ShAWn henderSon

AlexAnder doherty

jAmeS rixner

SuSAn ZiSeS Green

jAmeS rixnerFor his fifth round at Kips Bay Show

House, James Rixner took over a fam-ily room, which flowed into a chef’s kitchen. He colored his space in rich sky blues, earthen greens, lime and softer neutrals. Winter white leather chairs and ashen kitchen counters were adult, but gentle. Mr. Rixner appropriately called his work “Heart of the Home.” It was truly a symbol of stylish lavishness.

DECORATING SHOWCASE

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Location Studio 1BR 2BR 3BR

Chelsea $2516 3338 4922 5978

East Village $1932 2823 3284 4291

Gramercy/Flatiron $2305 3260 4803 5845

Harlem $1303 1656 2027 2808

Lower East Side $1875 2202 3349 4348

Midtown East $1982 2505 3900 4975

Midtown West $2316 3437 4735 5477

Morningside Heights $1695 2299 3007 4088

Murray Hill $2077 2812 3593 4680

Location Studio 1BR 2BR 3BR

SoHo/TriBeCa $2473 3863 6417 8960

Wall Street/BPC $2540 3386 4650 5500

Upper East Side $1745 2497 3400 5714

Upper West Side $1969 2642 4029 6276

Washington Heights $1250 1500 1713 2350

West Village $2401 3554 4529 6500

April Average $2025 2785 3891 5186

March Average $1953 2747 3865 5107

% Change 4% 1% 1% 2%

BLDG Classification Studio 1BR 2BR 3BR

New Development w/ DM* $2909 3982 6561 8634

Doorman $2529 3689 5687 7059

BLDG Classification Studio 1BR 2BR 3BR

Elevator*** $2231 3086 4221 5753

Walkup** $1972 2580 3459 4785

* New Developments include all rental and condo buildings built after 2004. **Walkup averages include brownstone and townhouse rentals.***Elevator averages in the downtown neighborhoods include a significant number of loft rentals compared to other neighborhoods.

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1.00%

1.50%

.50%

2.00%

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luxury rentals JUNE/JULY 201224

For advertising information, contact Robyn Reiss (212) 407-9382 | [email protected]

Bettina equities: Living Well, In the World’s Greatest City. Bettina is known for affordable prices that make Manhattan living in the finest buildings within reach, with NO FEE! Attractive studios, spacious three-bedroom duplexes and triplexes in the most desired neighborhoods: East/West Side, Clinton, Murray Hill, Gramercy Park, Union Square and East Village. Experience the difference in the way our buildings are run with a quality commitment and ongoing attention to amenities such as exceptional maintenance/upgrades, a responsive management staff and roomy, comfortable layouts. www.bettinaequities.com. (212) 744-3330.

With over 15 years of experience in the New York real estate marketplace, sotheBy’s international realty senior Vice President eric Malley, who is ranked in the top 2% of all 46,000 NRT brokers nationwide, brings a formidable set of skills to his brokerage practice. Prior to joining Sotheby’s International Realty, Mr. Malley has the unique distinction of being the founder and principal of his own real estate investment company, MalleyGroup, which is now aligned with Sotheby’s International Realty. Over the past five years, he surpassed the expectations of a turbulent economic climate, generating more than 350 million dollars in transactions. For more information please contact 212-604-7625 or email [email protected]

For nearly a century, Prudential douglas elliMan has been recognized as a leader in the residential real estate industry. With more that 3,500 agents and over 60 offices from Manhattan to Montauk, the company’s reach is surpassed. Prudential Douglas Elliman offers its customers a comprehensive array of services including residential sales and rental brokerage, retail and commercial sales & leasing, relocation, new development marketing, property management, mortgage brokerage and title insurance. So whether you’re in the Manhattan, Brooklyn, Queens, Westchester or Long Island, including the Hamptons and North Fork, there is a Prudential Douglas Elliman office and agent ready to assist you in any of your real estate needs. Please contact 1.800.elliMan or visit elliman.com

Steps away from the Hudson River, silVer towers is one of the newest luxury rental buildings to rise on West 42nd Street. With an emphasis on amenities for the best kind of city living, residents enjoy daily shuttle service, Abigail Michaels concierge, Clay Health Club and Spa, a 75-ft indoor pool, nail salon, children’s

room, entertaining terrace, peaceful inner courtyard, park, dog run, garage, and cafe. Apartments range from studios to 2-bedrooms, lofts to penthouses. The statuesque towers offer exceptional apartment layouts with multiple corner city and river views. For more information, visit silvertowers.com or call 212.473.4242.

Mercedes house, New York’s latest breakthrough development, is changing the cityscape forever. From Two Trees Management Company and visionary architect Enrique Norten comes a luxury rental complex with unobstructed views of the Hudson and a design that has recast the city skyline. Inside its zigzagging footprint, residents of Mercedes House don’t just rent a home - with the extraordinary array of amenities, they embrace a lifestyle. Mercedes House is the address for life in style.www.mercedeshouseny.com 212.876.6666

eMerald green, Glenwood’s first LEED-certified rental building, offers residents superior construction, impeccable finishes, attentive service and convenient amenities. Residents enjoy such features as front-load washers and dryers in every home, 24-hour doormen, fully equipped

children’s playroom and a state-of-the-art fitness center. Comprised of 568 spacious apartments ranging from alcove studios to two-bedroom, two bathroom homes with large terraces, Emerald Green stands as the prime residential addition to Midtown West. Visit www.glenwoodnyc.com or call (212) 535-0500.

Launched by Founder and CEO Andrew Heiberger in 2010, town residential is a Manhattan-based real estate services firm specializing in luxury residential sales, rentals and new developments. Already an integral part of the New York real estate landscape, Town has opened six offices in under two years and built a hand-picked team now exceeding 325 licensed representatives and staff. For more information, please visit townrealestate.com.

BRETT MILESSenior Vice President

O: (646) [email protected]

FRANK ARENDSSenior Vice President


TERRY NAINISenior Vice President


TOWN Residential, LLC is a licensed real estate broker and proud member of REBNY. Town Residential LLC is a partnership with Thor Equities LLC. We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status, or national origin.

The seven story Townhouse at 45 East 74th Street is representative of architectural craftsmaship and design that pays homage to the classic sense of style and elegance characteristic of the historic Upper East Side.

The townhouse, perfectly positioned on a prime residential block between Park and Madison Avenues, is nestled in the heart of Manhattan’s historic Gold Coast. Originally constructed in 1879, a century later, this spectacular home has been dramatically reinvented and technologically transformed into one of the world’s most beautiful residences. Priced at $33 Million Web ID: 935757

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Luxury Rentalsadvertising directory

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ARTWALLY FINDLAY E

ST.

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WALLY FINDLAY GALLERIES NEW YORK • PALM BEACH • BARCELONA

124 EAST 57th STREET • NEW YORK, NY 10022 • +1 (212) 421 5390

WWW.WALLYFINDLAY.COMwww.facebook.com/wallyfindlay

60 YEARS OF REPRESENTATION

an d r é Ha m b o u r g (1912 - 2003)

co n s ta n t i n kl u g e (1912 - 2003)

le PH o (1907 - 2001)

Vu ca o da m (1903 - 2000)

an d r é Vi g n o l e s (1912 - 2003)

gaston sébire (1920 - 2000)

nicola simbari (b. 1927)

Je a n du f y (1888 - 1964)

EXHIBITIONNOW ON VIEW IN NEW YORK

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Imagine your life at Silver Towers. Impromptu Saturday matinees of the

newest Broadway musical. Wednesday night gallery openings and just

a short walk home. Daily jogs along the Hudson River. Nightly wine and

cheese on the roof deck after another spectacular sunset.

Silver Towers’ central location in Midtown allows each resident to fully

enjoy all that Manhattan has to offer. With an amenity package that

includes a fi tness center, 75’ pool, concierge, and roof deck with bbqs

and cabanas, as well as easy access to several subways and the East

side via shuttle service, your life will never have felt so easy and fulfi lled.

Stop imagining and start living the Silver Towers experience.

Studios from $2,890 1 Bedrooms from $3,8902 Bedrooms from $4,990

RENTAL GALLERY

620 west 42nd street, new york, ny 10036

212.473.4242

www.silvertowers.com

[email protected]

Facebook.com/SILVERTOWERS

S I L V E R T O W E R S

EQUAL HOUSING OPPORTUNITYScan here for more information.

RETHINK THE RENTAL.

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LuxRentals Summer

Documents

sothebys international

executive

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equal housing

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special advertising

susan zises

mile le hay