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Fall 2011

Luxury Rentals

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luxury rentals • 3

M a n h a t t a nR e n t a l M a r k e t

B o u n c e sB a c k

While the world tries to crawl

back rom the nancial

crisis, the New York rental

market is sitting pretty.

“The New York market is dierent rom anyother market,” says Linda Jacob, Senior

Vice President o Glenwood. “People are

constantly moving to New York and they

want to stay here, even during dicult

times.”

This year has seen the strongest rental

market since the hit o the recession. “It

reminds me o 2005 through 2007, when

we used to get top dollar or prices,” saysGary Posylkin, Director o Leasing at Miron

Properties. It has been extremely busy, prices

have risen and vacancy rates have been very

low.

In a report released by CitiHabitats, the

average Manhattan apartment rented or

$3,350 this August. That rests 8% higher

than the average Manhattan apartment

which rented or $3,087 one year ago.

With inventory at 1%, landlords areexperiencing bidding wars rom renters.

Summer has proved to be a rebound or the

market. Initially, brokers and landlords had

to provide renters with concessions, such as

oering a ree month’s rent or payment o

the broker’s ee to entice customers. But that

is no longer the case.

The rental market usually hits its peak

in the summer season, when a wave o

students seeking new homes enters themarket. Simultaneously, ew want to look or

apartments amidst three eet o snow. And

all sees several renters who misunderstood

time and now scramble to nd a nest beore

By Sonia Samuel

the

rental

market:

MANHATTAN

T Cttal, 885 6t Avu, xtrr.

Vt tcttal.cm

r mr rmat.

PhoTo: CiTihAbiTATs

8/3/2019 Rent Lux 2011 All

http://slidepdf.com/reader/full/rent-lux-2011-all 4/204 • luxury rentals

winter sets in.

The hot areas are West

Village, Soho, Tribeca,

Gramercy Park and all o

lower Manhattan area.

The West Village was

the most dicult area

to secure rental housing

in August, with a razor-thin vacancy rate o 0.35

percent. Conditions

were comparatively

easier or home seekers

in Midtown East,

which had a rate o 1.26

percent.

Lots are becoming

a hot commodity,

increasingly sought

ater by prospective

renters. Suzun Bennet,

Vice President o Town

Residential, shows her

latest listing at 540 West

29th Street as example.

A 2,500 square oot lot

with additional 1,000

square oot, privateoutdoor space near the

High Line was previously

rented or $8,500 per

month. The new tenants

recently signed a 3-year

lease starting at $9,500

per month, with 5%

annual escalations in

each o years 2 and 3 o

the lease.

“It is dicult to reallypin point the ‘hottest

buildings’ as there many

out there, but some great

new developments are

the Continental on 6th

Avenue, 95 Wall Street

and The William Beaver

House.” says Daniel

Hedaya, President o

Platinum Properties.

But as summer comesto a close, the higher

end o the rental market

typically stays hot

through the all, while

demand or studios and

1-bedrooms cool o ater

September. With the

change in the seasons,

the rental market is

expected to slow down,

but there will always be ademand as people always

have a reason to move.

“The market will

continue to soten a bit,”

says Hedaya, “but we

are anticipating it to be

stable. I don’t orecast

any dramatic swings.”

M a n h a t t a n R e n t a l M a r k e t B o u n c e s B a c k

suzu bt’ luxury lt

ltg at 540 Wt 29t

strt. A 2,500 quar-t

lt ar t hg L.

T Cttal, 885 sxt Avu, rdt’ lug.T Cttal, 885 sxt Avu, wmmg pl

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6 • luxury rentals

N E I G H B O R H O O D

S P O T L I G H T

BROOKLYN

T

he migration o Manhattanites

into Brooklyn hit its highest mark

in 2006 and we are beginning to

see that trend yet again. “Initially

people were coming here to purchase condos,

co-ops and apartments but we didn’t see a

heavy rental market. But in the last ve years

due to rise in rental prices in Manhattan, more

Manhattanites are moving to Brooklyn” Says

Peggy Aguayo, Principal Broker and Owner o

Aguayo and Heubener.

Brooklyn is no more a “second option” to

Manhattan. In act an increasing number o people want to move to Brooklyn and away

rom the city’s hustle and bustle where they

can nd a larger apartment or lesser value.

At the same time one can still have bars,

restaurants, parks and amenities nearby, along

with a quieter more ‘neighborhood eel’.

The most popular areas are Park slope,

Cobble Hill, Brooklyn Heights, Dumbo and

Williamsburg. Brokers are seeing mixeddemographics that are moving to these

areas but leaning towards “18-49 years

while Williamsburg, a trendy, cutting edge

area is seeing a more 25-35 years age group”

Says Vicki Negron, Senior Vice President at

Corcoran.

One o Park Slope’s popular developments

is the Arias at 4th avenue. The Arias was

initially built and developed as a condominium

by Iconic Group, but the development team

then decided to go rental. The building was

90% leased out within just ve months o

its opening. That’s 86 homes in ve months!

That’s how hot rental property is now in

Brooklyn. State o the art amenities

such as a tness area, yoga

room and a residents lounge;

stunning views o theManhattan skyline and

the surrounding area; and

a sense o community, all

while being conveniently

located, makes Arias a

hot seller. “7th avenue

was always congested, with

restaurants, bars, coee

shops and populationand 6th

avenue

was more

residential. Now 5th avenue has evolved,

10 years later. And as a natural progression

moving down the avenues, there are stores,

bars and restaurants coming up towards 4th

avenue” says Jacqueline Urgo, President o

Marketing Directors.

DUMBO is another area that has evolved

rom what it was in the 18th century. DUMBO

(Down the Manhattan Bridge Overpass)

used to be an industrial area with actories,

warehouses and dock storehouses. These old

actories were then converted into Luxury

lots and apartments. But David Walentas,ounder o Two Trees Management

was really the one that pioneered the

development and transormation o

the area. Today DUMBO is a charming

and vibrant neighborhood with a

mix o retail and artistic activity. As

DUMBONYC denes it: Dumbo is not

BrooklynN o L o n g e r a M a n h a t t a n A l t e r n a t i v e

Ara at 150 Furt Avu,

Park slp, drm

lvg rm.

Cmda ad actr, Zack Galfaa-

k tll New York magaz,

lk brkly m

cau “i t g-

rd i lv , i

d’t av t at.

Ad tat’ c.”

By Sonia Samuel

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Experience the perect blend o style, convenience, location and luxury. From its modern design to its vast array o uniqueamenities, Arias is Brooklyn at its very fnest. Here, you can revel in the true harmony o lie, with all the elements o perect living.

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Onsite Amenities Include:

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U p p e r

E a s t S

e

U p p e r

W e s t S

e

C l n t n

M u r r a y H l l

G r a m e r c

y P a r

U n n

S q u a r e

E a s t V

l l a g eFor over 30 years,

we’ ve been helping new y orkers

live well in the world’s greatest city .

212-744-3330

Beina Equities

Rental Office

227 E 85h S,

Nw Yk, NY 10028

Monday - Friday: 9am - 7pm

Saturday and Sunday: 10am - 6pm

BettinaEquities.com

G R

E A T R E N

T A L S

E X C I T I N G

N E I G H

B O R

H O O D

S N o F E E

N o k i d d

i N G

quite Brooklyn brownstone and not quite Manhattan glass condos, It

has a unique character o its own. It is attracting a number o amilies

and Manhattanites and the rental prices are on power with Manhattan.

Recent development, GAIR2 by Two Trees Management is the

hottest and most expensive property in the area with an average o $57

per sq oot. It was named ater the original architect Robert Gair, who

built the property in 1901; the building maintains a historic exterior

but an ultra modernized interior. The list o amenities is endless, rom

Bosch washer and dryers in every apartment to a gol simulator. In less

than 2 and ½ months, 106 apartments were leased. “We wanted to

create something true to the DUMBO area “says Asher Abehsera, VP o Residential Properties at Two Trees Management.

As more people fock to Brooklyn, rental customers are taking lesser

time to make their decision as they understand the market situation.

“We are seeing no negotiating on prices, no concessions and only

very large buildings that are doing their initial lease up, paying the

broker ees. Condo owners renting their units out are getting antastic

numbers. In Williamsburg, anything with a view on the waterront or in

a building with amenities are seeing antastic rental numbers.” explains

Sarah Burke, Executive Vice President and Director o Sales, PrudentialDouglas Elliman.

According to a report provided by MNS, August 2011, the top 3

expensive rental areas or 2 bedroom apartments were Dumbo,

Brooklyn Heights and Boreum Hill (in that order). The report also

shows that Dumbo, Parkslope and Williamsburg are the top areas in

Brooklyn that saw a steady rise in prices in studio, one bedroom and 2

bedroom apartments.

With the pace o development, super sleek buildings and a relaxed

neighborhood, increasing number o people are nding it easible to

live in Brooklyn. “Brooklyn was a trickle down rom Manhattan” says

Aguayo. “But as vacancy rates all, Brooklyn has denitely become a

preerred place over the latter”.

Rappr, prducr ad trprur, Jay-Z grw up bdrd-stuyvat,

brkly.

bdrm, GAiR2, 25

Wagt st., Dum.

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W

e know

looking

or that

perectplace is a daunting task,

especially in a market

where the vacancy rate

hovers around 1%. So we

interviewed a number o

brokers and put together

some tips that can make

your hunt a little simpler.

ReseaRch: Just like

any other task, research

is mandatory. Especially

i you are new to the city.

It is important to know

which neighborhood you

are aiming or, its value

and your needs. “Lots o

people don’t have an idea

o what they can really

aord. It’s important to

prioritize your needs’.

Says Peggy Aguayo,

Principal Broker, Owner o

Aguayo and Huebener.

Finding the Right

bRokeR: This is the

crucial part o yourresearch. Gary Posylkin,

Director o Leasing at

Miron Properties advices

readers to research the

brokers that you are

dealing with and nd out

i they are licensed. “There

are lots o scams out there.Some companies are too

small and trying to make

a ast deal. It’s important

to research the company,

read reviews and nd

out i they have been in

the business or long.”

Says Posylkin. It’s also

important to have a goodcommunication with your

broker.

come pRepaRed:

When you have ound

the right broker, it is

important to have all

the documents with you

ready when hunting

or rentals. As rentals

transactions move very

ast and landlords give

the property to the rst

renter come ready with

all documents. “I oversee

approximately 300

buildings throughout

Manhattan and most o

the time, the rst timethe broker brings up all

the inormation needed

and monies required with

their client is once they

nd a place. Instead, this

conversation must be

done prior to even arriving

to view apartments.” SaysJay Heydt, Senior Vice

President and Associate

Broker at CitiHabitats.

Standard list o

documents needed (May

dier rom landlords):

Copy o your

photo ID

Last year tax return2-3 pay stubs

2 most recent bank

statements

Letter rom

employer

Rent Reerences

rom previous

landlords

W2 Form

Letter rom CPA

(Certied Public

Accountant) i sel

employed

Guarantor-This

is required i a

student or a young

proessional

doesn’t meet the

credit or incomerequirements.

bRing a paRtneR/

Roommate: I you

know who is going to stay

with you under the sameroo, it is important or

you to bring your partner/

roommate along so you

can discuss the must-

haves, the lease, the rent

and how you will split

costs.

have a wish listbut be Realistic:

Have a wish list with

all things you want in

your perect property;

neighborhood, amenities,

parks, schools, view so on

and so orth. And bring

that along with you while

visiting properties. View

as many properties as you

wish and take your time.

But brokers oten advice

their clients to be realistic

about their expectations.

Lots o renters underbidproperties and end

up losing out to other

renters.

home, Finally!:

When you have nally

ound that perect home,

review the lease. Have

your agent with you while

lease signing. “Don’t just

sign it, bring it home and

take the necessary time

to understand your lease.

Find out what cosmetic

changes can and cannot be

done. And be nancially

prepared.” Says Daniel

Hedaya, President o

Platinum Properties. Alsobe sure to sanitize the

property, look or holes,

as you don’t want pest

coming in.

stick with one

bRokeR: I you think

your broker did a good

job o nding you a greatplace, stick with him/

her. They now know your

needs, wish list, budget

and preerences and will

be so much easier the

second time round.

tIPS anD trICkS to the rental traDe By Sonia Samuel

8/3/2019 Rent Lux 2011 All



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Q&awith Jmmy brtt

a , rr r

Manhattan real estate market?

We are at ewer concessions and even lesser vacancies.

i r r r .

w?

Usually mid winter, as there tend to be lesser people looking

or rentals. Thereore there are better deals [available] and

occasionally concessions are available [too].

y r h. h

r r h r r

r r ?The services and resources available to town representatives are

unlike anything I have seen in our industry.

w r r

r r r h?

On an average, town residential is attracting a very high-end

clientele who expects exceptional customer service.

w r, r 3

r r?

Customers want honesty, proessionalism and in-depth market

knowledge rom their representatives.

t r $33,500 r ,

z .

It’s a spectacular 5 bed, 5.5 bath residence which is over 4,500

square eet and showcases unparalleled soaring views. It’s truly

spectacular.

i rr r ? w

r m?

Any area can be hot at any given time. It just depends on what

the client is looking or.

w r r ? w?I love my building on Nassau street. Because its home!

er ,

’ x r, r

r. i r ?

It has been around or a little while, but I am seeing hotel-style

concierge services pop up in more and more buildings these

days.

Fr m r r, r r

r fr r. w

?

Find an honest representative that they eel comortable with and

stick with them.

p 9/11, r r ?

It created great challenges to our industry or a little while, but

approximately our to six months later, we saw the market begin

to surge again.

w r rr r zr? wr

r?

Immediately ater 9/11 people were hesitant but it wasn’t

long beore the area became one o the hottest, emerging

neighborhoods in all o Manhattan. That has continued to

this day, with the residential population o the area increasing

exponentially ever since. The area is now booming, attracting

strong interest rom both investors and primary residents.

ar r r m r r r?

Not in the last year or so.

t lr d r ,

m r r ?

Labor Day is always the end o the summer rental season, so it

inevitably is extremely busy each year.

a r r r. a r xr ’ r

r rr?

Too many to count, that’s why I love this job. I’ll save them or our

next interview.

Jimmy Brett, Senior Vice President and

Associate broker at Town Residential.

Jimmy Brett has won many awards and accoladesduring his long illustrious career in real estate. A top producer while establishing long term relationshipswith clients, Brett gives us an in-depth view o theRental market.

8/3/2019 Rent Lux 2011 All



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Q&awith Jay hydt

h r r r R

r m?

The credit rating isn’t a nancial problem, it’s a political one so I

won’t go into that. Having said that, those with plenty o cash and

signicant assets will continue to move around our island. The

best thing that has come o this is interest rates have dropped

even lower since the new rating came out, and we were already at

an historic low. This change is allowing more deals to surace.

w r m R r

r?

The rental market was hit right ater the collapse o Lehman

Brothers in October o 2008 accompanied by a plunge in condo

and co-op sale prices. Any landlord during that time was willingto pay brokers their commission as well as oer a month ree

rent to the tenant. I had one owner that was willing to pay or one

o our client’s moving expenses, and I threw in a spa treatment.

Added value or “Incentives” was a policy that all owners had to

embrace during that time.

In 2009, we broke our company record, renting approximately

13,000 apartments. That’s why rentals are essential to your

overall business plan as a broker. You can always make money in

rentals, period.

The pendulum has thus shited again starting late last year, with

the vacancy rate dropping back down to under 1 percent. Owners

have been in the driver’s seat all year long. Rents are up, and or

a majority o our deals, the ees are being paid by the tenant. The

average rental commission is up approx 30%. As ar as days on

the market, all summer, i a unit is priced right it would rent in less

than two hours.

Maybe I need to give a little relie here to our apartment seekers,

so I am happy to report that the 4th quarter o every year is a

typically good time or potential renters, due to less demand, soprices tend to drop and certain brokerage ees may be paid or.

b r r r r, m

r r . w r!

w?

Segments o our market are booming or a variety o reasons.

Rentals are strong period. When you look at the population

o Manhattan, and how transient we are as a city, a 1 percent

vacancy rate or rentals is super tight, especially in competitive

areas such as The West Village. Demand is always high in these

areas. In the high end o the sales market, deals are happening

ast, and wealthy buyers want something dierent. I recently

ound the most amazing apartment that had great bones in

“Estate Condition” allowing my buyer to transorm it into a

masterpiece.

w r r rr r r?

This is only one man’s opinion but my opinion hasn’t changed or

the past 10 years, West Village; SOHO and NOHO; and TRIBECA.

Far West Chelsea is starting to pique to my interest.

w r r

r ?

The biggest [problem] is credit. The ability to prove your credit

worthiness has gotten a lot tougher. Whether one lost a job, orhad to take a pay cut, it clearly has aected credit scores as many

people lived o credit cards or became delinquent on loans.

Those with credit issues are asked to pay a signicant amount o

security up ront, but the ability to produce large amounts o cash

up ront is also another issue or many clients.

w ?

The best advice is to nd someone who can guarantee your

apartment. They have to show an annual income anywhere rom

80 to 100 times the monthly rent that you will be paying. Also

it helps i they reside in the state o New York. In the interim,

working on your credit is essential. Whether it’s working to pay

Jay Heydt, Senior Vice President and

Associate Broker at CitiHabitats

Jay Heydt (pronounced height), has been withCitiHabitats or over a decade. With his involvement in over 10,000 transactions, and having dealt withnumerous clients, he has defnitely seen it all. Heydt tellsus what’s hot, what’s not and everything in between.

CONTINUED on PAGE 18

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NYO MagaziNes

Upper East SideOctober 12th

Downtown

November 16th

BrOOklYN

liviNg

suppleMeNt

October 19th

tOwNhOuse MagaziNe

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Contact Robyn Weiss,

Real Estate Director

at [email protected]

and 212-407-9382

for more information.

The

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Brooklyn LivinSpring 2011

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ASPECIALADVERTISINGSUPPLEMENTTO THE NEWYORKOBSERVER Spring2011

COVER PHOTO

26 EAST 80TH, LISTED BYSOTHEBY’SINTE RNATIONAL

REALTY FOR$18,500,000 BYROGERERICKSON,

(212) 606-7612.

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MEAN MANHATTAN

RENTAL PRICESDoorman:

Studio: 2,650

One-Bedroom: 3,820

Two-Bedroom: 5,857

Non-doorman:

Studio: 2,084

One-Bedroom: 2,999

Two-Bedroom: 4,137

MIDTOWN EASTDoorman:

Studio: 2,359

One-Bedroom: 3,786

Two-Bedroom: 5,443

Non-doorman:

Studio: 2,062

One-Bedroom: 2,857

Two-Bedroom: 4,465

EAST VILLAGEDoorman:

Studio: 3,096

One-Bedroom: 3,925

Two-Bedroom: 4,984

Non-doorman:

Studio: 1,851

One-Bedroom: 2,732

Two-Bedroom: 3,544

HARLEM

Doorman:

Studio: 1,651

One-Bedroom: 2,398

Two-Bedroom: 3,490

Non-doorman:

Studio: 1,460

One-Bedroom: 1,763

Two-Bedroom: 2,181

MURRAY HILLDoorman:

Studio: 2,503

One-Bedroom: 3,371

Two-Bedroom: 5,095

Non-doorman:

Studio: 2,083

One-Bedroom: 2,712

Two-Bedroom: 3,791

SOHODoorman:

Studio: 3,350

One-Bedroom: 4,848

Two-Bedroom: 8,375

Non-doorman:

Studio: 2,300

One-Bedroom: 4,053

Two-Bedroom: 4,308

UPPER WEST SIDEDoorman:

Studio: 2,597

One-Bedroom: 3,598

Two-Bedroom: 5,820

Non-doorman:

Studio: 2,014

One-Bedroom: 2,688

Two-Bedroom: 3,707

CHELSEADoorman:

Studio: 2,626

One-Bedroom: 4,383

Two-Bedroom: 6,512

Non-doorman:

Studio: 2,064

One-Bedroom: 3,626

Two-Bedroom: 5,191

LOWER EAST SIDEDoorman:

Studio: 2,450

One-Bedroom: 3,536

Two-Bedroom: 4,983

Non-doorman:

Studio: 2,095

One-Bedroom: 2,403

Two-Bedroom: 3,823

UPPER EAST SIDEDoorman:

Studio: 2,521

One-Bedroom: 3,377

Two-Bedroom: 5,497

Non-doorman:

Studio: 2,086

One-Bedroom: 2,452

Two-Bedroom: 3,034

GRAMERCY PARKDoorman:

Studio: 2,766

One-Bedroom: 4,345

Two-Bedroom: 6,878

Non-doorman:

Studio: 2,354

One-Bedroom: 2,947

Two-Bedroom: 3,888

TRIBECADoorman:

Studio: 3,112

One-Bedroom: 4,635

Two-Bedroom: 7,258

Non-doorman:

Studio: 4,150

One-Bedroom: 4,735

Two-Bedroom: 7,811

MIDTOWN WESTDoorman:

Studio: 2,735

One-Bedroom: 3,517

Two-Bedroom: 5,570

Non-doorman:

Studio: 1,922

One-Bedroom: 2,671

Two-Bedroom: 3,127

GREENWICH

VILLAGEDoorman:

Studio: 2,782

One-Bedroom: 4,508

Two-Bedroom: 6,553

Non-doorman:

Studio: 2,499One-Bedroom: 3,222

Two-Bedroom: 4,204

FINANCIAL DIS-

TRICTDoorman:

Studio: 2,717

One-Bedroom: 3,806

Two-Bedroom: 5,427

Non-doorman:

Studio: 2,306

One-Bedroom: 3,126

Two-Bedroom: 4,850

BATTERY PARK CITYDoorman:

Studio: 2,490

One-Bedroom: 3,261

Two-Bedroom: 5,964

MARKET STATISTICS PROVIDED BY

MANHATAN RENTAL SNAPSHOT

PRICES INDICATE SEPTEMBER 2011 STATISTICS

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MEAN BROOKLYN

RENTAL PRICESStudio: 1,739One-Bedroom: 2,239Two-Bedroom: 2,835

BUSHWICKStudio: 1,333One-Bedroom: 1,450

Two-Bedroom: 1.638

FORT

GREENEStudio: 1,976One-Bedroom: 2,290Two-Bedroom: 3,108

BAY RIDGEStudio: 1,208One-Bedroom: 1,355Two-Bedroom: 1,600

CLINTON HILLStudio: 1,882One-Bedroom: 2,427

Two-Bedroom: 2,990

GREENPOINTStudio: 1,950One-Bedroom: 2,100Two-Bedroom: 2,667

BEDFORD-

STUYVESANTStudio: 1,134One-Bedroom: 1,362Two-Bedroom: 1,911

COBBLE HILLStudio: 1,775One-Bedroom: 2,550

Two-Bedroom: 3,150

PARK SLOPEStudio: 1,656One-Bedroom: 2,200Two-Bedroom: 2,750

BOERUM HILLStudio: 1,750One-Bedroom: 2,817Two-Bedroom: 3,530

CROWN HEIGHTSStudio: 1,250One-Bedroom: 1,526

Two-Bedroom: 1,897

PROSPECT

LEFFERTS GARDENSStudio: 1,425One-Bedroom: 1,843Two-Bedroom: 2,100

BROOKLYN

HEIGHTSStudio: 1,915One-Bedroom: 2,900Two-Bedroom: 4,000

DUMBOStudio: 2,724One-Bedroom: 3,610

Two-Bedroom: 4,895

WILLIAMSBURGStudio: 2,375One-Bedroom: 2,909Two-Bedroom: 3,450

MARKET STATISTICS PROVIDED BY

BROOKLYN RENTAL SNAPSHOT

PRICES INDICATE SEPTEMBER 2011 STATISTICS

Chelsea189 8th AvenueNew York, NY 10011

212.721.2500

Gramercy115 8th AvenueNew York, NY 10010

212.475.9000

Williamsburg165 Bedord AvenueBrooklyn, NY 11211

718.222.1545

MNS ofces

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o your loan/credit card with the highest interest rate, or not

taking out anymore lines o credit – these actions will help you in

the uture. It’s not about today, but about your ability to rent an

apartment in the uture - or even buy [property] or the long term.

y $65,000 r soho. t’ !

t r r soho

r r?

SOHO is one o the most unique neighborhoods in all o

Manhattan. Known or “lot” apartments. It’s popularity

continues to increase year ater year, and sales prices haveremained very high. From the gorgeous building açades,

cobblestone streets and antastic shopping it’s nothing short

o amazing. The area commands a high dollar per square oot.

We are also seeing many all cash buyers ock to the area. For

the most part SOHO has been made up o co-ops, but in recent

years new condos have been built and have set some price

per sq t records. SOHO is also home to many amous actors,

singers, writers and athletes.

d r r? h?

I it’s 20 degrees out, and the wind is blowing 30 mph do you

want to see apartments?

Historically the rental season is always “hot” during the

summer months. I like to call it the “college graduation eect”.

Manhattan became very popular during the early 90’s or post-

grads. They would graduate in May and sign a lease in June,

some in July, and others closer to Labor Day as they were

backpacking in Europe while dreading the reality o starting their

lie. So year ater year, more and more leases turned aroundduring this time. With summer, it’s extremely competitive and

this is the largest pool o clients looking at one time.

Spring denitely kicks o the busy season, and the all winds

down with the change o leaves in Central Park. Winter or

many brokers is a time to take o i they can as less rental

seekers are out, and great deals can be ound.

w x m r

r?My team, “The Heydt Group” (pronounced HEIGHT) is looking

orward to a major expansion this quarter and into 2012.

Beyond that, without a doubt, the development o the Hudson

Yards will be a huge deal. It’s in the center o our city and

is totally untouched. I am very excited or Related to hit the

ground running with their massive redevelopment.

w x m? w?

15 Central Park West, one unit in particular sold close to

$10,000 a oot!-w r m? w?

In terms o rental buildings, our newest exclusive New York

by Gehry at 8 Spruce Street is incredible. Now the tallest

residential building in the western hemisphere, it’s not one to

miss. Every apartment has a dierent view o Manhattan.

On the sales end, it really depends on where the buyer wants to

live. Every neighborhood has an exclusive address. I they are

a buyer looking to be on Central Park West, or me it’s denitely

15 Central Park West. I they are a downtown buyer preerably

the West Village, Richard Meier’s 173 and 176 Perry Street

redened the area, especially during the condo boom. These

two 16 story glass towers provide oor to ceiling windows with

complete river views o the Hudson, it’s one o my all-time

avorites.

w r r rr

r?

The most popular amenities renters look or without a doubt is

the building’s “Health Club”. Many owners o the most recentnew development rentals, are raising the bar higher than ever

beore. It’s not just about ten treadmills, a ball and a ew ree

weights or a small lap pool - but bringing health, wellness and

a sense o community by oering an array o services within a

club.

The Ashley at 400 West 63rd boasts the nicest athletic club I

have ever seen in a rental building. Bowling alley, gol driving

range simulator, basketball and squash courts, 2 level rock

climbing wall, 75 Ft indoor pool, yoga studio, spa treatmentrooms, men’s and women’s steam and sauna rooms, whirlpool,

caé and game room.

Isn’t that enough? You literally do not have to leave the building

unless you have to go to work or or a night out on the town.

w rr r , r

’ , r r xr

’ r r rr?

Earlier in my career the city had a massive blizzard in the

February o 2003. The night beore the blizzard, I received a

call on one o my listings. I asked her about what she did or

living and she said she was a Sports Illustrated model. She

asked i we could look at the listing and a ew others the

ollowing day. I told her not sure i you watched the news, but

a blizzard was coming, she said “what’s the problem?”. The

storm hit the next day, and all o our ofces were closed - but I

had a key. 3 eet o snow later, she ound her dream apartment

with me in the West Village and the deal was signed the next

morning. I was invited to the Sports Illustrated Swimsuit IssueParty the next night with her, and she introduced to me to

everyone. It was pretty special. The best part was her deal with

me made it into a major newspaper’s gossip column.

Q&awith Jay hydt

CONTINUED rom PAGE 14

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1 Month Free with aMove-in by Oct.30

GRAND OPENING

Scan Me

Building AmenitiesPrivate Landscaped Deck and Lawn • 1 Block from Central Park

State-of-the-Art Gym • Doorman • Concierge

Apartment Features

Grohe Ladylux Kitchen Faucets • Bosch Washer/Dryer

White Oak Floor • Floor-to-Ceiling Windows

CaesarStone Slab Countertops • Italian Porcelain Kitchen Floor

Retail

Whole Foods across the street • Ryan Center • Petco • Modell’s

Sephora • Mandell School • Solomon Schechter School of ManhattanT.J. Maxx • Michaels • HomeGoods • Bank of America • Associated

Studios from $2,8201 Bedrooms from $3,5502 Bedrooms from $5,120(Net effective rents)

866.749.8015

www.ColumbusSq.com

805 COLUMBUSDISCOVER COLUMBUS SQUARE

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