Luxury Rentals

Fall 2011

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Near the Best NYC Public Schools Unparalleled Service Fitness Center Childrens Playroom & Swimming Pool 24-Hour Doorman Magnificent Lobbies Landscaped Gardens Exciting City Views Spacious Layouts Building-Wide Water Filtration Systems On-Site Parking Garage
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Equal Housing Opportunity

MANHATTAN

The Continental, 885 6th Avenue, exterior. Visit thecontinental.com for more information.

PhoTo: CiTihAbiTATs

the rental market:

Manhattan Rental Market Bounces Back
By Sonia Samuel

hile the world tries to crawl back from the financial crisis, the New York rental market is sitting pretty. The New York market is different from any other market, says Linda Jacob, Senior Vice President of Glenwood. People are constantly moving to New York and they want to stay here, even during difficult times. This year has seen the strongest rental market since the hit of the recession. It reminds me of 2005 through 2007, when we used to get top dollar for prices, says Gary Posylkin, Director of 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 for $3,350 this August. That rests 8% higher than the average Manhattan apartment which rented for $3,087 one year ago. With inventory at 1%, landlords are experiencing bidding wars from renters. Summer has proved to be a rebound for the market. Initially, brokers and landlords had to provide renters with concessions, such as

offering a free months rent or payment of the brokers fee to entice customers. But that is no longer the case. The rental market usually hits its peak in the summer season, when a wave of students seeking new homes enters the market. Simultaneously, few want to look for apartments amidst three feet of snow. And fall sees several renters who misunderstood time and now scramble to find a nest before
luxury rentals

Manhattan Rental Market Bounces Back

winter sets in. The hot areas are West Village, Soho, Tribeca, Gramercy Park and all of lower Manhattan area. The West Village was the most difficult area to secure rental housing in August, with a razorthin vacancy rate of 0.35 percent. Conditions were comparatively easier for home seekers in Midtown East, which had a rate of 1.26 percent. Lofts are becoming a hot commodity, increasingly sought after by prospective renters. Suzun Bennet, Vice President of Town Residential, shows her latest listing at 540 West 29th Street as example. A 2,500 square foot loft with additional 1,000 square foot, private outdoor space near the High Line was previously rented for $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 of years 2 and 3 of the lease. It is difficult to really pin 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 of Platinum Properties. But as summer comes to a close, the higher end of the rental market typically stays hot through the fall, while demand for studios and 1-bedrooms cool off after September. With the change in the seasons,

the rental market is expected to slow down, but there will always be a demand as people always have a reason to move. The market will continue to soften a bit, says Hedaya, but we are anticipating it to be stable. I dont forecast any dramatic swings.

suzun bennets luxury loft listing at 540 West 29th street. A 2,500 square-foot loft near the high Line.

The Continental, 885 sixth Avenue, swimming pool

The Continental, 885 sixth Avenue, residents lounge.e

luxury rentals

TOWNREALESTATE.COM

Rising above Manhattan and the East River stands the iconic residential skyscraper, 845 United Nations Plaza. With services and amenities that rival the worlds finest five-star hotels, residents enjoy access to 24 hour valet and concierge, private wine cellars, a lush landscaped garden, private spa, 60-foot swimming pool, and world renowned restaurant, Megu. Two ultra luxurious 2000+ square foot corner units with soaring 14 ceilings are available now, with breathtaking panoramic views and loft-like living rooms. The units can be combined to create a 4,500 square foot five bedroom, five and a half bath grand residence. Jimmy Brett | Senior Vice President | Associate Broker | (917) 687-4614 | jbrett@townrealestate.com

730 Fifth Avenue New York, NY 10019 212.242.9900

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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.

BROOKLYN
NEIGHBORHOOD SPOTLIGHT By Sonia Samuel

Arias at 150 Fourth Avenue, Park slope, one bedroom living room.

Brooklyn

No Longer a Manhattan Alternative

Corcoran. One of Park Slopes 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 five months of its opening. Thats 86 homes in five months! Thats how hot rental property is now in Brooklyn. State of the art amenities such as a fitness area, yoga room and a residents lounge; stunning views of the Manhattan skyline and the surrounding area; and a sense of community, all while being conveniently located, makes Arias a hot seller. 7th avenue was always congested, with restaurants, bars, coffee shops and population and 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 of Marketing Directors. DUMBO is another area that has evolved from what it was in the 18th century. DUMBO (Down the Manhattan Bridge Overpass) used to be an industrial area with factories, warehouses and dock storehouses. These old factories were then converted into Luxury lofts and apartments. But David Walentas, founder of Two Trees Management was really the one that pioneered the development and transformation of the area. Today DUMBO is a charming and vibrant neighborhood with a mix of retail and artistic activity. As DUMBONYC defines it: Dumbo is not
Comedian and actor, Zack Galifianakis tells New York magazine, he likes his brooklyn home because in the neighborhood i live in, i dont have to bathe. And thats nice.

he migration of 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 didnt see a heavy rental market. But in the last five years due to rise in rental prices in Manhattan, more Manhattanites are moving to Brooklyn Says Peggy Aguayo, Principal Broker and Owner of Aguayo and Heubener. Brooklyn is no more a second option to Manhattan. In fact an increasing number of people want to move to Brooklyn and away from the citys hustle and bustle where they can find a larger apartment for lesser value. At the same time one can still have bars, restaurants, parks and amenities nearby, along with a quieter more neighborhood feel. The most popular areas are Park slope, Cobble Hill, Brooklyn Heights, Dumbo and Williamsburg. Brokers are seeing mixed demographics 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

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EE iNG F d o id LS OODS N k TA R H N O RE HB e o EAT EIG Sid N

p Up ton ll in Hi ark y Cl rra cy P e Mu mer uar a q Gr on S For over 30 years, e ni lag weve been helping il U new yorkers tV s Ea live well
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quite Brooklyn brownstone and not quite Manhattan glass condos, It has a unique character of its own. It is attracting a number of families 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 of $57 per sq foot. It was named after the original architect Robert Gair, who built the property in 1901; the building maintains a historic exterior but an ultra modernized interior. The list of amenities is endless, from Bosch washer and dryers in every apartment to a golf simulator. In less than 2 and months, 106 apartments were leased. We wanted to create something true to the DUMBO area says Asher Abehsera, VP of Residential Properties at Two Trees Management. As more people flock 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 fees. Condo owners renting their units out are getting fantastic numbers. In Williamsburg, anything with a view on the waterfront or in a building with amenities are seeing fantastic rental numbers. explains Sarah Burke, Executive Vice President and Director of Sales, Prudential Douglas Elliman. According to a report provided by MNS, August 2011, the top 3 expensive rental areas for 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 of development, super sleek buildings and a relaxed neighborhood, increasing number of people are finding it feasible to live in Brooklyn. Brooklyn was a trickle down from Manhattan says Aguayo. But as vacancy rates fall, Brooklyn has definitely become a preferred place over the latter.
bedroom, GAiR2, 25 Washington st., Dumbo.

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visiting properties. View as many properties as you wish and take your time. But brokers often advice their clients to be realistic about their expectations. Lots of renters underbid properties and end up losing out to other renters. home, Finally!: When you have finally found that perfect home, review the lease. Have your agent with you while lease signing. Dont 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 financially prepared. Says Daniel Hedaya, President of Platinum Properties. Also be sure to sanitize the property, look for holes, as you dont want pest coming in. stick with one bRokeR: If you think your broker did a good job of finding you a great place, stick with him/ her. They now know your needs, wish list, budget and preferences and will be so much easier the second time round.

tIPS anD trICkS to the rental traDe

By Sonia Samuel
brokers that you are dealing with and find out if they are licensed. There are lots of scams out there. Some companies are too small and trying to make a fast deal. Its important to research the company, read reviews and find out if they have been in the business for long. Says Posylkin. Its also important to have a good communication with your broker. come pRepaRed: When you have found the right broker, it is important to have all the documents with you ready when hunting for rentals. As rentals transactions move very fast and landlords give the property to the first renter come ready with all documents. I oversee approximately 300 buildings throughout Manhattan and most of the time, the first time the broker brings up all the information needed and monies required with their client is once they find a place. Instead, this conversation must be done prior to even arriving to view apartments. Says Jay Heydt, Senior Vice President and Associate Broker at CitiHabitats. Standard list of documents needed (May differ from landlords): Copy of your photo ID Last year tax return 2-3 pay stubs most recent bank 2 statements Letter from employer Rent References from previous landlords W2 Form Letter from CPA (Certified Public Accountant) if self employed Guarantor-This is required if a student or a young professional doesnt meet the credit or income requirements. bRing a paRtneR/ Roommate: If you know who is going to stay with you under the same roof, it is important for you to bring your partner/ roommate along so you can discuss the musthaves, the lease, the rent and how you will split costs. have a wish list but be Realistic: Have a wish list with all things you want in your perfect property; neighborhood, amenities, parks, schools, view so on and so forth. And bring that along with you while

e know looking for that perfect place is a daunting task, especially in a market where the vacancy rate hovers around 1%. So we interviewed a number of brokers and put together some tips that can make your hunt a little simpler. ReseaRch: Just like any other task, research is mandatory. Especially if you are new to the city. It is important to know which neighborhood you are aiming for, its value and your needs. Lots of people dont have an idea of what they can really afford. Its important to prioritize your needs. Says Peggy Aguayo, Principal Broker, Owner of Aguayo and Huebener. Finding the Right bRokeR: This is the crucial part of your research. Gary Posylkin, Director of Leasing at Miron Properties advices readers to research the

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11

Q&a
with Jimmy

brett
which is your favorite building? why? I love my building on Nassau street. Because its home! every time a new building comes up, a new kind of amenity is being added that didnt exist before, like tennis courts and theatres. is there a latest amenity this season? It has been around for a little while, but I am seeing hotel-style concierge services pop up in more and more buildings these days. For people new to the manhattan real estate market, there are so many real estate firms and buildings out there. what would you advise them to do? Find an honest representative that they feel comfortable with and stick with them. post 9/11, how was the real estate market affected? It created great challenges to our industry for a little while, but approximately four to six months later, we saw the market begin to surge again. what about the areas surrounding ground zero? were people hesitant to move to that area? Immediately after 9/11 people were hesitant but it wasnt long before the area became one of the hottest, emerging neighborhoods in all of Manhattan. That has continued to this day, with the residential population of the area increasing exponentially ever since. The area is now booming, attracting strong interest from both investors and primary residents. are there any areas in manhattan where prices have dropped? Not in the last year or so. the labor day weekend deals helped spur the economy a bit, how was the manhattan real estate market affected? Labor Day is always the end of the summer rental season, so it inevitably is extremely busy each year. as a real estate agent dealing with diverse clients and landlords. any interesting experiences that youd like to share with our readers? Too many to count, thats why I love this job. Ill save them for our next interview.

Jimmy Brett, Senior Vice President and Associate broker at Town Residential.
Jimmy Brett has won many awards and accolades during his long illustrious career in real estate. A top producer while establishing long term relationships with clients, Brett gives us an in-depth view of the Rental market.
as we move into the fall, what is the current trend of the Manhattan real estate market? We are at fewer concessions and even lesser vacancies. in your opinion what is the best time of the year to rent a place. why? Usually mid winter, as there tend to be lesser people looking for rentals. Therefore there are better deals [available] and occasionally concessions are available [too]. you were one of the top listing agents at citihabitats. how was the transition from citihabitats to the relatively newer and smaller town real estate? The services and resources available to town representatives are unlike anything I have seen in our industry. what kind of customers do you have to deal with at town real estate and how are they different from the ones at citihabitats? On an average, town residential is attracting a very high-end clientele who expects exceptional customer service. when dealing with customers, what are the top 3 things that customers look out for? Customers want honesty, professionalism and in-depth market knowledge from their representatives. tell me about your latest $33,500 per month, united nations plaza listing. Its a spectacular 5 bed, 5.5 bath residence which is over 4,500 square feet and showcases unparalleled soaring views. Its truly spectacular. is it currently the hot area now? what kind of people do we see moving into that area of manhattan? Any area can be hot at any given time. It just depends on what the client is looking for.
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luxury rentals 13 luxury rentals 13

Q&a
with Jay

heydt

Jay Heydt, Senior Vice President and Associate Broker at CitiHabitats

Jay Heydt (pronounced height), has been with CitiHabitats for over a decade. With his involvement in over 10,000 transactions, and having dealt with numerous clients, he has definitely seen it all. Heydt tells us whats hot, whats not and everything in between.
has the credit rating of the country affected the Real estate market in manhattan? The credit rating isnt a financial problem, its a political one so I wont go into that. Having said that, those with plenty of cash and significant assets will continue to move around our island. The best thing that has come of 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 surface. what is the trend of the manhattan Rental market since the recession? The rental market was hit right after the collapse of Lehman Brothers in October of 2008 accompanied by a plunge in condo and co-op sale prices. Any landlord during that time was willing to pay brokers their commission as well as offer a month free rent to the tenant. I had one owner that was willing to pay for one of our clients 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. Thats why rentals are essential to your overall business plan as a broker. You can always make money in rentals, period. The pendulum has thus shifted again starting late last year, with the vacancy rate dropping back down to under 1 percent. Owners have been in the drivers seat all year long. Rents are up, and for a majority of our deals, the fees are being paid by the tenant. The average rental commission is up approx 30%. As far as days on the market, all summer, if a unit is priced right it would rent in less than two hours. Maybe I need to give a little relief here to our apartment seekers, so I am happy to report that the 4th quarter of every year is a typically good time for potential renters, due to less demand, so prices tend to drop and certain brokerage fees may be paid for. but while the world still suffers from recession, the manhattan real estate market is booming. we have a demand surplus!
14

why? Segments of our market are booming for a variety of reasons. Rentals are strong period. When you look at the population of Manhattan, and how transient we are as a city, a 1 percent vacancy rate for rentals is super tight, especially in competitive areas such as The West Village. Demand is always high in these areas. In the high end of the sales market, deals are happening fast, and wealthy buyers want something different. I recently found the most amazing apartment that had great bones in Estate Condition allowing my buyer to transform it into a masterpiece. what are the hottest areas currently for rentals? This is only one mans opinion but my opinion hasnt changed for the past 10 years, West Village; SOHO and NOHO; and TRIBECA. Far West Chelsea is starting to pique to my interest. what are the common leasing problems that people face when renting a place? The biggest [problem] is credit. The ability to prove your credit worthiness has gotten a lot tougher. Whether one lost a job, or had to take a pay cut, it clearly has affected credit scores as many people lived off credit cards or became delinquent on loans. Those with credit issues are asked to pay a significant amount of security up front, but the ability to produce large amounts of cash up front is also another issue for many clients. what advice would you give them? The best advice is to find someone who can guarantee your apartment. They have to show an annual income anywhere from 80 to 100 times the monthly rent that you will be paying. Also it helps if they reside in the state of New York. In the interim, working on your credit is essential. Whether its working to pay CONTINUED on PAGE 18

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MARKET STATISTICS PROVIDED BY

PRICES INDICATE SEPTEMBER 2011 STATISTICS

M ANH ATA N R E N TAL SNAPSHOT

MEAN MANHATTAN HARLEM Doorman: RENTAL PRICES Studio: 1,651
Doorman: Studio: 2,650 One-Bedroom: 3,820 Two-Bedroom: 5,857 Non-doorman: Studio: 2,084 One-Bedroom: 2,999 Two-Bedroom: 4,137

UPPER WEST SIDE

One-Bedroom: 2,398 Two-Bedroom: 3,490 Non-doorman: Studio: 1,460 One-Bedroom: 1,763 Two-Bedroom: 2,181

Doorman: Studio: 2,597 One-Bedroom: 3,598 Two-Bedroom: 5,820 Non-doorman: Studio: 2,014 One-Bedroom: 2,688 Two-Bedroom: 3,707

UPPER EAST SIDE

Doorman: Studio: 2,521 One-Bedroom: 3,377 Two-Bedroom: 5,497 Non-doorman: Studio: 2,086 One-Bedroom: 2,452 Two-Bedroom: 3,034

MIDTOWN WEST

Doorman: Studio: 2,735 One-Bedroom: 3,517 Two-Bedroom: 5,570 Non-doorman: Studio: 1,922 One-Bedroom: 2,671 Two-Bedroom: 3,127

MIDTOWN EAST

Doorman: Studio: 2,359 One-Bedroom: 3,786 Two-Bedroom: 5,443 Non-doorman: Studio: 2,062 One-Bedroom: 2,857 Two-Bedroom: 4,465

MURRAY HILL

Doorman: Studio: 2,503 One-Bedroom: 3,371 Two-Bedroom: 5,095 Non-doorman: Studio: 2,083 One-Bedroom: 2,712 Two-Bedroom: 3,791

CHELSEA

Doorman: Studio: 2,626 One-Bedroom: 4,383 Two-Bedroom: 6,512 Non-doorman: Studio: 2,064 One-Bedroom: 3,626 Two-Bedroom: 5,191

GRAMERCY PARK
Doorman: Studio: 2,766 One-Bedroom: 4,345 Two-Bedroom: 6,878 Non-doorman: Studio: 2,354 One-Bedroom: 2,947 Two-Bedroom: 3,888

GREENWICH VILLAGE

Doorman: Studio: 2,782 One-Bedroom: 4,508 Two-Bedroom: 6,553 Non-doorman: Studio: 2,499 One-Bedroom: 3,222 Two-Bedroom: 4,204

EAST VILLAGE

Doorman: Studio: 3,096 One-Bedroom: 3,925 Two-Bedroom: 4,984 Non-doorman: Studio: 1,851 One-Bedroom: 2,732 Two-Bedroom: 3,544

SOHO

Doorman: Studio: 3,350 One-Bedroom: 4,848 Two-Bedroom: 8,375 Non-doorman: Studio: 2,300 One-Bedroom: 4,053 Two-Bedroom: 4,308

LOWER EAST SIDE

Doorman: Studio: 2,450 One-Bedroom: 3,536 Two-Bedroom: 4,983 Non-doorman: Studio: 2,095 One-Bedroom: 2,403 Two-Bedroom: 3,823

TRIBECA

Doorman: Studio: 3,112 One-Bedroom: 4,635 Two-Bedroom: 7,258 Non-doorman: Studio: 4,150 One-Bedroom: 4,735 Two-Bedroom: 7,811

FINANCIAL DISTRICT

Doorman: 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 CITY

Doorman: Studio: 2,490 One-Bedroom: 3,261 Two-Bedroom: 5,964

16

luxury rentals

MARKET STATISTICS PROVIDED BY

PRICES INDICATE SEPTEMBER 2011 STATISTICS

BR O O K LY N R E NTAL SNAPSHOT
MEAN BROOKLYN RENTAL PRICES
Studio: 1,739 One-Bedroom: 2,239 Two-Bedroom: 2,835

BAY RIDGE

Studio: 1,208 One-Bedroom: 1,355 Two-Bedroom: 1,600

BEDFORDSTUYVESANT

BOERUM HILL

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

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

BROOKLYN HEIGHTS

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

BUSHWICK

Studio: 1,333 One-Bedroom: 1,450 Two-Bedroom: 1.638

CLINTON HILL

Studio: 1,882 One-Bedroom: 2,427 Two-Bedroom: 2,990

COBBLE HILL

Studio: 1,775 One-Bedroom: 2,550 Two-Bedroom: 3,150

CROWN HEIGHTS
Studio: 1,250 One-Bedroom: 1,526 Two-Bedroom: 1,897

DUMBO

Studio: 2,724 One-Bedroom: 3,610 Two-Bedroom: 4,895

FORT GREENE

GREENPOINT

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

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

PARK SLOPE

Studio: 1,656 One-Bedroom: 2,200 Two-Bedroom: 2,750

PROSPECT WILLIAMSBURG LEFFERTS GARDENS Studio: 2,375

Studio: 1,425 One-Bedroom: 1,843 Two-Bedroom: 2,100

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

MNS offices Chelsea 189 8th Avenue New York, NY 10011 212.721.2500 Gramercy 115 8th Avenue New York, NY 10010 212.475.9000 Williamsburg 165 Bedford Avenue Brooklyn, NY 11211 718.222.1545

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Q&a
with Jay

is totally untouched. I am very excited for Related to hit the ground running with their massive redevelopment. which is the most expensive building in manhattan? why? 15 Central Park West, one unit in particular sold close to $10,000 a foot! -which is the most sought after building in manhattan? why? In terms of rental buildings, our newest exclusive New York by Gehry at 8 Spruce Street is incredible. Now the tallest residential building in the western hemisphere, its not one to miss. Every apartment has a different view of Manhattan. On the sales end, it really depends on where the buyer wants to live. Every neighborhood has an exclusive address. If they are a buyer looking to be on Central Park West, for me its definitely 15 Central Park West. If they are a downtown buyer preferably the West Village, Richard Meiers 173 and 176 Perry Street redefined the area, especially during the condo boom. These two 16 story glass towers provide floor to ceiling windows with complete river views of the Hudson, its one of my all-time favorites. what are the most popular amenities that renters look out for? The most popular amenities renters look for without a doubt is the buildings Health Club. Many owners of the most recent new development rentals, are raising the bar higher than ever before. Its not just about ten treadmills, a ball and a few free weights or a small lap pool - but bringing health, wellness and a sense of community by offering an array of 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, golf driving range simulator, basketball and squash courts, 2 level rock climbing wall, 75 Ft indoor pool, yoga studio, spa treatment rooms, mens and womens steam and sauna rooms, whirlpool, caf and game room. Isnt that enough? You literally do not have to leave the building unless you have to go to work or for a night out on the town. with a long career in real estate, and number of clients youve dealt with, any funny or interesting experiences that youd like to share with our readers? Earlier in my career the city had a massive blizzard in the February of 2003. The night before the blizzard, I received a call on one of my listings. I asked her about what she did for living and she said she was a Sports Illustrated model. She asked if we could look at the listing and a few others the following day. I told her not sure if you watched the news, but a blizzard was coming, she said whats the problem?. The storm hit the next day, and all of our offices were closed - but I had a key. 3 feet of snow later, she found 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 Issue Party 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 newspapers gossip column.

heydt

CONTINUED from PAGE 14

off your loan/credit card with the highest interest rate, or not taking out anymore lines of credit these actions will help you in the future. Its not about today, but about your ability to rent an apartment in the future - or even buy [property] for the long term. you have a $65,000 per month listing in soho. thats big! tell me more about the area soho and what kind of people do you see increasingly moving there? SOHO is one of the most unique neighborhoods in all of Manhattan. Known for loft apartments. Its popularity continues to increase year after year, and sales prices have remained very high. From the gorgeous building faades, cobblestone streets and fantastic shopping its nothing short of amazing. The area commands a high dollar per square foot. We are also seeing many all cash buyers flock to the area. For the most part SOHO has been made up of co-ops, but in recent years new condos have been built and have set some price per sq ft records. SOHO is also home to many famous actors, singers, writers and athletes. do seasons affect the rental atmosphere? how? If its 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 effect. Manhattan became very popular during the early 90s for postgrads. 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 of starting their life. So year after year, more and more leases turned around during this time. With summer, its extremely competitive and this is the largest pool of clients looking at one time. Spring definitely kicks off the busy season, and the fall winds down with the change of leaves in Central Park. Winter for many brokers is a time to take off if they can as less rental seekers are out, and great deals can be found. what is the next big thing in the manhattan real estate market? My team, The Heydt Group (pronounced HEIGHT) is looking forward to a major expansion this quarter and into 2012. Beyond that, without a doubt, the development of the Hudson Yards will be a huge deal. Its in the center of our city and
18

luxury rentals

adveRtising diRectoRy
aRias paRk slope Located in Brooklyns Park Slope, the 12-story Arias building features 95 rental homes which are nearly 90% leased. Amenities include a rooftop terrace with cabanas and sun beds, fire pit, spectacular views and more. Inside, theres a fitness center, Yoga room and residents lounge. Rents range from the $3,200s for onebedroom homes and $4,700s for two-bedroom residences. Immediate occupancy available. call (718) 643-1500 or visit www.ariasparkslope.com. the marketing directors, inc. is the exclusive marketing and leasing agent. bettina equities: Living Well, In the Worlds 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.

columbus squaRe, a collection of five unique rental buildings and over 500,000 square feet of prime retail and community space rising from 97th to 100th Streets between Columbus Avenue and Amsterdam Avenue, has become one of NYCs most sought-after residences. Each apartment is smartly designed with ninefoot ceilings, piece-laid white oak strip flooring, floor-to-ceiling windows, and solar shades. Residents are surprised by the elegant touches that are generally reserved for condos, such as valet parking, acres of landscaped roof decks, and a 70-foot salt water swimming pool. For more information log onto www.columbussq.com. or call 1-866-644-8813.

paRamount toweR: Located at 240 East 39th St. in historic Turtle Bay, every detail of Paramount Tower delivers exceptional luxury rental living. From the private semi-circular driveway and landscaped entrance to the elegant designer-fitted corridors and superb one-, two- and three-bedroom homes, every aspect of this 52-story tower boasts Glenwoods signature attention to quality. Full-service amenities include 24-hour doorman, state-of-the-art swim and fitness center, saunas, residents lounge and childrens playroom. For additional information, call 212.430.5900 or visit www.glenwoodnyc.com

town Real estate Jimmy Brett is a multiple award-winning broker whos consistently outperformed in his number of transactions, been recognized as a top Manhattan rental and sales listing agent, and acknowledged as one of the top 1000 brokers nationwide. This proven sellers broker represents well over a thousand rentals, co-ops and condo buildings, and is known for his effective marketing/advertising strategies. For more information, call Jimmy at (917) 687-4614 or email jbrett@townrealestate.com.

elgot For over 60 years Elgot has been Manhattans premier source for kitchen and bath design, remodeling and major appliance sales and installation. Thats why discerning New Yorkers rely on Elgot for quality, service and experience. Our staff is always happy to help you choose energy efficient and eco-friendly products to allow you to support green living in Manhattan. From too-tight spaces to arcane building codes to co-op regulations, weve seen and done it all! elgot 937 lexington avenue (68th/69th sts.) new york, ny 10065 212-879-1200 www. elgotkitchens.com

tungsten pRopeRty is a Soho based boutique, private, international real estate brokerage procuring residential and commercial office (class A through C and sublease) or retail space and residential condo and coop apartments. Our NYC based real estate agents cover Manhattan, and areas of Brooklyn and Queens. Our website has top 10 ranked web traffic for all New York City real estate companies. we can be reached live 24 hours a day at 18tungsten1 (888-647-8361).

allstate Welcome to Grimaldi & Associates where Insurance and Financial planning isnt complicated. Since 1990 we have provided our clients with a no hassle approach to doing business. We pride ourselves in our knowledge and taking time to understand your needs. Youre not a number, but a part of our family. Our fully licensed and knowledgeable staff is always there to assist and looks forward to serving you with the same care and personal attention youve come to expect. Protecting the Present, Future and Beyond. barbara a. grimaldi, 227 e 56th st / 212- 759 -3920.

mitchellsny beveRage deliveRy Service-The Worlds Largest Online Beverage Store! Fast and convenient beverage delivery of over 2,000 varieties of water, soda, juice, tea, energy drinks, enhanced and functional beverages from around the world! Free local shipping. Fast & convenient nationwide shipping available . visit www.mitchellsnybeverage.com
luxury rentals

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GRAND OPENING
805 COLUMBUS DISCOVER COLUMBUS SQUARE
1 Month Free with a Move-in by Oct. 30
Building Amenities Private 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 Modells Sephora Mandell School Solomon Schechter School of Manhattan T.J. Maxx Michaels HomeGoods Bank of America Associated

Scan Me

Studios from $2,820 1 Bedrooms from $3,550 2 Bedrooms from $5,120

(Net effective rents)

866.749.8015 www.ColumbusSq.com