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LuxuryRentals

A SPECIAL ADVERTISING SUPPLEMENT TO THE NEW YORK OBSERVER

MARCH/APRIL 2012

THE ESSENTIAL RESOURCE FOR TRENDY RENTERS

The Thriving Manhattan And Brooklyn Rental Markets


EXPLORING THE RENTAL DEMAND FOR DUMBO

Top Mistakes Renters Make


NEW YORKS MOST LAVISH RENTALS

COVER PHOTO 220 WATER STREET LOBBY LUXURY LOFT APARTMENTS FOR RENT IN DUMBO

SALES

R E N TA L S

R E L O C AT I O N

NEW DEVELOPMENTS

R E TA I L

MORTGAGE

PROPERTY MANAGEMENT

TITLE INSURANCE
2012. Prudential Financial, Inc. and its related entities. An independently owned and operated broker member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company.Prudential, the Prudential logo and the Rock symbol are service marks of Prudential Financial, Inc. and its related entities, registered in many jurisdictions worldwide. Used under license. Equal Housing Opportunity.

GREAT NEW YORK RENTALS DONT FIND THEMSELVES.

As part of our continued commitment to superior customer service and the betterment of the communities that we service, we are transforming the experience of renting a home. Located at 4 Leonard Street in TriBeCa, our flagship rental gallery combines the power of expert market knowledge, environmentally conscious business practices and access to every rental listing from Manhattan to Westchester to Montauk, to make finding a rental a positive and enjoyable event. Start your search for the perfect home at ellimanrentals.com

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M A N H A T T A N | B R O O K LY N | Q U E E N S | L O N G I S L A N D | T H E H A M P T O N S | T H E N O R T H F O R K | R I V E R D A L E | W E S T C H E S T E R / P U T N A M | F L O R I D A
2012. Prudential Financial, Inc. and its related entities. An independently owned and operated broker member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Prudential, the Prudential logo and the Rock symbol are service marks of Prudential Financial, Inc. All material presented herein is intended for information purposes only. While, this information is believed to be correct, it is represented subject to errors, omissions, and its related entities, registered in many jurisdictions worldwide. Used under license. Equal Housing Opportunity. changes or withdrawal without notice. All property information, including, but not limited to square footage, room count, number of bedrooms and the school district in property listings are deemed reliable, but should be verified by your own attorney, architect or zoning expert.

20 Pine Street, 2807 | $5,595 per month | Located in the coveted 20 Pine, this large, exceptionally bright, 2-bedroom corner unit is just immersed in class. Enjoy living the luxurious lifestyle you deserve. Web# 1441120. Jason Perkal, VP 917.974.6359 Prince Dockery 646.580.7362

EXPERIENCE THE ART OF LIVING

57 West 75th Street | $8,800 per month | Graced with high ceilings, oversized windows, crown moldings, grand fireplaces and many prewar details this fullservice luxury rental building is close to Central Park. Web# 1415235. David Weiss, SVP 212.350.8545

PREWAR LUXURY/ CENTRAL PARK

30 LINCOLN PLAZA
30 West 63rd Street, 4OP | $11,900 per month Sprawling 3-bedroom, 3-bath, close to Central Park and Columbus Circle, corner exposure with excellent sunlight, large windows with tree top views of Central Park. Web# 1410028. Anna Vinogradskaia 917.340.1016

EXPERIENCE THE ART OF LIVING


88 Greenwich Street, 2903 | $2,495 per month This magnificent studio apartment is located in one of Downtowns premier condo buildings and offers some of the best views of the Manhattan Harbor in the entire city. Web# 1433005. Jason Perkal, VP 917.974.6359 | Prince Dockery 646.580.7362

25 Broad Street | $3,750 per month | Amazing luxury loft 1 bedroom. This 5-star building offers all the amenitites of the finest hotels. Fitness center, pool, bowling alley, and basket ball court to name a few. Web# 1402812. Phillip Acha 646.678.6203

FULL-SERVICE LUXURY CONDO

LUXURY PENTHOUSE RESIDENCE


311 East 72nd Street, PHC | $4,500 per month Rarely available, Upper East Side gem luxury penthouse 1-bedroom residence with an extravagant private terrace that wraps around the entire apartment. Web# 1425967. Svetlana (Lana) Dzhindzholia 646.342.5276 | Jason Bedell 646.315.5828

CENTRAL PARK WEST RESIDENCE


485 Central Park West, 4G | $2,250 per month Welcome home to a beautiful king size 1-bedroom apartment in a wonderful Central Park West doorman building close to the park and the B,C subway lines. Web# 1435373. Svetlana (Lana) Dzhindzholia 646.342.5276 | Raquel Lomonico 561.568.0297

Greenwich Village | $2,350 per month | Large North facing studio in the heart of Greenwich Village with a spacious main room, separate updated kitchen with maple cabinets. Windowed bath. Web# 1422613. Samantha Behringer 917.407.5185

ELECTRICITY INCLUDED

Chelsea | $2,500 per month | Studio loft-like home with top-of-the-line kitchen and bath, individual heat and A/C, 7" white Oak floors and W/D. Full-service condo with gym and roofdeck. Right above the Highline. Web# 1438687. Rachel Altschuler, VP 917.626.2529

NEVER BEEN LIVED IN

ASKELLIMAN.COM

editors note
Welcome to our March/April edition of Luxury Rentals! New York Citys rental market is alive and well. The demand for prime real estate in desirable neighborhoods has lead to stiff competition when it 26 comes to finding that ideal apartment. As usual, this surge will peak as we come into the warmer months. In this issue of Luxury Rentals, Sarah Khuwaja explores the thriving rental market in Manhattan and Brooklyn with her feature, Mr. Right Now, (page 8). She spoke with some of the citys foremost realtors to find out what the new rental trends are and which neighborhoods are seeing an increased rental interest. I think youll find the results of her investigation surprising. In DUMBO Takes Flight, Michael Ewing takes us on a stroll through the neighborhood Down Under the Manhattan Bridge Overpass where rental rates are some of the highest in Brooklyn. From the original 1 Main Street to the new upscale 220 Water Street, we learn why many renters are relocating to DUMBO and what the neighborhood offers its residents. Discover more about DUMBOs flourishing real estate market on page 14. Finding and closing on the right apartment can be an arduous task even with the help of the best realtor! We asked realtors what are the top mistakes they see renters make. Their words of advice serve as a valuable tool to help you navigate the rental process (see Fool Me Once on page 18). Lastly, in Rentals That Take Your Breath Away (page 22), we set out to find New York Citys most opulent rentals. Weve consolidated our list down to two exquisite apartments currently on the market. Theyre bound to make you green with envy I hope you enjoy Luxury Rentals redesign and find our new book of articles engaging. Cheers for a happy spring, Benjamin-mile Le Hay
DUMBONYC

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Luxury Rentals
MARCH/APRIL 2012 BENJAMIN-MILE LE HAY

A SPECIAL ADVERTISING SUPPLEMENT TO THE NEW YORK OBSERVER

CONTENTS
8

EDITOR

PUBLISHER

ROBYN WEISS

ART DIRECTOR CONTRIBUTORS

LAUREN DRAPER

ADVERTISING COORDINATION PRODUCTION DIRECTOR


MARK STINSON PETER LETTRE

KATHERINE DESPAGNI

NYC Rentals
8
MR. RIGHT NOW Sarah Khuwaja reports on the biggest trends in New York Citys luxury market. From the Financial District to Williamsburg, we discover which pockets of the city are ush.

MICHAEL EWING SARAH KHUWAJA

LESA ANDREASEN

COPY EDITOR

PHOTO EDITOR ADVERTISING PRODUCTION


LISA MEDCHILL

Neighborhood Spotlight
14 DUMBO
TAKES FLIGHT The neighborhood has become one of Brooklyns most desirable. Michael Ewing looks into why that is and what the rental landscape of this coveted locale looks like.

Publisher 212.755.2400 KUSHNER JARED WWW.OBSERVER.cOm Editorial Director ELIZABETH SPIERS President CHRISTOPHER BARNES Executive V.P. BARRY LEWIS Senior V.P., Associate Publisher JAMIE FORREST Editorial Manager MICHAEL WOODSMALL Marketing Manager ZARAH BURSTEIN Controller MARK PASQUERELLA Audience Development SYDNEY SARACHAN Accounts Payable Manager TRACY ROBERTS Accounts Receivable IAN MCCORMICK

THE NEW YORK OBSERVER 321 WEST 44TH STREET, NEW YORK, NY 10036

We Ask the Realtors


18 FOOL ME ONCE
From searching too early to not being exible enough with your locationwe investigate the top errors renters make when apartment hunting.

LuxuryRentals
A SPECIAl ADVERTISINg SUPPlEMENT TO THE NEW yORk ObSERVER

ON THE COVER

MARCH/APRIl 2012

THE ESSENTIAl RESOURCE FOR TRENDy RENTERS

220 WATER STREET LOBBY PHOTOGRAPH: GDC PROPERTIES/ PEGGY LEUNG DESIGN

The Thriving Manhattan And Brooklyn Rental Markets


EXPLORING THE RENTAL DEMAND FOR DUMBO

Dream Listings
A customized glass staircase. An indoor pool with underwater windows. A 575-square foot terrace. All in New York? Luxury Rentals located two stupendous apartments that have it all.
BEN GANCSOS; JUSTIN SULLIVAN/GETTY IMAGES; DONNA DOTAN PHOTOGRAPHY INC.

22 RENTALS THAT TAKE YOUR BREATH AWAY

Top Mistakes Renters Make


NEW YORKS MOST LAVISH RENTALS

COVER PHOTO 220 WATER STREET lObby lUXURy lOFT APARTMENTS FOR RENT IN DUMbO

6 LUXURY RENTALS MARCH/APRIL 2012

M A N H A T T A N | B R O O K LY N | Q U E E N S | L O N G I S L A N D | T H E H A M P T O N S | T H E N O R T H F O R K | R I V E R D A L E | W E S T C H E S T E R / P U T N A M | F L O R I D A
2012. Prudential Financial, Inc. and its related entities. An independently owned and operated broker member of Prudential Real Estate Afliates, Inc., a Prudential Financial company. Prudential, the Prudential logo and the Rock symbol are service marks of Prudential Financial, Inc. and its related entities, registered All material presented herein is intended for information purposes only. While, this information is believed to be correct, it is represented subject to errors, omissions, changes or withdrawal without notice. All property information, in many jurisdictions worldwide. Used under license. Equal Housing Opportunity. including, but not limited to square footage, room count, number of bedrooms and the school district in property listings are deemed reliable, but should be veried by your own attorney, architect or zoning expert.

210 WEST 70TH STREET

200 EAST 62ND STREET

172 WEST 79TH STREET

REPRESENTING THE FINEST RENTAL ADDRESSES IN MANHATTAN


200 EAST 62ND STREET 210 WEST 70TH STREET 172 WEST 79TH STREET 165 EAST 66TH STREET 172 WEST 79TH STREET 98 RIVERSIDE DRIVE 231 EAST 76TH STREET 340 EAST 52ND STREET 85 EAST END AVENUE 30 PARK AVENUE 56 SEVENTH AVENUE
165 EAST 66TH STREET

These addresses represent some of the nest Manhattan rental living, featuring apartments with beautiful proportions, sprawling layouts, outdoor spaces and the nest of nishes. Ranked among the Top 10 producers at Prudential Douglas Elliman, Arthur and Teresa specialize in sales and rentals of luxury properties as well as investment consulting, property planning and marketing.

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TERESA SOLOMON WUEST, EXECUTIVE VICE PRESIDENT


T 212.350.8533 I C 917.847.4245 twuestelliman.com

FOR GUIDANCE AND INSIGHT ON ALL THINGS REAL ESTATE, PUT THE POWER OF ELLIMAN TO WORK FOR YOU. ASKELLIMAN.COM

NYC RENTALS

MR. RIGHT NOW How Brokers Are Sweeping Renters


Off Their Feet
By Sarah Khuwaja

62 Cooper Square

View from 1 Beacon Court on 58th Street

8 luxury rentals march-april 2012

Mike Tauber

espite the relatively at economy, the New York City rental market continues to thrive. According to a recent report from the Real Estate Board of New York, the average price of a Manhattan rental in January 2012 was an impressive $3,352, a 5% increase from the previous year, according to Citi Habitats. The city is close to reaching its peak rental rate, which was $3,394 in May 2007. There are tight vacancy rates all over Manhattan. The rental market is cyclical. We last experienced competitive markets like this in 2006-2007 and prior to that in the late 1990s, commented Gordon Golub, Executive Vice President and Director of Rentals at Citi Habitats. The rental market is expanding rapidly, which means neighborhoods that were previously overlooked are now seeing a hike in demand. According to Ashley Murphy, Director of Public Relations at Prudential Douglas Elliman Real Estate, a prime example would be the Financial District, once a predominantly non-residential neighborhood. The Financial District has a lot of great rental deals right now. That area is really changing a lot more restaurants and lounges are opening up so there is nightlife way downtown after Wall Street closes. explained Ms. Murphy Ellimans Mark Menendez adds that up-and-coming communities arent the only places that are seeing a surprising upswing. Upper Manhattan, Harlem, Washington Heights, Inwood-renters are realizing there is value in these long established areas that have been overlooked in the past. A few more stops on the subway and you can nd great deals and a much lower cost of living, said Mr. Menendez. Mr. Golub noted that, in fact, all Manhattan neighborhoods are experiencing signicant surges onto the rental market. Potential tenants have a much larger variety of neighborhoods to choose from than in past years and I think that is a great thing. Linda Jacob, Senior Vice President of Glenwood, agrees. What were nding is that the biggest thing is that were not seeing just one hot neighborhood New York itself is hot. We have people moving from the West Side to the East Side, from the east to the west, from Downtown to Uptown and from Uptown to Downtown; its the rst time were really seeing an overall hot New York City market, said Ms. Jacob. The question remains: With the market as competitive as it is, what is the likelihood that you will be able nagle

70 Washington Street, DUMBO 1 Hanson Place

CONSTANTIN BOCA

44 Laight Street

2 River Terrace

MARCH/APRIL 2012 LUXURY RENTALS 9

MANHATTAN & BROOKLYN RENTALS NYC RENTALS

Were not seeing just one hot neighborhood New York itself is hot.
your way into a great apartment in a popular neck of the woods? While Ms. Jacob finds that low vacancies are the new norm for the entire city, thanks to an intense we-want-to-be-in-New York attitude on the part of renters, Mr. Golub feels that certain pockets are especially competitive, such as SoHo, TriBeCa and the West Village. Meanwhile, apartment-seekers may have better luck on the Upper East and West Sides, simply due to the fact there is more supply due to a larger geographical area, both stretching 40 blocks from north to south as well as from Central Park to the river. Also, these areas offer a wide variety of housing options, from prewar walk-ups to high-rise luxury buildings, explained Mr. Golub. Though this winter has bucked the trend of lower rents coinciding with the colder months, Ms. Murphy still believes that vacancy rates vary by season. In the summer, vacancy rates tend to be higher when all the college students who flock to the Upper East Side and Murray Hill go home. In the fall, vacancy rates drop as everyone returns. Timing is everything
10 luxury rentals march/april 2012

144 Duane

when it comes to getting the best deals, said Ms. Murphy, adding that urgency will continue to be the rental market dynamic in all neighborhoods. That sense of urgency is certainly nothing new. Renters have always had to jump on anything that even resembles a deal or a dream apartment; buyers, on the other hand, have the luxury of getting a feel for properties before making a move. You snooze, you lose, said Arthur Fenton, Senior Vice President of Prudential Douglas Elliman. Inventory turns very, very quickly. Ive heard some sad stories about people who saw an apartment and loved it, but wanted to see what else was out there they ended up regretting hesitating. Renters can over-negotiate themselves out of opportunities or may ask for concessions where there are multiple applicants competing. Executing immediately is key in todays rental market, said Mr. Menendez. While buyers may have the upper hand when it comes to the luxury of time, they also have a lot more at stake when apartment hunting. Buyers need to be cognizant of what will work for them both now and a few years from now in addition to how they feel their apartment will fare when they do want to sell in the open market, commented Executive Vice Presidents of Prudential Douglas Elliman, Melanie Lazenby and Dina Lewis.

Renters have the luxury of being able to leave an apartment at the end of their year (or two) without worrying if the value of the home has decreased unlike a buyer would be able to. In short, the difference between renting and buying is very similar to the difference between dating and marrying. The buyer is looking for Mr. or Ms. Right and the renter is just looking for [Mr. or] Ms. Right Now. Assuming that Ms. Right Now is more your style, itll be important to know what characteristics will make your one or two year relationship that much sweeter. Last year, rooftops were all the rage in Manhattan real estate thats where all the latest recreational amenities were being housed. Whether theyre on the roof or in the basement of an apartment complex, the finer things in life will be available to renters for the foreseeable future. The trend of luxurious rentals is sure to please anyone from the fitness fiend to the more refined and relaxed. According to Mr. Golub, Developers are not just building apartments and a lobby, they are building an entire lifestyle. New rental buildings offer the latest and greatest in terms of amenities. From pools, to bowling alleys, to rock climbing walls, these new projects offer a lot for the fitness enthusiast. Screening rooms, libraries and resident lounges are also available for when its time to relax Mr. Menendez says that amenities like spas,

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recreation centers and even pet services are used to make properties more convenient and attractive to renters. Clearly, upscale living is here to stay and you dont need to be a buyer to experience it. And its not just the big picture that is reeling renters in; attention to detail is just as important to prospective renters. Many of our clients are interested in finding an apartment in a prewar building representing architectural details such as beamed ceilings restored original hardwood floors, etc. However, they dont want old kitchens and baths, but rather, new appliances and new tile or marble baths, said Mr. Menendez. Developers take note: Prewar pads with contemporary accents seem ideal. There are many renters by choice in Manhattan, and their taste levels can run as high (or sometimes higher) than the purchasers taste level would, stated Ms.

6 West 9th Street


square feet per dollar in Brooklyn, customers are extremely attracted to the lifestyle and culture Brooklyn has to offer. With the new Nets Stadium and BAM facilities, more parks being added and new exciting restaurants and schools, Brooklyn is on pace to have a special year as a comparable destination for people to live. In the past, Manhattan was a top choice for those moving to New York City; this is clearly no longer the case. People appreciate broad range of rental opportunities, explainsedHalstead Propertys Director of Sales for Brooklyn, Trish Martin. But youll have to get into that aggressive renters mindset if youre looking for prime real estate. There are some neighborhoods in Brooklyn that will always have low vacancy rates and be high on the radar of renters. Typically, Brooklyn Heights, Park Slope, DUMBO, Carroll Gardens and Cobble Hill have low inventory relative to the demand, added Ms. Martin. Luxury renters know what theyre looking for when they walk the stroller-laden streets of Park Slope (a private house on a block next to the park is ideal but rare, said Ms. Martin) or the increasingly popular Crown Heights (architecturally significant townhouses, suggested Mr. Maundrell). And these renters arent simply lifelong Brooklynites who are relocating to a different realm of their suburb; 50% of AptsAndLofts customers come from Manhattan. According to Mr. Maundrell, Williamsburg and Greenpoint arent dropping off the radar anytime soon; they should continue to remain coveted, while neighborhoods like Bushwick will begin to flourish as rents steadily increase. More affordable rents can be found in Downtown Brooklyn. but luxury renters should not discount this area. Every time rents rise in those markets, somebody delivers a big building and rents stabilize or drop. We see the same pattern in the Financial District in Manhattan, said David Sigman, Executive Vice President and Principle of LCOR. As Ms. Murphy highlights, the Financial District is an extremely trendy neighborhood in Manhattans luxury rental market. Perhaps Downtown Brooklyn will be the next neighborhood to see demand swell. It just goes to show, no matter what area of the city you may be looking to rent in, there is certainly no lack of upscale options. n

5 East 17th Street


Lazenby and Ms. Lewis. These renters are also willing to pay extremely high rents in order to get what they want, which [frequently are] the same finishes you would find in a multi-million dollar apartment. Nowadays, there cannot be discussion of New York Citys rental market without mentioning Brooklyn, which can no longer be categorized as an up-and-coming rental market. Brooklyn is already catering to a high rental demand, with diverse options for upscale renters. Aside from being able to receive more
12 luxury rentals march/april 2012

the different segments of the borough that offer a diverse mix of cultural and ethnic backgrounds this is what New York City is all about, remarked AptsAndLofts.com Founder and President, David Maundrell. In addition to the food, nightlife and diversity that Brooklyn has to offer, renters may have an easier time finding wonderful apartments in hot locations. While demand is high, for example, in Williamsburg and Greenpoint, those neighborhoods have seen a steady stream of new condo developments offering a

RETHINK THE RENTAL


Imagine your life at Silver Towers. Impromptu Saturday matinees of the newest Broadway musical. Thursday 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 tness center, 75 pool, concierge, and entertaining terrace with wet bar and grill, as well as easy access to several subways and the East side, your life will never have felt so easy and fullled. Stop imagining and start living the Silver Towers experience.

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

EQUAL HOUSING OPPORTUNITY

NEIGHBORHOOD SPOTLIGHT

DIGIART2001 | JASON.KUFFER

Left: The Brooklyn Ice Cream Factory and the Brooklyn Bridge at night. Right: A neighborhood hangout by day.

DUMBO takes flight


By Michael Ewing
f we said that Brooklyn would be at the forefront of luxury in New York City twenty years ago, no one would have believed it. But neighborhoods such as Prospect Heights, Park Slope and DUMBOespecially DUMBOhave redefined Brooklyns rental market as a leader in sophistication and modernization. DUMBO, or Down Under the Manhattan Bridge Overpass, spans the coast of the East River in between the Manhattan and Brooklyn Bridge and encompasses dozens of historic landmark buildings. Once a central hub of manufacturing in America, DUMBO employed thousands of people in industrial buildings and factories. The industrial buildings

were constructed with brick facades, large wooden beams and reinforced concrete in order to reduce maintenance, increase floor weight limits and benefit industrial usage. Large windows complimented the infrastructure and increased light and ventilation. These features, once designed for practicality, now characterize the neighborhood and have become sought-after features in todays real estate market. Even the streets pavement remains Belgian granite blocks. Some streets were repaved with asphalt, but the paving has since weathered away and the blocks are again visible. Gentrification has revamped the neighborhood over the years and received a surge in the early- to
march/april 2012 luxury rentals 15

DUMBONYC

NEIGHBORHOOD SPOTLIGHT

mid-2000s. There was none of the infrastructure thats there now, Matt Holbein, Vice President of Prudential Douglas Elliman, commented on DUMBO before 2003: It was 1 Main Street, 30 Main Street, and Starbucks. 1 Main Street features an outstanding 7,000 square foot penthouse loft in its clock-tower, but it now stands as one of many impeccable buildings throughout DUMBO. Five blocks away on Water Street sits a building thats pushing the luxurious envelope in DUMBO even more: 220 Water. Situated between the Brooklyn Bridge Park and the F subway lineone stop from Manhattanthe 220 Water building stands as a beacon of luxury in DUMBO. The building was constructed in two phases between 1893 and 1905 as a five-story factory for the Hanan & Son shoe company. GDC Properties purchased and renovated the building into its current form, maintaining its historical and industrial features. Adam Ginsburg, Co-Chairman of GDC, noted that response to the building has been overwhelmingly positive, with some lines fully leased within the first few weeks.
16 luxury rentals march/april 2012

Many luxury rentals are attempting to remedy some of the inconveniences posed by neighborhoods such as DUMBO. One of the issues, with DUMBO, its a small area. Your day to day shopping is harder, Lisa Taylor of Ayuayo & Huebener Brooklyn commented. There [are] only one or two grocery storesboutique grocery stores, not supermarkets. Fresh Direct is a huge deal. But buildings now cater to these services, sign for the groceries, and store them in walk-in refrigerated storage areas. The streets are lined with, as Ginsburg describes, small neighborhood gems like One Girl Cookie, featuring hand-made pastries and breakfast items. There are even a few restaurants in the areanotably the River Caf. The rental market is on fire, said Matt Holbein,.The demand is really there more than ever. MNS Brooklyn Rental Snapshot reported a 22.15% price increase for studio apartments in DUMBO in 2011. The neighborhoods location, architecture and proximity to the water has attracted many residents to DUMBO, including Mr. Holbein himself. Having lived in the

Sweeney Building 30 Mainstree since 2003, Mr. Holbein has watched the neighborhood blossom into the luxurious paradise it is today. 90% of [my clients] moving there are people from Manhattan Lisa Taylor further added. Though it used to be the artists, it still is, it still has the funky vibe, but within the building there are amenities, doormen, and views. DUMBO represents a community that combines art and luxury, polishing its gritty industrial past. Keith Cayenne of Halstead Properties calls the cleanliness, proximity to the 85-acre Brooklyn Bridge Park, cobblestone streets, and converted factories into lofts and apartments the allure of DUMBO. The dream of a luxurious New York City apartment is no longer confined to neighborhoods in Manhattan. DUMBO has greatly contributed to the surge of sophistication across the river. As Michael Guerra, Executive Vice President and Managing Director of Prudential Douglas Elliman said, DUMBO is almost as much an extension of Lower Manhattan and SoHo as it is a part of Brooklyn.

DUMBONYC

Galapagos Art Space.

WE ASK THE REALTORS

FOOL ME ONCE Top Mistakes


Renters Make
eve all had our fair share of dreadful apartment hunting experiences, from our dream leases being snatched away in the blink of an eye to scrambling with all that tedious

By Benjamin Le Hay and Michael Ewing paperwork. It can be an irritating process to say the least. Luxury Rentals sought out some of the most experienced realtors in the city and asked them the burning question: What are the top mistakes that renters make?

18 luxury rentals march/april 2012

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WE ASK THE REALTORS

Ashley Murphy
PRUDENTIAL DOUGLAS ELLIMAN REAL ESTATE Unpreparedness: When you go out with a broker, make sure that you have all the proper paperwork. This includes bank statements, wage proof, tax returns, copies of income statements from your guarantor, if so required, and enough funds for a deposit to take the apartment off the market immediately, as well as the application fee. Not enough income: Understand that you typically need to make around 40x the monthly rent in order to qualify for the apartment on your own. If you are looking at a one bedroom for $2,500/month, you need to make around $100,000 a year. Not using an agent: Renters who dont use an agent are taking a risk. There are a lot of scams out there on Craigslist so it is always better to have someone on your side guiding you through the process, someone who knows the city, and has relationships with the landlords.

Melanie Lazenby and Dina Lewis


ExEcUTIvE vIcE-PRESIDENTS PRUDENTIAL DOUGLAS ELLIMAN Not limiting showing times: There is nothing worse than paying $10,000 per month for something and then random brokers and their buyers are walking through the home several times a day in an effort to sell the place a renter is currently living in. Searching too early: Be ready to move on something when you see it, otherwise, you will see many places that will be gone by the time you are ready to sign a lease. The Manhattan rental market is fast moving and once you jump in, you need to be ready to move on the right place immediately. Forgetting to agree on pre-determined lease rate: One or two years can fly by! [You can be] priced out of your home if rents have increased sharply and you didnt pre-negotiate the second or third years rent in advance.

Mark Menendez
ExEcUTIvE vIcE PRESIDENT DIREcTOR Of ELLIMAN RENTALS Too much negotiation: Over negotiating with terms inconsistent with current market conditions. Renters can lose out on opportunities. Misrepresented information: [People] saying their 35lbs dog is only 25lbs and management finding out later, claiming higher income than what is shown on their tax returns or saying the apartment is just for them and then another occupant shows up to get a key. Those renters need to know that being accurate can save themselves time and money. Only looking at square footage: Square footage can be misleading [as there are maybe less] efficient layouts in larger units versus a great layout in smaller units. Being open to seeing all possibilities is key to finding the right home.

Morgan Turkewitz
SENIOR ASSOcIATE SALESPERSON cITI HAbITATS Not being flexible: Clients will say that they do not want to live anyfurtherEastthanFirstAvenue. What they may not realize is that their perfect apartment may exist a mere 15 steps further East off First Avenue.

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M A N H A T T A N | B R O O K LY N | Q U E E N S | L O N G I S L A N D | T H E H A M P T O N S | T H E N O R T H F O R K | R I V E R D A L E | W E S T C H E S T E R / P U T N A M | F L O R I D A
2012. Prudential Financial, Inc. and its related entities. An independently owned and operated broker member of Prudential Real Estate Affiliates, Inc., a Prudential Financial company. Prudential, the Prudential logo and the Rock symbol are service marks of Prudential Financial, Inc. All material presented herein is intended for information purposes only. While, this information is believed to be correct, it is represented subject to errors, omissions, and its related entities, registered in many jurisdictions worldwide. Used under license. Equal Housing Opportunity. changes or withdrawal without notice. All property information, including, but not limited to square footage, room count, number of bedrooms and the school district in property listings are deemed reliable, but should be verified by your own attorney, architect or zoning expert.

Turtle Bay Gardens | $25,000 per month | Formerly Katharine Hepburns 4-story Turtle Bay Gardens brownstone. 4 bedroom, 3 full and 2 half baths. Meticulously renovated to perfection. Re-live the glamour, elegance, and style. Web# 1330506. Trudy Schlachter 917.842.6532 | Scott Schlachter 917.721.3442

CELEBRITY TOWNHOUSE

768 Fifth Avenue | $165,000 per month | Sprawling, historic rental with direct Central Park views, 14-ft ceilings, a private terrace, and filled with the finest art, antiques, and technology. Rare opportunity. Web# 1425729. Dina Lewis 212.727.6129 | Melanie Lazenby 212.727.6131

ASTOR SUITE AT THE PLAZA

2,400 SF TRIBECA LOFT

Tribeca | $12,000 per month | This impeccably renovated never lived in Tribeca loft offers over 2,130 sf living space and 240 sf mezzanine, showcasing the highest standards of luxury. 3 bedrooms, 2 baths and 17-ft ceiling. Web# 1437883. Vlad Sapozhnikov 917.626.1678 | Kate Lavrova 917.364.6499

Tribeca | $23,000 per month | 3 bedrooms, 2.5 baths and 3,750 sf combined to make this a loft lovers dream. Chefs kitchen, washer/dryer, fireplace and top-of-the-line finishes throughout. Web# 1444198. The De Niro Group 212.460.0655

SPRAWLING RENOVATED LOFT

62/63 Broadway | $4,000 per month | Beautiful apartment in triple mint condo. Available immediately, 1-year plus fully furnished with spectacular views of Central Park from the living room and master bedroom. Wont last. Web# 1427724. Julia Camacho 212.891.7023

VIEWS, VIEWS, VIEWS

252 East 2nd Street | $4,200 per month | 2 king size bedrooms, Southern exposure, open stainless steel kitchen, Bamboo floors. New elevator building with a rooftop terrace and laundry. Pets ok. Convenient to the subway. Web# 1411209. Jason Wacha 917.282.1434

EAST VILLAGE RENTAL

ASKELLIMAN.COM

Matt Gulker
The Gulker Group prudenTial douGlas elliman

144 Duane Street


At 13,500 square feet, this is the largest and most spectacular apartment for rent in NYC. This stunning penthouse sits atop a magnificent 1862 limestone loft mansion in the heart of TriBeCa. Comprising the 4th, 5th and 6th floors of a 41 x 109 building, this home also boasts a 575 square foot terrace and a 2,200 square foot landscaped roof deck with panoramic views. The penthouse includes a fully equipped private gym and half basketball court in the basement. The penthouse was sensitively renovated to retain the structures original prewar character with finishes of the highest quality. Light and scale are second to none, with ceiling heights ranging from 12-25 feet. A custom glass staircase, the apartments centerpiece, allows the sunlight to shine straight through the skylight to the 4th floor. The glass staircase was engineered by the same firm that worked on the Apple staircase in SoHo. 144 Duane Street is a 4-unit building with [a] full-time building manager who also serves as a private valet for the penthouse resident. This is perfect for someone who appreciates a highly private and luxurious lifestyle. And if someone wants to purchase the entire building (almost 30,000 usable sq. ft.), it is for sale for $45,000,000.

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2010 Evan JosEph ImagEs

DREAM LISTINGS

Rentals That Take Your Breath Away


By Benjamin-mile Le Hay
eve all seen that incredible New York City apartmentexpansive view of the Hudson, professional-grade kitchen and the bathroom you never want to leave. What if there was no budget for your next rental? What if you could splurge on a residence where lavishness had no limit? Luxury Rentals took to the streets of our fair city to find these astonishing rentals all currently on the market. Here are two magnificent apartments that surpassed our expectaions, and then some!

Morgan Turkewitz
Senior ASSociAte SAleSperSon citi HAbitAtS

214 Lafayette Street


214 Lafayette Street in SoHo [is] a five story ,single family townhouse, with elevator. The home also has an indoor pool (with cool underwater windows that look out into a bedroom and foyer area) ... The video for Beyoncs Halo was shot here. Its for rent at $100,000 per month. [It is] also available daily for $20,000weekly for $50,000.

Donna Dotan PhotograPhy Inc.

march/april 2012 luxury rentals 2 3

M A R K E T S TAT I S T I C S P R O V I D E D BY

PRICES INDICATE JANUARY 2012 STATISTICS

BR OOK LY N R E NTA L SN A P SH OT
MEAN PRICES BAY RIDGE
Studio: 1,698 1-Bedroom: 2,300 2-Bedroom: 2,975 Studio: 1,100 1-Bedroom: 1,275 2-Bedroom: 1,725

BED-STUY

BOERUM HILL

Studio: 1,100 1-Bedroom: 1,381 2-Bedroom: 2,078

Studio: 1,765 1-Bedroom: 2,750 2-Bedroom: 3,490

BROOKLYN HEIGHTS
Studio: 1,800 1-Bedroom: 2,954 2-Bedroom: 4,442

BUSHWICK

Studio: 1,300 1-Bedroom: 1,661 2-Bedroom: 1.709

CLINTON HILL

Studio: 1,668 1-Bedroom: 2,391 2-Bedroom: 3,072

COBBLE HILL

Studio: 1,900 1-Bedroom: 2,700 2-Bedroom: 3,375

CROWN HEIGHTS
Studio: 1,434 1-Bedroom: 1,657 2-Bedroom: 2,020

DUMBO

Studio: 2,637 1-Bedroom: 3,584 2-Bedroom: 4,952

FORT GREENE

Studio: 1,773 1-Bedroom: 2,597 2-Bedroom: 3,022

GREENPOINT

Studio: 1,793 1-Bedroom: 2,332 2-Bedroom: 2,758

PARK SLOPE

Studio: 1,684 1-Bedroom: 2,360 2-Bedroom: 3,037

PROSPECTLEFFERTS GARDENS
Studio: 1,318 1-Bedroom: 1,600 2-Bedroom: 2,100

WILLIAMSBURG
Studio: 2,398 1-Bedroom: 2,960 2-Bedroom: 3,776

GREATEST CHANGES SINCE DEC: Studios Bushwick Down 7.1% ($100) 1-Bedrooms Crown Heights Down 5.6% ($99) 2Bedrooms Bed-Stuy Down 7.6% ($172)

PRICE MOVEMENT:
This month average prices for Brooklyn inched down about $10. Williamsburg had an overall average price increase of $26 from December, whereas Fort Greene jumped down that same $26 from December. Compared to last month, Cobble Hill had the highest overall increase in rents. YOY, one and two-bedrooms are being marketed with 7% rent increase in this neighborhood. Brokers are calling Bushwick the next Williamsburg, so with this months $60 average decrease in rents, now is the time to lock in to what little inventory is on the market here.

to view full report go to www.mns.com/resources MNS o ces:


Chelsea: 212.721.2500 189 8th Avenue New York, NY 10011 Gramercy: 212.475.9000 115 East 23rd Street New York, NY 10010 Williamsburg: 212.721.2500 165 Bedford Avenue Brooklyn, NY 11211

ART WALLY FINDLAY

Leonard Nelson (1912 - 1993) Abstract, 1956 25 x 30 in. Oil on canvas

(1912 - 1993)

A MID-20 TH CENTURY ABSTRACT EXPERIENCE NEW YORK EXHIBITION MARCH 2012

WA LLY F IN DL AY GAL L E RIE S


NEW YORK PALM BEACH BARCELONA

124 E 57TH STREET NEW YORK, NY 10022 +1 (212) 421 5390 WWW.WALLYFINDLAY.COM WWW.FACEBOOK.COM/WALLYFINDLAY

EST. 1870

LuxuryRentals
advertising directory
The Ashley And The Aldyn, are the latest additions to Manhattans vibrant Riverside South neighborhood. Residences feature gracious oversized floor plans with sophisticated and elegant details. An extensive selection of amenities includes a 40,000 sf LA PALESTRA Fitness Center & Spa, Abigail Michaels Concierge Service, residents courtyard, lounge and a host of services. Now offering immediate occupancy, The Ashley and The Aldyn Leasing Center is located at 60 Riverside Blvd, New York, NY 10069. For more information, please call 888-375--2296 or visit us at WWW.RenTOnRIVeRsIde.COM. 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.

eMeRAld GReen, Glenwoods first LEEDcertified 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 childrens playroom and a stateof-the-art fitness center. Comprised of 568 spacious apartments ranging from studios to two-bedroom, two bathroom homes with large terraces, Emerald Green stands as the prime residential addition to Midtown West. Visit www.emeraldgreennyc.com or call (212) 695-3838.

ClARIdGes, a classic prewar building in the heart of midtown, is steps from Central Park, elegant Fifth Avenue and 57th street shopping, Time Warner Center, Carnegie Hall, fine midtown dining, and MoMA. Residences offer high ceilings, restored plaster moldings and beams, granite kitchens, marble baths, entry foyers and abundant custom closets. Penthouses feature large terraces, many offering views of Central Park. Featuring an elegant lobby the building features a 24hour doorman, on-site fitness center and Skys the Limit concierge. For more information call (347) 728-0332.

Located at 81st Street and West End Avenue, WesT RIVeR hOuse offers family-sized apartments up to convertible three-bedrooms with amenities including a health club and landscaped roof deck. Luxury services include 24-hour doorman, laundry rooms on every floor, 24hour attended parking garage and Skys the Limit concierge. Steps from Broadways gourmet restaurants, food shopping (Zabars, Citarella and Fairway) and transportation, the building is also nearby Riverside Park, the Hudson River promenade, the Museum of Natural History and the Childrens Museum. For more information call (347) 728-0367.

Steps away from the Hudson River, sIlVeR TOWeRs is one of the newest luxury rental buildings to rise on 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-foot indoor pool, nail salon, childrens 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, call 212.473.4242.

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).

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 companys 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 youre 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

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LuxuryRentals
advertising directory
Founder and Director of the new Elliman Rentals concept, Mark Menendez brings 11 years of experience as one of Prudential Douglas Ellimans top associate brokers in rentals, procuring and servicing over 250 rental units, and manages 30 agents at the 4 Leonard Street Gallery. For more information, call Mark at 646-613-3000 or email mmenendez@elliman.com. With more than 20 years of award winning experience in the NYC residential real estate market, Arthur Fenton has been ranked among the top 1% producing agents in the entire company. This has earned him the prestigious DIAMOND and LEGEND awards for his outstanding service and performance. Due to his outstanding market knowledge and achievement, Arthur was tapped to represent 11 luxury rental buildings located on the East side, West Side and Downtown neighborhoods in Manhattan. Arthur is a member of the Real Estate Board of New York. For more information, contact arthur at aFenton@elliman.com or 212-350-8516.

With more than 17 years of awardwinning experience in the NYC residential real estate market, Teresa Wuest has been ranked #2 in the entire company, among the Top 1% of the country, plus received the prestigious Legend Award for her outstanding service and performance. Due to her experience and knowledge, Teresa exclusively represents twelve rental buildings on the East Side, West Side and Downtown and is a member of the Real Estate Board of New York. For more information, contact teresa at twuest@elliman.com or (212) 350-8533.

WilliaM Beaver house. Located in the heart of the financial district, this gorgeous condominium building is now offering a collection of apartments available for rent. The apartments are spacious, luxuriously appointed and will surely satisfy the most discerning tastes. The building features fantastic amenities including concierge, indoor pool, sauna, jacuzzi, fitness center with squash court, childrens playroom and penthouse lounge with amazing views. For more info, visit williambeaver.com or call 888-851-0530 for an appointment.

220 Water street sets a new standard for luxury rentals in DUMBO. This creatively restored 19th century manufacturing building is comprised of studio, one and two bedroom homes, many with home offices. Spacious loft-style units feature 14-foot ceilings and premium finishes. Signature amenities and services include a 30 foot high sky-lit lobby, roof deck with fireplace and barbecue grills, fitness and yoga facilities, childrens playroom, onsite reserved parking, and virtual concierge. visit us at www.220water.com

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

For advertising information, contact Robyn Reiss (212) 407-9382 rreiss@observer.com


march/april 2012 luxury rentals 3 1

For Highly Serviced Sophisticated Lifestyles


Studios from $2,825 ~ 1 Bedrooms from $3,365 2 Bedrooms from $6,350 ~ 3 Bedrooms from $12,850

Raising the Bar on Waterfront Living


Studios from $2,500 2 Bedrooms from $6,000

24- Hour Doorman and Concierge Services Childrens Playroom by Kidville Resident Lounge

Washer and Dryer in each Apartment

LA PALESTRA Athletic Club & Spa oers Aerobic and Strength Training Equipment, 75 Indoor Pool, Yoga, Pilates, and Kinesis Rooms, Game Room, Bowling Alley, Rock Climbing Wall, Basketball Court, Golf Simulator, Squash Court, Massage Rooms and Lounge Area Landscaped Interior Courtyard with Sun Decks On-site Parking Garage Complimentary Shuttle to Subway

400 WEST 63RD STREET NEW YORK, NY 10069

LEASING OFFICE

(888) 375-2296
The Ashley Residential Features
Solid White Oak Flooring ~ Ceiling Heights from 9 - 11 Solid Wood Interior Doors ~ Copper Mosaic Tile Backsplash GE Prole Stainless Steel & Bosch Axxis Appliances Imported Tile Walls and Floors ~ White Oak Cabinetry

The Aldyn Residential Features


Brazilian Cherry Floors ~ Solid Teak Bathroom Cabinetry Brushed Nickel Custom Finishes ~ Soaking Tub Paneled Smeg & Miele Appliances Double Vanity ~ Glass Enclosed Shower

www.theashleynyc.com

www.aldynrentals.com

EXCLUSIVE MARKETING & LEASING AGENT:

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