Photo Courtesy of The BeatriceAn address that has attracted the interest of the high-end rental market in New York City is the Beatrice. Since its opening seven months ago, the luxury apartment tower with a total of 301 units is 98 percent leased, according to its property developers, the J.D. Carlisle Corp. The property's developers also announced that the building is opening four penthouse apartments in May that will be leased out at approximately $20,000 per month.
The Beatrice, which occupies the top 30 floors of the mixed-use high-rise tower at 105th West 29th Street, sets above the Kimpton Hotel & Restaurant's Eventi Hotel. FoodParc, Chodorow's Bar Bisque, and a new food court operated by Jeffrey Chodorow and Ed Schoenfeld are located below the apartment tower.
"The penthouses are the crown-jewel residences at Beatrice and we have already received strong initial interest in these select apartments," said Clifford Finn, managing director of new development marketing for Citi Habitats Marketing Group, the exclusive marketing and leasing agent for Beatrice. "These residences have views to-die-for at nearly 600 feet above street-level, the highest quality finishes and terraces that look out over the city skyline."
There is a private entrance to the Beatrice on the 29th floor and 6,300 square feet of amenity space on the 54th floor. Concierge services are available and there are shops onsite for tenants to handle the most mundane tasks without leaving the building. A doorman is on duty at all hours. A residents-only private lounge on the 54th floor turns all of New York City into a vista of panoramic proportions. The lounge features billiards and WiFi access. For entertaining, there is a large kitchen and common area with seating and a cozy fireplace.
"We are pleased with the leasing velocity at Beatrice and that renters realized [the] quality of the residences, amenities and service offered at Beatrice. Residents at Beatrice also have a dynamic neighborhood at their fingertips with new restaurants, shopping, nightlife and a multitude of transportation options," said Evan Stein, president at J.D. Carlisle.
Is that "leasing velocity" a sign that this is a great deal despite market conditions? Is it an indication that there is uncertainty in high-end real estate in NYC holding its value inducing this influx? Neither Mr. Stein nor Mr. Finn was available for comment prior to the posting of this article.
However, there is a similar situation with the high-end real estate market in Los Angeles that raises the same questions. According to an article posted April 14 in the L.A. Times, lease offerings priced at more than $10,000 per month are up 15 percent in 2011 compared to the same period last year per the combined figures of the Multiple Listing Service in L.A. and Westside (L.A. County).
Along with the four penthouse apartments available in May, the 98 percent occupied luxury-apartment building has floor plans that range from studio up to two-bedroom units. The new penthouse apartments are the only units with three bedrooms.
For more information about the Beatrice, visit www.beatricenyc.com.