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Go West! 7 Train Expansion Leads to Big Boom Summer Rental Market Sizzles New York's Greenest Digs the Best of Kips Bay Décor

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Go West! 7 Train Expansion Leads to Big Boom Summer Rental Market Sizzles New York's Greenest Digs the Best of Kips Bay Décor LuxuryJUNE/JULY 2012 Rentals THE ESSENTIAL RESOURCE FOR TRENDY RENTERS COVER PHOTO 640 NOHO ELEVATING EXPECTATIONS FOR LUXURY LOFT LIVING IN HISTORIC NOHO Go West! 7 Train Summer New York’s The Best Expansion Leads Rental Market Greenest of Kips Bay Décor to Big Boom Sizzles Digs Show House A SPECIAL ADVERTISING SUPPLEMENT TO THE NEW YORK OBSERVER LR_0612_Cover.indd 1 6/1/12 2:24:38 PM 1 3 RIVERVIEW TERRACE � TH 322 WEST 57TH STREET 5 BR, 4.5 BATH WEB ID: 138095 $34,500 4 BR, 4 BATH WEB ID: 677935 $25,000 We de ne our neighborhoods as much as they de ne us. 79 LAIGHT STREET 71 FRANKLIN STREET 3 BR, 3.5 BATH WEB ID: 737289 $25,000 3 BR, 2 BATH WEB ID: 404376 $11,000 730 Fifth Avenue 88 Greenwich Street 239 East 79th Street New York, NY 10019 New York, NY 10006 New York, NY 10075 212.242.9900 212.269.8888 212.929.1400 110 Fifth Avenue 26 Astor Place 45 Horatio Street New York, NY 10011 New York, NY 10003 New York, NY 10014 212.633.1000 212.584.6100 212.604.0300 TOWN Residential, LLC is a licensed real estate broker and proud member of REBNY. Town Residential LLC is a partnership with Thor Equities LLC. We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status, or national origin. All information is from sources deemed reliable but is subject to errors, omissions, changes in price, prior sale or withdrawal without notice. No representation is made as to the accuracy of any description. All measurements and square footages 15 BLEECKER STREET 640 BROADWAY are approximate. Exact dimensions can be obtained by retaining the services of an architect or engineer. 2 BR, 2 BATH WEB ID: 743798 $8,750 1 BR, 1 BATH WEB ID: 963937 $6,350 Untitled-5 2 5/29/12 6:04:29 PM 1 3 RIVERVIEW TERRACE � TH 322 WEST 57TH STREET 5 BR, 4.5 BATH WEB ID: 138095 $34,500 4 BR, 4 BATH WEB ID: 677935 $25,000 We de ne our neighborhoods as much as they de ne us. 79 LAIGHT STREET 71 FRANKLIN STREET 3 BR, 3.5 BATH WEB ID: 737289 $25,000 3 BR, 2 BATH WEB ID: 404376 $11,000 730 Fifth Avenue 88 Greenwich Street 239 East 79th Street New York, NY 10019 New York, NY 10006 New York, NY 10075 212.242.9900 212.269.8888 212.929.1400 110 Fifth Avenue 26 Astor Place 45 Horatio Street New York, NY 10011 New York, NY 10003 New York, NY 10014 212.633.1000 212.584.6100 212.604.0300 TOWN Residential, LLC is a licensed real estate broker and proud member of REBNY. Town Residential LLC is a partnership with Thor Equities LLC. We are pledged to the letter and spirit of U.S. policy for the achievement of equal housing opportunity throughout the Nation. We encourage and support an affirmative advertising and marketing program in which there are no barriers to obtaining housing because of race, color, religion, sex, handicap, familial status, or national origin. All information is from sources deemed reliable but is subject to errors, omissions, changes in price, prior sale or withdrawal without notice. No representation is made as to the accuracy of any description. All measurements and square footages 15 BLEECKER STREET 640 BROADWAY are approximate. Exact dimensions can be obtained by retaining the services of an architect or engineer. 2 BR, 2 BATH WEB ID: 743798 $8,750 1 BR, 1 BATH WEB ID: 963937 $6,350 Untitled-5 3 5/29/12 6:04:33 PM EDITOR’S NOTE 26 NS G USAN ZISES GREEN DESI ZISES USAN S COURTESY OF OF COURTESY Every New York renter knows that in the summer as temperatures increase so do rental prices, which often peak in August and September. “It is a big time for new hires and job transfers, all of who are competing for housing. People tend to take vacation time in the summer as well and they’ll often use some of that time off to make a move, especially families with school-aged kids,” said Arthur Fenton, Senior Vice President of Prudential Douglas Elliman. We take this all into account on pages 6-10 in our rental market piece. The massive multi- billion dollar expansion of the 7 train will bring new development and heightened accessibility to Midtown’s Far West Side. See how we predict the extension will effect the already booming micro- neighborhood on pages 12-14. Ben Weitzenkorn talks technology and innovation on pages 16-18, where he investigates upscale green and LEED-certified housing options in the city. The non-profit Kips Bay Decorator Show House celebrates its 40th year with a phenomenal design showcase spanning two twin penthouse complexes in The Aldyn. Check out our spread on pages 20-21 of which rooms made us envious . Cheers to a fantastic summer! Benjamin-Émile Le Hay 2 LUXURY RENTALS JUNE/JULY 2012 LR_0612_EdNote.indd 2 6/1/12 1:14:25 PM Responsibly Green, Elegantly Glenwood The finest Manhattan rentals in the neighborhood of your choice. Near the Best NYC Schools • Unparalleled Service • Fitness Center • Children’s Playroom & Swimming Pool • 24-Hour Doorman • Magnificent Lobbies • Landscaped Gardens • Exciting City Views • Spacious Layouts • Building-Wide Water Filtration Systems • On-Site Parking Garage UPPER EAST SIDE 1 Bedrooms from $2,795 2 Bedrooms from $4,695 Conv 3 Bedrooms from $5,995 MIDTOWN & UPPER WEST SIDE 1 Bedrooms from $3,295 2 Bedrooms from $4,995 3 Bedrooms from $7,995 TRIBECA & FINANCIAL DISTRICT 1 Bedrooms from $3,595 2 Bedrooms from $5,495 Conv 3 Bedrooms from $8,195 GLENWOOD BUILDER OWNER MANAGER UPTOWN LUXURY LEASING OFFICE 800-816-0198 DOWNTOWN LUXURY LEASING OFFICE 800-483-9131 Open 7 days, 10AM-6PM • NO FEE Free parking while viewing apartments glenwoodnyc.com Equal Housing Opportunity Untitled-3 1 5/29/12 3:01:40 PM 30442 Glenwd ObservMag June12.indd 1 5/24/12 5:16 PM A SPECIAL ADVERTISING SUPPLEMENT TO THE NEW YORK OBSERVER CONTENTS Luxury RentalsJUNE/JULY 2012 EDITOR PUBLISHER BENJAMIN-ÉMILE LE HAY ROBYN REISS 12 SOLAR AND ONFORCE TREES TWO ART DIRECTOR ADVERTISING LAUREN DRAPER COORDINATION KATHERINE DESPAGNI CONTRIBUTORS PRODUCTION LARA ROSENBLUM DIRECTOR BEN WEITZENKORN MARK STINSON PHOTO EDITOR 6 COPY EDITORS COURTESY OF PETER LETTRE MANHATTAN SKYLINE 16 LESA ANDREASEN AND SUSAN ZISES GREEN BEN WEITZENKORN ADVERTISING PRODUCTION LISA MEDCHILL 20 Market Going Green THE NEW YORK OBSERVER Overview 16 SUSTAINABLE DIGS 321 WEST 44TH STREET, NEW YORK, NY 10036 A crop of luxury Publisher 212.755.2400JARED KUSHNER WWW.OBSERVER.C OM 6 SUMMER SIZZLE hi-rises have been Editorial Director ELIZABETH SPIERS Balmy weather has going up with LEED President CHRISTOPHER BARNES already begun to guidelines in mind. Ben Executive V.P. BARRY LEWIS plague New York. As Weitzenkorn digs deeper Senior V.P., Associate Publisher JAMIE FORREST temperatures rise, into what these buildings Editorial Manager MICHAEL WOODSMALL Lara Rosenblum o er their tenants and Marketing Manager ZARAH BURSTEIN reports on how the how green living is Controller MARK PASQUERELLA summer rental market revolutionizing New York City rentals. Audience Development SYDNEY SARACHAN is sure to be piping hot! Accounts Payable Manager TRACY ROBERTS Accounts Receivable IAN MCCORMICK Decorating 7 Train Showcase Extension ON THE COVER 20 DESIGNING TOWN RESIDENTIAL 12 GO WEST! DREAMS EXCLUSIVE, 640 NOHO: With the anticipated Luxury Rentals attended THE OPEN CONCEPT completion of a $2b the 40th Annual Kips LIVING ROOM expansion of the Bay Decorator Show MTA’s 7 line, we probe House VIP reception at PHOTOGRAPH: our real estate experts The Aldyn. Here is our MICHAEL WEINSTEIN on how it will impact list of the spaces you Midtown’s fl ourishing must see before it comes Far West Side. to an end in mid-June. Mark Menendez was misquoted in the March/April 2012 issue of Luxury Rentals on page 12, 2nd paragraph. That statement was made by another agent. We apologize for the error. 4 LUXURY RENTALS JUNE/JULY 2012 LR_0612_Mast/TOC.indd 4 6/1/12 3:29:32 PM SKIP THE HAMPTONS SUMMER AT MERCEDES NOW LEASING STUDIOS 1 BEDROOMS 1 BED HOME OFFICE 2 BEDROOMS FROM $2,400 FROM $2,900 FROM $3,550 FROM $4,000 STUNNING RENTAL APARTMENTS WITH 80,000 SQ FT OF UNRIVALED AMENITIES 212.876.6666 MERCEDESHOUSENY.COM 550 W. 54TH STREET Untitled-14 1 5/30/12 6:32:34 PM MARKET OVERVIEW A view of the Queensboro Bridge from 3 Riverview Terrace. SUMMERrental prices in SIZZLE the city As temperatures go up, so does the New York luxury rental market By Lara Rosenblum NEW YORK CITY’S LUXURY rental mar- The summer housing market in the all of whom are competing for housing,” she ket remains relatively shielded from turbu- city is limited by new construction—sup- said. “People tend to take vacation time in lence. When price isn’t the issue, housing ply remains low while demand steadily the summer as well, and they’ll often use stock finds a way to makes itself available increases—and there are plenty of other some of that time off to make a move, espe- and, without scarcity, prices remain rela- contributing factors. Laurie Zucker, a prin- cially families with school-aged kids.” tively stable.
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