Welcome to 14 W 69th St
14 West 69th Street, New York, NY
| Developer |
Milan Associates |
| Property Type |
Rental |
| Total Units |
15 Residential Units |
| Property Acquired |
March 2016 - $12,250,000 |
| Rents When Acquired |
$60.00 Per Square Foot |
| New Rents Achieved |
$82.80 Per Square Foot |
Overview
The developer acquired a vacant apartment building off Central Park, which had been previously converted from a stately mansion into 15 rental units. The apartments were dated from the late 1970s, with old and faded kitchen and bathroom installations and sleep lofts in almost every unit obscuring the ceiling heights and opulent original detail. The building required a year-long major renovation, which included the removal of all the sleep lofts and new installation of kitchens, bathrooms and other cosmetic improvements. The developer recognized the value of the dramatic original 1890s detail, and he sought to preserve or restore the elegant finish wherever possible.
BOND’s Mission
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To support the developer in the search for a distinctive project where he could add value through renovation, providing rent projections and market consulting for numerous properties during the search process.
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To collaborate with the developer and their architect and interior designer to preserve the prewar character of the property and also bring the apartments up to date on interior finishes and layouts, in order to bring the rents up to and exceed market levels.
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To make recommendations about design, finish, layout that would ultimately lead to increased pricing at or above market value.
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To re-brand the property as a premium luxury destination within the Central Park Historic District and Lincoln Square vicinity.
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To represent the property as Exclusive Leasing and Marketing Agent in the gradual lease up of newly restored and renovated apartments.
Results
BOND’s ongoing consultation and collaboration with the developer resulted in the creation of 15 unique homes that dramatically surpassed the luxury design level of any competing property in the area. The property launched on time, with a solid identity and marketing campaign, at prices at least 38% higher than the building had previously accomplished.
