Welcome to 2600 7th Ave
1 Christopher Street, New York, NY
| Developer |
2600 Seventh Ave Realty LLC / Truss Development |
| Property Type |
Rental |
| Total Units |
103 |
| Initial Offering |
October 2020 |
Overview
Construction neared completion of this brand new development just as the COVID-19 pandemic locked down New York City and changed the direction of business for the foreseeable future. Although BOND began marketing the property as condominium sales, the change in market conditions prompted the sponsor to change the focus of the project from condo to rental. BOND adapted its luxury branded condominium marketing campaign to promote luxury rentals at the highest rents ever advertised or secured in the central Harlem neighborhood surrounding 150th Street and Adam Clayton Powell Blvd. BOND staffed and managed an onsite leasing office, which was open daily throughout 2021 as the apartments were leased up, mostly during the spring and summer months.
BOND’s Mission
-
To consult and collaborate with the developer to create two identity campaigns - first for condominium marketing, and subsequently for the rental campaign that filled the apartments during the first three quarters of 2021.
-
To design and execute a visual brand, logo, photography, signage, 3D tours for use in all advertising and marketing in order to create a luxury market in an otherwise non-luxury area.
-
To design and execute interior apartment staging that would portray an upscale and luxurious lifestyle in order to attract high earning consumers to a neighborhood location that was not yet known for luxury housing.
-
To work directly with the owners, builders, architects and legal team in order to realize a unified and upscale presentation which would drive the highest possible revenue to the landlord.
-
To represent the property as the Exclusive Leasing and Marketing Agent, staffing and maintaining an onsite leasing office, coordinating all property presentations, managing all negotiations and leasing administration and supporting ownership as they established a large scale leasing business in order to stabilize the project for the project’s investors and lenders.
Results
The property was 100% leased up by Q3 2021, and BOND worked strategically to command the highest possible rents and lowest possible concessions. BOND remains as the exclusive agent and works strategically with ownership to maximize rents for renewals and future vacancies.
In the first half of 2022, BOND brought about 28–35% year-over-year rent increases across the portfolio, supporting ownership in retaining half the tenants and turning over the other half of the residences as leases expired in Q2 and Q3.
