Welcome to 9 E 16 St
9 East 16 Street, New York, NY
| Developer |
Milan Associates |
| Property Type |
Rental |
| Total Units |
15 Oversized Lofts + Restaurant Space |
| Property Acquired |
June 2012 - $15,300,000 |
| Rents When Acquired |
$31 to $39 Per Square Foot |
Overview
In 2012, the developer sought to improve the interiors and rent roll of this Renaissance Revival style loft building just off Union Square Park, which had been a middle market rental property since the last renovation in the mid-1980s. The loft units, while spacious (950 to 2,200 sq. ft.), were dated in appearance and finish, and the rents lagged below market because the units had not kept up with interior design and layout trends.
BOND’s Mission
- To collaborate with the developer and their architect to preserve the prewar character of the building and also bring the property up to date on interior finishes and layouts, in order to bring the rents up to and exceed market levels.
- To make recommendations about design, finish, layout that would ultimately lead to increased pricing at or above market value.
- To re-brand the property to the Manhattan rental market and to establish 9 E 16th Street as a premium destination at the center of downtown culture, shopping and dining.
- To represent the property as Exclusive Leasing and Marketing Agent in the gradual lease up of newly restored and renovated loft units.
- To re-lease any vacancies when they would occur and to make recommendations about rent increases for both renewal leases and vacancy leases based on current market comparables.
Results
BOND’s regular consultation and collaboration with the developer resulted in the creation of highly refined classic residential lofts that will withstand changes in decorative trends with more useful and aesthetically appealing layouts, higher level finishes, more natural light and an overall elevation from middle to high end market share. Deliberate advertising, marketing, social media and refined— but aggressive salesmanship assured brief time on market for each unit offered. As a further result of BOND’s influence, rents were elevated 70% to 100% from 2012 to 2015, with rents at the time of sale ranging between $66 and $72 per square foot, supporting a sale price of $30,000,000, nearly double the 2012 purchase price.
