Welcome to Convivium
515 East 86th Street, New York, NY
| Developer |
Carrera RS, LLC |
| Property Type |
Rental |
| Total Units |
140 |
| Initial Offering |
July 2020 |
Overview
BOND collaborated with the developer over a five-year period, throughout the architectural design process, contributing market perspectives to every phase of the planning of unit mix, layouts, amenities, finishes and tenant experience for a 22 story luxury rental tower. The firm projected and consistently updated rent rolls based on active market comparables and anticipated demand in a prime Upper East Side location in Manhattan. As construction neared completion and marketing was due to launch, most of NYC was still locked down during the first major COVID-19 wave in the early summer of 2020. BOND worked with the owner to popularize the new property in a decimated rental market through a combination of aggressive marketing and advertising as well as concessions and promotions which attracted consumers even before the lockdowns eased in Manhattan.
BOND’s Mission
- To consult and collaborate with the developer to plan and launch the neighborhood’s most appealing luxury rental property and to plan and execute a marketing and leasing campaign which would fill the vacant building as quickly as possible at the historically highest rents the area has experienced, despite the effects of a once-in-a-century pandemic.
- To design and execute a visual brand, logo, photography, signage, 3D tours and website for use in all advertising and marketing in order to create a luxury identity which would elevate the property in a highly competitive submarket.
- To design and execute interior apartment staging of numerous units that would portray an upscale and luxurious lifestyle in order to attract high earning consumers aspiring to establish themselves at the top of the luxury residential market.
- To become the public face of the property, representing the new development as the Exclusive Leasing and Marketing Agent, staffing and maintaining an onsite leasing office seven days a week, 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 building for the project’s landlord and lenders.
- To remain active as the property’s onsite leasing agent subsequent to the project’s full occupancy, continuing to support the owner with ongoing promotion, marketing, advertising and leasing administration as units turned over after the first year.
Results
The building was fully leased within its first 10 months on the market in spite of construction delays and COVID-19’s effect on the most prosperous population who had decamped from Manhattan during the pandemic. Gross rents exceeded area highs, and concessions were gradually decreased as the occupancy level increased. Upon first vacancies, BOND has been able to bring rents up to or above market expectations, seeing increases of 15%--20% for second tenants.
