Welcome to Q-East
178-02 Hillside Avenue, Queens, NY
| Developer |
Piermont Properties |
| Property Type |
Rental |
| Total Units |
130 |
| Initial Offering |
July 2019 |
Overview
By the time BOND was engaged to represent Q-East as its Exclusive Leasing and Marketing Agent, all of the major design, layout and unit-mix decisions had been made and the building was in its final stages of construction. The developer had originally worked with a graphic designer to create some identity collateral with the intention of leasing the building up on their own. As the developer neared completion of the building which occupied an entire city block on Hillside Avenue, they needed to work with an experienced marketing and leasing partner in order to allow them to remain focused on finishing the building and obtaining a TCO. BOND was able to adapt the early collateral content created by a former designer and tune it up into a luxury brand for a non-luxury area. BOND’s in-house marketing department created a logo, website, and style guide for the building.
Q-East was the first Manhattan style new doorman development on Hillside Ave, dividing the middle class Jamaica Hills area from the more upscale Jamaica Estates, just across the avenue. The building was situated directly on top of the 179th Street subway station, allowing BOND to market to a Manhattan workforce who could commute 35 minutes east to save 40% on rent. As the pioneer luxury rental on Hillside Ave, the rent prices were offered and achieved at historic high levels. BOND established and staffed an onsite leasing office, working originally from staged model units as the construction wrapped up. The challenge was identifying financially qualified tenants to fill the apartments. BOND was given a priority by the owners to lease only to the most financially stable tenants, and there would be very little accommodation for credit or income risks. This proved to slow the absorption rate, although BOND was successful in screening for the most financially qualified, lowest risk tenants. As the building passed the halfway point in leasing apartments, the COVID pandemic caused leasing activities to suspend, effectively for the summer of 2020, before BOND was able to resume more regular leasing activity to complete the lease up.
BOND’s Mission
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To work with the developer to establish the luxury brand in an area where luxury is unexpected and to lease up all of the units at the highest rents ever established in the area to the most financially qualified tenants possible.
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To adapt and improve identity collateral to create an aspirational lifestyle brand for the property which would attract the most financially established consumers from the area as well as to attract tenants from outside the area to this new destination building.
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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 methodically leased at the highest historic rents ever achieved in the Hillside Avenue area of Jamaica, Queens. The tenant experience and residential environment has established new benchmarks for new development in this area. BOND remains attached to the property handling vacancy leases, marketing upcoming vacancies and leasing administration.
