special advertising supplement to the New York Observer

Luxury Rentals
April 2010
Monthly

Exclusive
Guide to
NYC Rentals
Brooklyn is Booming!
What to Know
AboutThis Summer’s
Hamptons Rentals
And More...

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 A Special Advertising Section Of The New York Observer
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Luxury Rentals
The view from Downtown
Brooklyn’s new rental
Monthly
building, The Brooklyner.

Checking in on Luxury Rentals ALL IMAGERY IS ACTUAL PHOTOGRAPHY

Experience how the reality of The Lucida has stayed

L
ooking towards summer, the anticipation itself seems to ing in Downtown Brooklyn is creating a leasing environment which absolutely true to the vision. With its dramatic glass
be driving the luxury rental market. Brokers, anticipating may be inching towards Williamsburg status. Limited opportunities remain — now open and ready
that traditionally strong season, may test the market ear- “This year so far we are seeing the market go up, not to say the façade, richly styled interiors, filtered fresh air and
ly with reports that rents stabilized in January and rose in pricing will rebound to wear it was pre 2008,” says Daniel Hedaya, for immediate occupancy. T wo- and three- bedroom
unmatched entertainment and spa facilities, it is the
February bolstering the optimism in the luxury rental market. In- Executive Vice President of Platinum Properties, a boutique bro- luxury rental apartments now available at the Upper
centives and amenities seem to be drivers in the now steady leasing kerage specializing in luxury developments. In Midtown West, “you newest neighborhood classic with every detail built East Side’s most d esirable ad d r es s . P lea s e c a ll fo r a
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West continue to see developments open, usually offering tenants daya. However, “places like the financial district- it’s clearly not as
concessions, and the possibly unprecedented pace of luxury rent- desirable, but, that being said, we have these amenities packages
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Rental conversions are still taking place and new developments,
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such as The Ashley in the Riverside South neighborhood, devel-
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Jeffrey Kaye, Vice President of Development for Gotham Organi-
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4
 The Backyard
New Studio, 1 & 2 Bedroom Rentals
Studios from $1850
1 Bedrooms from $2000

Avalon Fort Greene.

Brooklyn The Beach

Downtown Brooklyn— the New Williamsburg?

Borough

Mon

Brooklyn Bridge Blvd

taqu
e
Myrtle Ave
Now the tallest building in the M N R W

borough, The Brooklyner isRems 2 3

en S A C F
located in Downtown Brooklyn, t Metrotech Walk
4 5

Jay St
a new residential neighborhood
that lies at the core of Brooklyn Joralem
on St
Borough Hall Willoughby St M R
Heights, DUMBO, Fort Greene,

Lawrence St
Boerum Hill, Cobble Hill and Fu
lton

Bridge St
St

t
rt S
Carroll Gardens

l
um P
Cou
Nearly every subway line is accessible within 3 blocks

Boer

St
Liv
ing

ith

l
st

in P
24-Hour Concierge • On-Site oValet
nS Parking

Sm
t

llat
Ga
Bike Storage • Lobby Coffee Bar & ATM
State-of-the-Art Gym
Free Amsterdam-Style Cruiser Rentals for Residents
51st Floor Rooftop “Beach” & Lounge
Backyard with Grills & a Fire Pit
80 Dekalb.
Lodge featuring Skee Ball & Billiards
Gaming/Screening Room

“I
t’s all about pricing,” in Brook-
lyn, says Daniel Hedaya of
Platinum Properties. “Down-
town Brooklyn is seeing a tre-
mendous amount of action.”
It is. BKLYN Gold, The Brooklyner, Avalon
Fort Greene, and 80 Dekalb are all renting
steadily and there are more luxury develop-
ments in the pipeline, such as the unnamed
new project by Citi habitats (which sources
say opens in June) and The Brooklyner’s
sister tower (rumored to open around the
same time).
“Tenants are price-driven more than any-
thing else. They are looking for a bargain,
and the best amenities,” says Mr. Hedaya.
With the pricing on point, even brokers
who felt that development in the region was
over-anticipatory are eating their words.
The attitude among brokers can be
summed up thusly – “I was skeptical, but
the numbers do not lie.” While the top floors
and three bedrooms in these luxury towers
may still be unoccupied, the $1200 studios
at The Brooklyner, that were perhaps avail-
able two months ago, are all but extinct. Ac- 718-246-0111
cording to The Real Deal, the secret of the www.TheBrooklyner.com
borough’s success is incentives. “At the
Brooklyner…90 units were leased within
the first month, roughly half of those avail- A Clarett Group Development

6 Brooklyner-observer ad 2.indd 1 3/18/10 3:12:17 PM7

 184 Kent.
able,” the industry trade said in
January. The tower offered two
months of free rent. At BKLYN
Gold The Real Deal says some
tenants were getting up to five
months free.
Jennifer Hall, residential bro-
ker with Brooklyn-based Realty
Lab, agrees that “they are do-
ing a very good job with pric-
ing and amenities,” but is not
as enthusiastic on the market.
Downtown Brooklyn will not
be sporting Soho prices come
fall- it’s an entirely different
ball of wax. “They aren’t gon-
na go ‘boom!’ like they want-
ed to, but I don’t think they
are going to go bust. There is
enough demand at that price
point.” She says her clients are
thrilled by amenities and often
willing to pay extra for them.
People want a Manhattan qual-
ity of life in Brooklyn, and it
doesn’t come quite as cheap as
Upcoming Neighborhood Guides
Observer Guide to Upper Manhattan ➤ On stands April 14th
Observer Guide to Downtown ➤ On stands April 21st
Observer Guide to Brooklyn ➤ On stands May 12th
Observer Guide to Upper West Side ➤ On stands May 19th
For more information, please contact:
Robyn Weiss, Associate Publisher,
Observer Neighborhood Guides, Phone: 212-407-9382
Email: rweiss@observer.com
8
you might think. “$2,000 for a
gym? That is not priced outra-
geously,” says Ms. Hall.
The problem now is that the
rentals leftover are the more
expensive ones. Ms. Hall be-
lieves Avalon Fort Greene is
entirely rented from the ninth
floor down, but the units now
Downtown Brooklyn’s
Luxury Towers Bring Amenities
and Concessions
available all go for more than
$3,000 per month. However,
she thinks the tiered pricing
strategy was very effective in
getting units rented. “These
places are changing their pric-
es weekly. I remember one
week when all two bedrooms
went up by $500,” in one of
these four Downtown Brooklyn
high-rise towers, says Ms. Hall,
but she declines to say which.
This is at least partly because,
as Clifford Finn, Managing Di-
rector of Marketing at Citi Habi-
tats reminds us, living in Brook-
lyn is now “a lifestyle choice.”
People are moving to Brooklyn
for Brooklyn’s sake and less in
order to escape Manhattan, lit-
erally and financially, as has
been the tradition.
And given how development
and gentrification interplay, Ms.
Hall has a very positive outlook
for inner Brooklyn as a whole. “I
actually think that these build-
COME
ings may not be full in a year,
but [this development] is defi-
nitely going to change the face
of the area,” she says. “There
is going to have to be a grocery
store, restaurants will have to
move in.”
Which buildings are the big-
gest winners? Jennifer Hall says
BKLYN Gold has the best ame-
nities. “I think for the amenities
you are getting the best bet: a
HOME
pool, gym- all free with rent. It’s
the furthest from the subway
though.” Clifford Finn, though
perhaps biased, says its 80
DeKalb, with its views over Fort
Greene park.
Mr. Hedaya of Platinum Prop-
erties takes an even longer view
on Brooklyn developments-
“I’m sure [these developers]
got it for a great price,” says Mr.
Hedaya. So for now at least, it
feels like landlords and renters
are winning.
retraction
Last month’s Luxury Rentals
section incorrectly stated that the
building known as Emerald Green
was developed by Douglaston De-
velopment. In fact, Emerald Green
is the latest luxury rental building
managed, owned and developed
by Glenwood. Douglaston has ab- Apartment Rentals
solutely no connection with Emer-
ald Green. Emerald Green’s on-site
W W W. BRODSK YORG .COM
leasing office is located at 320 West
38th Street. For more information,
212 986 6655
please call (212) 695-3838 or visit
www.emeraldgreennyc.com.
 RENT BROOKLYN
Bid On the City ...find youtopia.
Rent Your Apartment Online… Literally

E
veryone in New York or bank-owned. The reverse,
City who has rented or Dutch, auctions (meaning
an apartment here the price goes down, not up)
has wondered: “Does are not binding to the seller
it need to be this difficult?” but are to the buyer 24 hours
Well, one company is present- after making a winning bid.
ing at least a partial answer to There is a reserve and Bid on
this perennial question. the City collects a fee, but Mr.
“The big problem in today’s Villani says, “people get inter-
market is the gap between ested by really low prices.”
what people are willing to pay On March 26th, Bid on the
and what they want,” says City is broadcasting live on
Ray Villani, Managing Direc- the web and on a station
tor of Bid on the City. Enter called Plum TV, an inaugural
BidOntheCity.com. The Web- Hamptons rentals event. The
site is a service (with a fee) for reverse auction will last only
brokers, renters, sellers and three minutes and bidding to
those looking to sublet high-end luxury rentals, particularly sea- rent the luxury home will take place online and via cell phone. For
sonal rentals. Specificity and transparency are key; the site func- more details check out BidOntheCity.com, or visit their bidding
tions as a narrowing tool to help people locate the most appropri- center at 226 Fifth Avenue.
ate rentals given their needs and desires- it is not an aggregator. Bid on the City may not want to revolutionize the real estate
“We aren’t some college kids looking to stand the industry on its industry, but they certainly want to streamline your search for
head,” says Mr. Villani, but he predicts that “when the market picks high-end rentals, a niche they seem ready to tackle. The website

Gina’s View
up this will become a preferred method,” for renting apartments. is looking to expand to Miami Beach and eventually Moscow and
The site focuses on rentals in New York City and is now expand- hopes to add features like bidding through your television as soon
ing to Hamptons rentals. None of the properties are distressed as possible.

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HAMPTONS
Quiet Luxury
Y
ou would think the luxury rental
market in the Hamptons could
be as volatile as the NYSE com-
posite index, but it seems to
make a little more sense than the world
of finance that supports it.
“If Wall Streets sneezes, we get a cold,”
says Matt Austin, a broker with the
Bridgehampton office of Prudential Doug-
las Elliman. And if the market historically
so reliant on Wall Street is any gauge of
its performance, Wall Street is doing fine,
just quietly. “I think Wall Streeters got bo-
nuses but they aren’t talking about it, so
maybe not renting the super high-end,”
says Mr. Austin. The sales and rental mar-
143 Herrick Rd,
Southampton
“speeds the process” “eBay for real estate”–“convenient”
– The Wall St. Journal/GlobeSt.com – CNBC News The Wall St. Journal/GlobeSt.com
Prudential Douglas Elliman
Broker Matt Austin Gives $55k to spare...
The Observer a Sneak Peek
at What’s New for Luxury “first real time auction site” “accomplished”
Rentals in the Hamptons – New York Magazine – The Wall St. Journal/GlobeSt.com
240 Little Plains Rd,
“totaling $21 million via three auctions” – Crain’s New York
Southampton
3 Minute Live Bidding
“just in time” “eBay for real estate” “buy online”
– CNBC News – The Real Deal
– New York Magazine
kets have picked up and are doing much and everything in between.” But keep
Best Hampton Rentals
better than last year, he says. it quiet- ostentatiousness is not on this
The market generally has its premiere season’s menu.
around President’s Day, and Mr. Austin says What are the hottest neighborhoods? As
a lot of “the good stuff,” has already been always, depends on what you are looking
“user friendly” “technically sophisticated”
snapped up. “The fear has been somewhat for. Mr. Austin says “Montauk is insanely
removed in the marketplace. There is still hot right now,” but the Easthampton, Lily
caution, but people are pulling the trigger Pond Lane area has the more conservative,
on fantastic deals.”
What are people looking for in Hamp-
tons rentals? “A spa in Miami,” Mr. Aus-
J. Crew catalogue luxury some people are
looking for. For celebrity sightings there is
Sagaponic in Bridgehampton. “Lots of bold
– Avenue Magazine – The New York Times
“Buyers from across the globe” – Fox News Network
tin says. Indoor basketball courts and face names,” says Mr. Austin.
amazing beachfronts sell well and Mr. “You can live the scene if you want, but
Austin says great design is also a big fac- really people come for the beauty,” says Mr.
tor. But not everything is super-luxe. You Austin.
“exceeding expectations”
can get “from beachy to sophisticated Yeah, whatever.
– Crain’s New York
“bid with the click of a mouse” “global on-line auctions”
– Fox News Channel – Inman News
BIDONTHECITY.COM HAMPTONS • MIAMI • MANHATTAN BUY • SELL • RENT ONLINE · ON TV · ON MOBILE
“accomplishes the objective of selling” “bid with the click of a mouse” “website for one stop shopping”
– The Wall St. Journal/GlobeSt.com – Fox News Network – Curbed.com
 Clifford Finn oversees all new development and on-site leasing and
sales properties as Managing Director for New Development Market-
ing for the Citi Habitats Marketing Group. Citi Habitats’ development
and on-site portfolio extends to some of the most luxurious Manhattan,
Brooklyn, New Jersey and Queens rental and condominium buildings.
Recently CHMG launched their first Brooklyn luxury rental, 80 DeKalb
in Fort Greene, Brooklyn, developed by Forest City Ratner & Compa-
nies, and plans to continue to develop in Brooklyn.

Q&A
Clifford Finn, Citi Habitats
The Observer: So tell me how you feel about Brooklyn buildings.
Places like Brooklyn Gold, Avalon Fort Greene, The Brooklyner, I
know you are involved with 80 De Kalb…
Clifford Finn: A lot of people have seen that Downtown Brooklyn was
the next frontier for [high-end luxury] building and living. There are a
lot of new buildings, and the ones that are open are absorbing very well.
What people have to remember is this - the assumption that people are
coming from Manhattan because they want lower rents is not always
the case. Not all of these buildings are a huge discount. A lot of people
are living in Brooklyn because they choose to live in Brooklyn. There is a
neighborhood aspect that there is less of in Manhattan, but people real-
ly are there because the transportation is so easy, they have been living
here for year, they call it home, etc. etc. In the past most buildings were
brownstones with no luxury amenities. Foar high rises, this is the first
slew of them. The people renting in them- they want someone to sign
for their fedex, someone to take their grocery delivery. A big percentage
of people moving into these buildings are people who have been living
in Brooklyn and people who are relocating to the New York City area in
general.
Q: I feel like the prices in Brooklyn are always a little higher than
I would have thought. As if you are not getting a general discount
just for moving to Brooklyn. And I suppose that’s because of public-
ity. People plan to, like, “move to Brooklyn,” from Ohio or wherever
these days.
A: It’s become a destination for people relocating because arts and
entertainment play a big part in how people decide where to live. There
was a thing on Sex and the City about how it’s cool to live in “the 718,”
and there it went. Fortunately or unfor-
tunately you have celebrities making
Brooklyn their home which adds to that.
Spike Lee has called Brooklyn home for
work and living for some time. There
are significant discounts from Manhat-
tan and then there are places that are a
not. There are still brownstone walk-ups.
Most of the new towers are a big dis-
count to other buildings of the same kind
in Manhattan but not to older doorman
buildings necessarily. There is a need for
new. People want new things- they are
buying a lifestyle. They give up square
footage for service and amenities.
Q: What new projects out there ex-
cite you most?
A: In terms of new projects we are
opening our second Brooklyn project in
the spring, a rental, 263 units. The build-
ing fronts on Schermerhorn and also on
Livingston. It’s called The Addison. Ten-
tatively, we have studios at $1800, one-bedrooms at $2100, one-bed-
rooms with offices for about $3,000, two-bedrooms at $3,450.
Q: What do you think of the other Downtown Brooklyn develop-
ments?
A: Of all the buildings built as rentals Downtown, 80 Dekalb is probably
the highest amenity package, and probably the best location. The build-
ing sits over Fort Greene park. The views are quite excellent. In terms of
design, it’s a step up from the other ones, it’s also probably renting the
fastest... we’ve rented half the building: 365 residences. But each build-
ing offers something a little different, each is sort of absorbing at its own
pace.
Q: Do you think the neighborhood will change with all this devel-
opment in Downtown Brooklyn? Sort of an “if you build it they will
come,” sort of thing? It has not traditionally been a real hot spot, at
least in my understanding.
A: Well, they came anyway- for many reasons. New York City is still
a rental city, over 70 percent of people here rent instead of own. And
people are always going to.
Q: And with the recession, was it maybe just a delay in the devel-
opment of that area?
A: You hit a rough patch but people still have to live somewhere. We
saw a drop in sales, but the 10 to 20 percent adjustment to the rental
market had to do with the luxury-level and location, wasn’t just across
the board. What happens is you start seeing incentives. There are
enough people renting because of them.
Q: How will these new luxury towers
change Downtown Brooklyn?
80 Dekalb. I think on Flatbush Ave., where there
are a lot of condos as well, you are prob-
ably going to see more retail. Many of
those buildings have retail [space]. You
might not see it in this economy, but as
things improve you will. In terms of some-
where like 80 Dekalb- our location- it has
already been an established restaurant
scene. That hip scene already existed;
we are attached to it in our location. In
Downtown Brooklyn it sort of is what it
is; it wont change that much because a
building went up. But Fort Greene- things
are different because of that restaurant
scene.
Q: It looks like the whole area has a
pretty bright future. Best of luck.
A: Thank you, to you as well.

14
 Dennis is a Senior Vice President at Corcoran and consistently a member of
the Corcoran Multi-Million Dollar Club which recognizes outstanding sales
achievements. He achieves the highest ranking among his colleagues across
the country with Corcoran’s parent company, NRT, ranking in the top 1.7 per-
cent among 56,000 sales associates and is a born and bred New Yorker
who made real estate a second career.
Q&A
Dennis Hugh, Corcoran
The Observer: So you were born and raised in New York?
Dennis Hugh: Correct
Q: What borough may I ask?
A: Actually I was raised in Queens and then my family moved to Nassau
County later.
Q: And you got your start in the business because you were looking
to make some side money, and then carved out your niche [buying
foreclosed properties] at auctions? In the 80’s??
A: Yes, well I got into it at the age of 39, 40 years old. I had been working
in the not-for profit world as an Executive Director, helping find work for
disabled people; I had invested in real estate. In fact, I had acquired sev-
eral apartments, which were bought for the sole purpose of investment,
and rented them out. And these were the days when co-ops were far less
expensive. The rate of return was high- one could easily cover the cost of
maintenance and a mortgage. At the age of 40 I was without a job, so I
thought I’d try this as a profession. So I got a license and started working
mainly in rentals.
Q: Why did you choose rentals?
A: Good question. At the time, the company I applied for was only look-
ing for people with sales experience and I only had my own experience of
buying and selling myself, not with a broker’s license. It was very fast mon-
ey. My very first apartment was a studio rental on Fifth Avenue for $2,000.
Q: Wow.
A: So, keep in mind this is 1990. So a $2,000 rental on Fifth was…
Q: A huge deal.
A: And of course the fee structure was fully enforced…. It was a nice en-
tré to the business. That was my second day as a real estate professional.
Q: How have you seen the market change since then?
16
226 East 67th Street.
HVW
A: There recently have been a lot of changes- important technology
changes have the agents far better equipped for anticipating the cus-
tomer’s needs. We can pull up a database of inventory whereas before,
in the olden days, we had what we called “flip cards,” or property cards,
in books and we would have to wait till the last agent was done before we
could look at the book. Now, it’s immediate feedback, immediate infor-
mation. I also think the customers nowadays are far more sophisticated.
They know what they are looking for. I think that helps an agent when they
are clear about what they want- which [is still] not always the case. People
are aware of the different offerings of buildings, what amenities they have.
And there are those [renters] that really care about amenities and others
who think that is unimportant. Not everyone needs parking.
I find that the clientele that I’m dealing with, they have a very clear point
of view as to what they are looking for.
Q: How do you feel about the trend towards more amenities? Is
that a flash in the pan?
A: No, I think it’s definitely here to stay. I’m working with a building right
RESIDENTIAL
now, 240 Central Park South, which has now installed a fitness center and
now storage is available in the building as well as bike storage. I don’t see RENTAL SERVICES
these amenities going away. I think the amenities are positively attracting
more qualified customers.
Q: How do you feel the market looks as compared with this time Reliability • Professionalism • Discretion
last year?
A: I think it’s on the upswing. I think there’s more optimism both on the
consumer side and certainly on the landlord side. Inventory is not as plen-
tiful as it was last year and certainly in the luxury market we need more
inventory. And I think the demand for luxury apartments tends to increase
as time goes on.
Q: Do you think there will be a huge drop-off with the number of Tungsten Property is a boutique brokerage active
luxury buildings coming to the market due to the construction slow- within Manhattan, and much of Brooklyn and Queens.
down of 2008? And could that propel the market even more?
A: No, a big part of the luxury rental market is in obscure buildings, the
sublet on Park Avenue, or Madison or Central Park West or any one of the We are adept at sourcing properties in all price ranges,
gold coast locations- downtown, uptown, east side or Westside. That de- and additionally for relocation or short-term.
mand…
Q: Will just always be there.
A: Right. For instance I just rented a three bedroom apartment west
Please contact us 24 hours a day 7 days a week at
of Madison in the sixties, for $26,000 a month. A three-bedroom plus a 1-8TUNGSTEN1 (1-888-467-8361)
maid’s room- an elevated townhouse. It was a good story. A mature cou-
ple, they had been living in a residential hotel, they had been looking for a or visit our site at
luxury rental and it took some time to find the right apartment for them. www.tungstenproperty.com.
They were very location-specific; they wanted to be in the sixties, they
wanted to be west of Park Avenue and a doorman was really not relevant
to them. What was important was the aesthetics of the apartment, the
space. So now they have almost 400,000 square feet.
Wow. That’s sounds like a great deal! Well thank you for taking the
time to talk with us. Best of luck.
tungsten property + 187 lafayette st., ph + new york, ny 10013
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