Manhattan Luxury Apartment Oversupply

Why Extell s not concerned for its new building, despite a flooded luxury market The oversupply forced some rents to drop by 11% in February.

(Credit: Extell)

Residents are beginning to move into Extell Develo上海千花网交友

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pment s new luxury rental building at 510 East 14th Street in the East Village and timing couldn t be worse in theory.

In February, an oversupply of high-end units brought apartments with monthly rents at $10,000 or more down by about 11 percent to an average rent of $12,925. Additionally, a Douglas Elliman report found that 36.2 percent of buildings offered tenants concessions to sweeten the deal, as The Real Deal reported.

Extell s 110 market-ra爱上海龙凤419桑拿

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te apartments in the building, which can range in size from studio apartments to three-bedrooms, are supposed to rent from between $3,695 up to $12,510 for a three-bedroom unit. The d爱上海同城对对碰

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eveloper is also offering two months free rent.

Director of residential sales and leasing, Anna Zarro believes the building is in a really special position given the sub-market we re in, and said applications for the units have been coming in steadily, though she didn t give exact numbers. There s n上海夜网论坛

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ot so much new, well-thought out luxury product with the lifestyle considerations that we re providing.

Some of the amenities Zarro believes will seal the deal include a rooftop terrace, a large gym and pool area and a series of enormous private backyard terraces.  Balconies or the ba上海千花网论坛

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ckyards are attached to 52 of the units.

I think that s going to set us apart a little bit, said Zarro about the outdoor space, which tenants can landscape to their own taste. Time will tell, but it s not slowing down Extell s plans; the company is in final stages of securing its next development site on the Upper East Side, as TRD reported.

Here s a look at what one of EVGB s two-bedroom units going for just over $9,000 per month.


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