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Mentioned in this Article:
Stephen G. Kliegerman

Stephen G. Kliegerman
President of Development Marketing

New York Observer

What Is Ahead For Residential Real Estate

By Lauren Price

Stephen G. Kliegerman, the executive director of development marketing at Halstead Property told us there are now two million renters spread out through all five boroughs. “People move into the city because there are still jobs here,” he said. “They need space and renting is a great option for those hoping to get financing when the financial markets ease up. Interesting enough, we’re doing very well in selling Toren, in fact it’s the fastest selling development in the city since coming on the market last fall…and we’re already 50 percent sold at record-setting price points on an open square foot basis. We’re still going ahead with starting sales mid-2009 for 384 Bridge Street in Brooklyn, which will be the tallest building in Brooklyn, which is expected to open in 2011."

Bruce A. Beal Jr. an executive vice president at the Related Companies is the force behind the company’s very successful hybrids (One Carnegie Hill on the Upper Eastside was the frst and a third is being built in Boston’s Back Bay area). Made up of beautifully designed luxury rentals and luxury condominiums, the now open The Caledonia on West 17th Street with direct access to the elevated High Line Park
is yet one more success story for Related (read: Time-Warner Center, the Shops at Columbus Circle, LEED-registered Snowmass Village in Colorado).

“We believe that in some markets, there are those who want to rent and there are
those who like to buy and with hybrids, we can offer either option,” Mr. Beal said. “With a large building, it is financially sound to ofer topdrawer amenities that are
shared by all the residents. In certain neighborhoods, we have found that there’s a
large concentration of both renters and buyers at certain price points… and both the Upper Eastside and the High Line neighborhood fit that description, which has much to do with our being 90 percent leased and basically 100 percent sold The Caledonia. Moreover, a good many of our renters become our buyers…maybe 20 percent. We offer a lifestyle that is embraced by our customers, so there’s not a
lot of turnover.”

Jefrey E. Levine, chairman of Douglaston Development, is currently developing 316 Eleventh,a residential rental high-rise in the now hot Hudson Yards area, it’s expected to welcome tenants this coming summer. Mr. Levine said, “With the lack of financing available right now, rentals prevail."

Monday, January 19, 2009