Interior of a residence at The Allyn, a new super luxury rental development in Manhattan’s Carnegie Hill enclave.
Gordon Property Group
As we’ve progressed deeper into 2019, Manhattan’s rental market has continued to gain strength. The reason? Many experts believe it is the fact increasing numbers of potential buyers in the luxury segment are instead shifting their attentions to renting.
That is borne out in several statistics underpinning the emerging move to high-end apartment living. According to the Douglas Elliman March 2019 Rental Report, vis-à-vis February 2019, March of this year witnessed a sharp increase in number of new leases above the $10,000 a month level. Specifically, 98 more leases were recorded on luxury rentals in this price range in March, representing a 28.5 % leap over February.
Douglas Elliman also reported luxury rentals in the top 10 % of the market performed better than the market in general. Median rental rates in this category rose 5.9 % year over year to $9,000 a month. Elliman noted purchase market weakness continues to propel the ultra-luxury apartment leasing market. That only makes sense, given that luxury home buyers are inclined to view apartments as safe havens until ready to buy.
Limited options
The trends we’ve identified are likely of too recent a vintage to have incentivized many developers to respond with top-of–the-line rental apartments, particularly apartments in the three- to five-bedroom size configuration and those featuring time-tested hallmarks of luxury condominiums, like high-end finishes, expansive floor plans and parking.
All of these considerations might leave some observers pondering whether the official launch of a Gordon Property Group super-luxury apartment building could signal the start of a move by developers to meet the emerging demand for ultra-high-end rentals.
The ultra-exclusive property is The Alyn, a newcomer to the Upper East Side’s Carnegie Hill neighborhood. Despite The Alyn’s rental rates ranging from more than $10,000 to $35,000 monthly, the building is already 30 % leased as spring first move-ins approach.
Situated at 152 East 87th Street, the 20-story structure features just 20 units, with a maximum or three homes on any one floor. The one- to three-bedroom apartments extend in size from 900 to almost 3,000 square feet, and offer finishes and features that include Italian glass-front cabinetry, natural stone countertops, Miele kitchen appliances, wide-board oak floors, Nest Thermostats and floor-to-ceiling windows.
Round-clock staff
Designed by acclaimed New York City architect Ismael Leyva, the Alyn features an array of amenities, including that rarest of Upper East Side conveniences, a carport garage. Also offered is a 2,400-square-foot children’s “playscape;” multi-level wellness center designed by cutting-edge fitness company HOMAGE, treatment room and relaxation space; 2,600-square-foot outdoor terrace with landscaped gardens; 24-hour doorman and 24-hour luxury concierge; and full-time staff of porters and handyman.
“The Alyn addresses the unmet demand on the Upper East Side for rental apartments with the space, finishes, privacy and amenities on par with high-end condominiums,” says Timothy Gordon, Gordon Property Group managing director. “Additionally, in times of market uncertainty, renting becomes an even more attractive option.”
Gordon Property Group envisions The Allyn a structure of particular interest to families, given the size of its residences, family-friendly amenities and proximity to some of the city’s most prestigious public and private schools.
“The Alyn is a disrupter in the New York residential rental market,” says Richard Cantor, principal of Cantor Pecorella, the exclusive marketing agent. “Over the last 10 years, as other rental properties create smaller living spaces for residents, The Alyn in contrast offers something quite unique. Here you will experience extra-large, spacious homes with top-of-the-line appliances and amenities, and above all, comfort matched with privacy . . . People can rent larger, livable residences with all the bells and whistles of a top notch, luxury condo. We are creating a new standard in Manhattan rentals.”