Change of Plans: 119th and Third, originally planned as condos, now offers 90 rental units with city views. Monthly rents range from $1,650 for a studio to $4,750 for a three-bedroom.
Credit: Muss Devlopment Co.
If the modern exterior with a mix of limestone, brick, concrete, and glass looks like it should be a for-sale building, there’s good reason. The property, 119th and Third, was designed for upscale buyers but was switched to rentals this past May due to the tough economy.
In 2006, Forest Hills, N.Y.-based Third Avenue Associates, with Forest Hills, N.Y.-based Muss Development Co. as the development partner, hired New York-based Barry Rice Architect to design a 12-story structure in the East Harlem neighborhood, also known as Spanish Harlem, close to the northern part of Central Park. “The neighborhood was evolving,” says principal Barry Rice. “This was planned as one of seven to eight new buildings, the first wave of new development.”
Rice’s goal was to find an architectural vocabulary that fit the low-rise scale of its mixed-use neighborhood, yet would take a step forward and appeal to buyers. He designed the stepped-back look in different materials for an intimate scale. Light-colored brick pays homage to a neighborhood material, while generous glazing brings light and views into the interior.
Ground was broken February 2008. The 90 units were marketed three months later, with one-bedrooms priced between $385,000 and $575,000. A year later, the economic downturn convinced the developer to switch to leases.
Renters are the beneficiaries of a 24-hour concierge and refrigerated storage locker in the slate-paved lobby; a third-floor windowed gym; indoor parking; and an 1,800-square-foot rooftop terrace with private cabanas. Apartment units reflect Rice’s same attention to detail with 8-foot windows; 9-foot ceilings with coffer styling; granite countertops in the loft-style kitchens; marbled bathrooms; and oak flooring.
Rent-stabilized prices are another draw. The smallest unit, a 555-square-foot studio, leases for $1,650 on a 26-month lease, and the largest—a 1,595-square-foot, three-bedroom with a terrace—goes for $4,750. Roughly 35 percent of the units are leased.
Spring Valley, N.Y.:
Spring Valley Senior Apartments
Credit: Ronald L. Glassman
The newly-opened $18 million Spring Valley Senior Apartments offers 53 affordable rental units for seniors 55 years and older who earn 50 percent or less of Rockland County’s median income. The four-story building consists of 11,000 square feet of commercial space on the first level and three rental floors above. CPC Resources and Rockland Housing Action Coalition co-developed the building with financing provided through a combination of private and public funds, including low-income housing tax credits. The project also represents the first phase of an urban renewal plan that will help revitalize downtown Spring Valley.
Burleson, Texas:
The Burleson Transit-Oriented Development District is gaining another place to live with the start of construction for Encore at Asbury, a 200-unit apartment community from Encore Multi-Family, a subsidiary of Encore Enterprises. Construction of the three-story building is expected to be complete in early 2011 and will help provide housing for the fast-growing suburb, located 12 miles from Fort Worth, Texas. Designed by JHP Architecture, the building will include a clubhouse with a pool, fitness center, business center with Wi-Fi, coffee bar, and game room.
Riverdale, N.J.:
Developer Trammell Crow is moving forward with the construction of the 212-unit Alexan Riverdale luxury rental community, two four-story buildings on a 15-acre site. The first phase is expected to begin leasing in spring 2010. Impetus for the project came from the success of the company’s nearby Alexan CityView, the proximity to Route 23 providing access to Manhattan, and the overall strength of the New Jersey rental market. The building will include a 5,000-square-foot clubhouse with an outdoor pool, fitness center, spin room, teaching kitchen, and resident lounge. The units will offer high-end granite countertops, stainless steel Energy Star appliances, wood floors, islands and glass-tile backsplashes in kitchens, and balconies.
Charlotte, N.C.:
The Flats at Mallard Creek
Credit: CampusWorks
To better serve the growing student population at The University of North Carolina at Charlotte, Vestcor Communities is developing 131 student housing apartment units with a total of 386 beds at The Flats at Mallard Creek. The development, which is being constructed by an affiliate of CampusWorks, features two buildings, is within walking distance of the campus, and will include two- , three-, and four-bedroom units. The units feature walk-in closets, satellite TV, high-speed fiber optic Internet access, and energy-efficient appliances and fixtures. For relaxing, there’s a shared game room, indoor basketball court, state-of-the-art fitness center, and resort-style outdoor pool, deck, and grilling area. Construction began last fall and the property will open in August 2010.