New York City’s pandemic-battered apartment market has picked up in recent months, giving a boost to developers such as Charney Cos. and Tavros Holdings, which have managed to fill up half of their new 23-story rental tower in Brooklyn’s Williamsburg neighborhood.
Move-ins to The Dime began in the early summer, during the city’s COVID-19 lockdowns, and leasing accelerated “drastically” during October, November and December, the companies announced. Rents at the 177-unit property start at about $3,000 for studios and more than $7,000 for three-bedroom apartments. The tower also features penthouses with wraparound terraces starting at more than $13,000.
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Designed by Fogarty Finger Architecture, The Dime is located at 275 S. Fifth St., one block from the Marcy Avenue J, M and Z subway lines and one stop from Manhattan. The Art Deco-inspired adaptive reuse project incorporates the historic Dime Savings Bank building and houses 55,000 square feet of ground-floor retail space. The Dime’s entire fifth floor comprises a terrace, community garden, yoga space and cooking areas and other amenities include a lounge, basketball court, fitness center and in-house wellness programming.
Leasing of the project launched last May, with Douglas Elliman Development Marketing leading the virtual, no-contact leasing effort. The brokerage noted that 3D tours and online collateral captured significant initial interest from both local New Yorkers and prospects looking to move from other parts of the country. Contract-signing has accelerated with the building available for immediate occupancy and the onsite leasing office now open.
Across the East River, Manhattan’s rental market is also starting to recover. The number of new leases rose to 5,459 in December, up 94 percent year-over-year, according to a report by Douglas Elliman and Miller Samuel. The improvement marked the third consecutive month of annual leasing gains.