New York—Crescent Club, a recently opened luxury community in Long Island City, N.Y., is proving that residents yearn for condo-quality features without the stress of owning. The community, which was purchased by Meadow Partners and Simon Development Group, was originally developed as condominiums and now features 130 rental units.
“Meadow Partners and Simon Development Group purchased Crescent Club with the goal of re-launching it as a luxury rental property to take advantage of the flourishing rental market in the area and the growing appeal of Long Island City as a viable residential option,” Jacqueline Urgo, president of The Marketing Directors, Inc., tells MHN. The Marketing Directors is the building’s exclusive marketing and leasing agent. “The benefit to renters is that they’ll be moving into an upscale building that was specifically designed for condominium ownership, so they’ll enjoy a high level of interior finishes and an elaborate amenity offering that wouldn’t typically be available in a rental building.”
Some of the amenities include a 24-hour attended lobby, fitness center, rooftop lounge, residents’ lounge and business center. Crescent Club also features an outdoor space that includes a pool, grill and dining area, lounge seating, sunbathing areas and an outdoor shower.
The apartments, which include studios and one-, two- and three-bedroom units, all have in-unit washing machines, chef-inspired kitchens, stainless steel appliances, rain showers and soaking tubs. Rent prices range from $2,100 to $4,700.
According to Urgo, Crescent Club’s location—walking distance from a subway that allows for a speedy commute into Manhattan—adds to its appeal.
“When you couple [the amenities] with convenient train service to midtown Manhattan in about seven minutes and monthly rents that are far below what you’d have to spend in Manhattan and parts of Brooklyn, you have a compelling value and lifestyle proposition that is fueling the growth of Long Island City,” she says.