Former NYU Housing Opens as Rental Property with Larger Units and Reduced Rents

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By Anuradha Kher, Online News EditorNew York–200 Water Street, formerly a New York University faculty housing community, is now re-opening as a luxury rental property. Owned and managed by Rockrose Development Corp. since 1997, 200 Water was built in 1971 by Emery Roth & Sons, Associate Architect for the World Trade Centers, and converted into […]

By Anuradha Kher, Online News EditorNew York–200 Water Street, formerly a New York University faculty housing community, is now re-opening as a luxury rental property. Owned and managed by Rockrose Development Corp. since 1997, 200 Water was built in 1971 by Emery Roth & Sons, Associate Architect for the World Trade Centers, and converted into apartments in 1988 by Avinash Malhotra. It is located between John and Fulton Streets in the South Street Seaport neighborhood of Manhattan and was home for NYU faculty for 10 years.The 32-story, 576-unit newly renovated project features several new amenities, along with an unusual perk that gives residents VIP access to Grimaldi’s Pizzeria, which is opening up next door and is believed to attract long lines of patrons.  The units at 200 Water Street are considerably bigger, on average 30 percent larger than comparable units in new construction. Some of the one-bedroom units are over 1,000 square feet and feature a second bathroom as well as a foyer or home office, while many of the studios are nearly 700 square feet. Two bedroom units are up to 1,500 square feet and duplexes range between 1,000 and 1,400 square feet and feature 21-ft.-high ceilings. Apartments on the 7th floor have large terraces.  “Because of the immense space available in the units, they are very comfortable for both shares and families,” notes Jodi Berman, project manager, Rockrose Development Corp. “There are few other buildings that offer such extreme convertibility.” Market-based incentives are being offered for the first two months; monthly apartment rents are priced from $2,045 for studios, $2,470 for one bedrooms, and $3,715 for two-bedroom units. “The units are competitively priced with popular outer borough neighborhoods,” says Gargan Scott.  “People who have been priced out of Manhattan now have the opportunity to move back.”The building’s oversized windows are also unusual for Manhattan’s cookie-cutter apartments. “They provide a massive amount of natural light into the units and views of the East River, the Manhattan and Brooklyn bridges, and neighboring South Street Seaport,” states Kathleen Gargan Scott, vice president of marketing and leasing for Rockrose Development Corp. “No matter what floor you are on you are guaranteed phenomenal lighting, views or both.”The units have been renovated to include new appliances, and common areas in the building have also received significant upgrades, with new carpet and wallpaper in the hallways and a refurbished lobby. Amenities include a 24-hour doorman, laundry room, valet service and fitness center. A new tenant lounge on the 6th floor will have comfortable seating, a billiards table and flat screen TV. The 33rd floor rooftop terrace–which is longer than a city block–features chaises, card tables, cabanas with sunshades, a BBQ grill, WiFi access, vending machines and semi-private spaces. To cool off, residents can pull a chain off the roof’s water tower to turn on a waterfall shower. The first phase of the roof deck will be completed for August 2009 use, with planting bed installation to follow in the late fall.

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