Lack of Buyers Pushes Developer to Convert Luxury Condo Tower to Rental Property

By Anuradha Kher, Online News Editor New York–New York City’s multifamily market has been fairly buoyant through the downturn, but there has been a marked decrease in rents and a slowdown in the condominium market. Adjusting to these shifts, developer 119 Third Avenue Associates LLC has converted its for-sale luxury condo tower at 119th Street & 3rd Avenue to a rental property. The building offers studios, one-, two- and three-bedroom units.“Every real estate market presents new opportunities, and clearly the shift to rental units is the best way for us to maximize the value of this amenity-rich residential property,” says Toby Klein, director of sales and marketing. “With heavy interest from renters, it was an easy decision to make.” Deposits are being returned to owners who purchased condo units in the building, and to those in contract to purchase.  The glass-enclosed 90-unit building, located in Manhattan’s Harlem neighborhood, features 27 self-parking spaces, a 24/7 doorman, refrigerated lobby storage, a landscaped 1,800-sq.-ft. rooftop terrace, a sunlit gym, private rooftop cabanas, on-site parking, and storage and bicycle rooms. Many of the units offer windowed kitchens and outdoor space, and all units have washers and dryers, wood floors, 9-ft. to 9-ft- 9-in. ceilings, all-marble bathrooms, granite countertops and stainless steel appliances.   Apartment sizes range from studios to three-bedroom units with private terraces, and rents begin at $1,875.