New York Apartment Waives Security Deposits For Renters

By Erika Schnitzer, Associate EditorNew York–Metro Loft Management, a New York-based boutique residential firm that specializes in property in the Financial District, is waiving security deposits at its 20 Exchange Place for renters with strong credit histories.”We always like to come up with an interesting incentive. In an economy such as this, people are looking for savings wherever they can,” notes Jack Berman, vice president of Metro Loft Management, explaining that the average renter moves every two-and-a-half to three years, potentially locking up—for a two bedroom—$5,000 to $6,000 at a time.The first phase of 20 Exchange Place, consisting of 350 residences and which began leasing in May, is currently 75 percent occupied. The second phase of the project will be comprised of over 400 units.”This definitely has increased rentals and gave us a bit of a spike when we implemented this incentive,” Berman tells MHN.20 Exchange Place offers studios, one- and two-bedroom residences, ranging in size from 400 to 1,110 sq. ft. Monthly rents are between $2,500 and $5,000. The development’s amenities include a fitness center, resident lounge, sundeck, concierge and valet. The second phase of the project will also bring a pool to the development. Additionally, on-site bicycles are available for residents’ use, as is “A Day at the Spa for Fido,” available to residents’ dogs on move-in day.”The building has attracted a little bit more of a mature, well-established tenant, as well as attracting people not ready to pull a trigger on a condo in this market,” Berman explains.Originally constructed in 1931 by Cross & Cross as the City Bank Farmers Trust Building, the development was the fourth tallest building in the world at the time. Today, it is one of Lower Manhattan’s tallest buildings, providing residents with unparalleled views, notes Berman. “With views like that, it only made sense to convert it to residential,” he says, noting that the common spaces maintain the history of the building. The renovation was completed by New York-based Avinash K. Malhotra Architects.