Upper West Side Property Shifts Gears to Rental
- Jun 06, 2011
New York–The nine full-floor residences at 208 West 96th Street, developed by Manor Properties Group LLC, are no longer for sale. Instead, according to Manor Properties, the three-bedroom, three-bath units will be for rent, with the decision to go rental made in response to feedback during the initial marketing stages of the property’s sales campaign.
New York is hardly the only place with strong demand for renting apartments and weak demand for buying them, but even at Upper West Side rental rates, that seems to be the case. Manor Properties posits that would-be buyers are now weighing very carefully whether it makes more sense to buy or rent, and many are opting to wait until the economy demonstrates stability over a longer period of time before considering a purchase.
“By offering 208 West 96th Street as a rental property, it gives potential residents a certain level of flexibility while living in a luxury boutique home,” a spokeswoman for Manor Properties tells MHN. “Hopefully renting will be an attractive option versus buying for anyone looking for a home on the Upper West Side of Manhattan, but who still feels uncertain about committing to a multimillion dollar purchase in this economy.”
Leases at the property will start at $11,000 per month. For that price, residents will get a number of amenities besides an Upper West Side address, such as a Virtual Doorman, valet closets for packages and refrigerated deliveries, and common rooftop space with views of the Hudson River and Central Park. Rooftop cabanas equipped with water, electricity and gas are also available. Each unit features private keyed elevator access, floor-to-ceiling windows in the living areas, and teak flooring throughout.
The structure, which incorporates an undulating metal screen facade, was designed by Arctangent Architecture + Design in collaboration with David Hu Architect. Manor Properties has developed a number of residential and commercial properties in the New York tri-state area, and is also at work on the Dover, a condominium project comprised of two fully renovated brownstones at 252 and 256 West 123rd St.