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After tough stretch, Brooklyn’s ugly duckling finally sees boost in activity

By Jane C. Timm

Fourth Avenue, Park Slope, Brooklyn

Fourth Avenue — a wide boulevard wending its way from downtown Brooklyn to Bay Ridge — is still a far cry from the “Park Avenue of Brooklyn” that politicians predicted during its mid-2000s rezoning.
Development on Fourth Avenue, especially the section that skirts the western edge of Park Slope, did indeed take off during the real estate boom. Pioneering condo projects in the area, like Novo and the Crest, are now sold out. But as The Real Deal and others have reported, the area saw a number of projects stall mid-construction during the downturn. Plus, the notoriously unattractive area — known for garages and empty lots — still has more auto¬ shops than doormen.

Recently, however, brokers say demand for residential properties on Fourth Avenue has spiked, with the help of post-downturn price cuts. And even more new construction is on the way, now that the worst of the downturn appears to be over. The Marketing Directors’ Jackie Urgo, who is handling sales at the Arias at 150 Fourth Avenue, said she knows of three soon-to-be-announced projects within 10 blocks of the Arias.

To help Fourth Avenue come into its own, the city is trying to encourage more retail and commercial development along the strip with yet another new zoning proposal. The surge of housing, housing and more housing — without enough retail to accompany it — in the last few years has been criticized for making Fourth Avenue “less inviting, less pedestrian-oriented” than it should be, said Craig Hammerman, Brooklyn’s Community Board 6 district manager. But City Planning Commission Chair Amanda Burden’s recently unveiled plan aims to make the area more pedestrian-friendly, with more storefront retail space and fewer garages. The rezoning, which still needs city council approval, will address issues that were “overlooked” during the earlier rezoning, Hammerman said.

This month, TRD took a stroll down Fourth Avenue to assess the state of residential and retail development in the area.

The Arias: 150 Fourth Avenue 

Orignally built by the Iconic Group as a luxury condo during the market’s peak, this 95-unit building was reincarnated as a rental in 2010 to adapt to the less-than-stellar market and the glut of inventory and planned units on Fourth Avenue. That seems to have been the right move, because the building is now 60 percent leased after only three months on the market, according to the Marketing Directors’ Urgo. Move-ins began June 27; studios are renting for roughly $2,150, one-bedrooms for $2,900, and two-bedrooms for $3,800. That’s significantly higher than Park Slope’s rental averages of studios at $1,657, one-bedrooms at $2,214, and two-bedrooms at $2,646, according to a July 2011 report from the brokerage MNS. Arias, a full-service building with a gym, a pet spa and a rooftop fire pit, seems to appeal to Brooklyners looking for amenities that are rare in the area, Urgo said. “As opposed to being in the typical brownstone environment of Park Slope, [the Arias has] a 24-hour doorman and the amenities,” Urgo said. In fact, that seems to be the allure of Fourth Avenue overall. “New construction is the name of the game,” she said. Arias’ ground floor has almost 6,000 square feet of retail, and FasTracKids, an early childhood learning center, has already signed a lease. Another tenant is currently negotiating for space, according to the retail agent for the building, Ryan Condren of CPEX Real Estate Services.

When The Iconic Group first envisioned Arias, it was to be a luxury condominium, certain to succeed in the historic Park Slope section of Brooklyn as the housing market sizzled and the neighborhood couldn’t keep up with demand for snazy new homes. But then came the. crash and this sleek new building meticulously designed by Ismael Leyva — whose head-turning creations include Yves Chelsea, Place 57 and The Residences at One Central Park at Time Warner — was facing failure in the face. Then, it was decided to go rental.

And as they say, sometimes, bad things turn out good. Within three weeks of launching in April, a third of the units were leased. As of last Thursday, half the units were gone.

“As Arias was changed to a rental building from its original concept as a condominium, we wanted to ensure absorption early on, and demonstrating the unique amenities and features of the building to the, public was vital,” said Shloimy Reichman, a principal with The Iconic Group.

“Jacqueline Urgo, President of The Marketing Directors, and her talented staff of professionals have done an excellent job executing the program which is achieving results well ahead of original projections. Our relationship with The Marketing Direc¬tors is paying big dividends.”

At 12 stories, the 95 unit building at 150 Fourth Avenue is designed with a nod to classic Park Slope architecture, with a brick facade and glass curtain wall that blend into the neighborhood.

Leyva and the Iconic Group spared no expense on style, amenities and features. The two-story lobby has a modern feel, with high angular walls contrasting the highly stylized furniture. A warm color theme and pristine decor keep the contrasting shapes in harmony, for a welcoming effect.

It is staffed with a 24-hour doorman to at¬tend to residents around the clock. “There is a Zen-like inspiration, with earth tones, soft colors, and windowed corridors — it feels like a boutique hotel,” said Jacquline Urgo, president of the Marketing Directors, the building exclusive agent.

The homes keep with the modern trend, with white oak floors and high ceilings set¬ting a serene mood. There are floating glass balconies, oversized tilt and turn windows, Bosch washers and dryers, a video intercom system, and private patios.

The kitchens have modern, stainless steel appliances, including a refrigerator, built-in microwave, dishwasher, and oven. Polished white stone countertops and white oak cabinetry deck out both the kitchen and bathroom.

Beige stone lines the master bath’s walls, with porcelain floors, marble vanity, and polished chrome features. The thermostati¬cally controlled shower is a luxury in itself, with an oversized rain ceiling showerhead, deluxe soaking tub and radiant heat floors.

Outside the homes, Arias provides plenty of outdoors space for residents as part of a large amenity package.

The roof deck features the Arias Club 360, a terrace with a view of the Brooklyn and Manhattan skylines. Equipped with a fire pit, surround seating, private cabanas, outdoor shower, water feature, 600 s/f lawn, grills, and a bar, the Arias Club 360 is reminiscent of a luxury resort. In addition, the Arias Courtyard provides a putting green and outdoor garden for ample relaxation space. Arias also has a fitness center and yoga center, as well as a lounge where residents can play billiards, access a catering kitchen and bar, or watch movies from a plasma television by a fireplace. Relaxation aside, a pet spa cold and dry grocery storage, bike racks, and storage units are also avail-able for residents.

Urgo said one of the building’s greatest assets is the neighborhood. “Park Slope has been a destination for years,” she said. “It’s historic, convenient, and minutes away from transportation.

People love the restaurants, bohemian feel, culture, and dining. There are tons of places to go, from the Botanical gardens, Brooklyn museum, Prospect Park, Brooklyn Public Library, to Fifth Avenue.”

But perhaps its biggest asset of all is its accessability today to renters unable, or un¬willing to buy in today’s unsettled economy. Monthly rents start at $2,100 for studios, $2,600 for one-bedrooms and $3,600 for two-bedrooms.

“Ismael Leyva has designed some very prominent buildings,” said Urgo. “When we went rental, people really benefited from that level of design.”

See the full clip: Brokers Weekly – Sometimes, The Bad Turns Good – 6.15.11

The Sponsor of APEX Condominium has lowered the monthly common charges at the new luxury building in Harlem.

The average estimated monthly charge for a one-bednoom home is now approximately $572.00, according to owner/developer RCG Longview and The Marketing Directors, Inc., the property’s exclusive sales and marketing agent.

Addressing monthly common charges appears to be right on point as buyers have responded positively to the new program, with recent contracts pushing the 44-home building to the 30% sold mark.

“There’s tremendous public acceptance of APEX and we’re success fully attracting buyers from throughout New York City who appreciate the property’s well thought-out designs, upscale finishes and appointments, amenities and services, convenient location and exceptional value,” said Adrienne Albert, CEO of The Marketing Directors, Inc.

“The early success has already led to price increases on some of the lines.”

Located at 2300 Frederick Douglass Boulevard, on the southeast corner of 124th Street, APEX features 44 contemporary condominium homes situated on the top six floors of the new 12-story building which includes a 124-room Aloft hotel,

Residences are priced from the mid-$300,000′s to just over $1 million.

See the full clip here: Brokers Weekly – The Common Touch in Harlem – 6.15.11

More than 50% of the luxury residences in the Ismael Leyva-designed 12-story building has been leased in just the first month. Initial move-ins are scheduled for July.

“Hiring The Marketing Directors has been an investment that is providing huge returns for our Arias Park Slope development,” says Shloimy Reichman, a principal with The Iconic Group, the building’s developer.

“As Arias was changed to a rental building from its original concept as a condominium, we wanted to ensure absorption early on, and demonstrating the unique amenities and features of the building to the public was vital.

Jacqueline Urgo, President of The Marketing Directors, and her talented staff of professionals have done an excellent job executing the program which is achieving results well ahead of original projections. Our relationship with The Marketing Directors is paying big dividends.”

Located at 150 Fourth Avenue in Park Slope, Arias features a mix of studio, one-, and two-bedroom luxury residences — most with balconies and terraces. Monthly rents currently range from the $2,100’s for studios, $2,600’s for one-bedroom homes and $3,600’s for two-bedroom residences.

Residents will enjoy a 24-hour attended lobby, a state-of-the-art fitness center and Yoga room, and a resident’s lounge featuring a catering kitchen & bar, billiards, plasma TV and a fireplace. Considerable outdoor space is provided by both the Arias Courtyard which offers a putting green and seating area and the Arias Terrace which features an outdoor garden and seating area.

In addition, the Arias Club 360 boasts 360° rooftop views of Brooklyn and the Manhattan Skyline, lush landscaping with over 600 feet of grass, a soothing water feature, a massive fire pit with seating, a grill, bar & dining area, private cabanas, sunbeds and an outdoor shower.

Even more amenities include a pet spa, cold & dry grocery storage, available onsite automated parking, storage units, and complimentary bicycle racks.

For additional information on Arias Park Slope, please call (718) 643-1500 or visit www.AriasParkSlope.com.

Thanks to a newly-streamlined budget and a buy-down program, the average estimated monthly charge for a one-bedroom home is now approximately $572.00, according to owner/developer RCG Longview and The Marketing Directors. Inc., the property’s exclusive sales and marketing agent.

Noting that the building has an at-tended lobby, rooftop said, “By streamlining the budget, we were able to create significant savings which combine with the new five-year Common Charge Buydown program to produce a compelling incentive for buyers to move forward today.”

Recent contracts have pushed the 44-home building to the 30% sold mark. Located at 2300 Frederick Douglass Boulevard, APEX features 44 condo on the top six floors of the new 12-story building which includes a 124-room Aloft hotel. Prices range from the mid-$300,000′s to just over $1 million.

See the full clip: Brokers Weekly – Apex

The developers of 225 Grand, a rental building in downtown Jersey City, announced that all of the 348 luxury residences in the building have been leased 10 months after hitting the market.

The announcement was made by Ironstate Development Company, of Hoboken, and KRE Group, of Bridgewater, the two development companies who partnered on 225 Grand. The Marketing Directors, Inc. was the luxury building’s exclusive marketing and leasing agent.

“When you are able to fully lease a building with 348 residences in less than a year, you’re talking about a special building and a tremendously successful program,” said David Barry, president of Ironstate Development.

“Demand remained consistently strong as renters responded to 225 Grand’s dynamic lifestyle offerings including upscale residences, impressive amenities and a location near a variety of mass-transit options.”

The 15-story residential tower was designed by the architectural firm HLW. It has a fitness center, indoor resident-only parking, 24-hour door man, concierge and an outdoor rooftop swimming pool.

“The success of 225 Grand is also a testament to downtown Jersey City’s emergence as one of the state’s most exciting places to live,” said Jonathan Kushner, president of KRE Group. “It’s become a model urban setting at a time when the appeal of ideally positioned to de- liver that sought-after lifestyle.”

See the full clip: Brokers Weekly – 225 Grand

The company already successfully completed two of the first market-rate projects in New Brunswick.

Construction on the new $150 million project, temporarily dubbed the Gateway Transit Village, is already well underway, with completion expected in early 2012.

Designed by Manhattan-based Meltzer/Mandl Architects, PC, the 24-story building will be the city’s tallest with the first ten-stories consisting of 57,000
of commercial space and a 657-vehicle parking garage.

Situated on top of the retail component will be a 14-story glass residential tower that will house 150 rental residences and 42 condominiums that will occupy the top three floors.

Jacqueline Urgo, president of The Marketing Directors, said, “When we started the campaigns at Riverwatch Commons and Hiram Square nearly 15 years ago, New Brunswick was on the verge of becoming more than just a college town.

“Today, thanks in large part to the vision and efforts of DEVCO, it’s a dynamic urban destination offering a vibrant, culturally-stimulating setting for a diverse resident base. We’re delighted to introduce this significant new offering to the public.”

Retail and commercial space already secured at the building include a Barnes & Noble College Bookstore, offices for the New Brunswick Parking Authority and Starbucks, while the Robert Wood Johnson Wellness Center is located across the street.

See the full clip: Brokers Weekly – Gateway

Construction on the $150 million project, temporarily dubbed the Gateway Transit Village, is already well underway, with completion expected in early 2012. Designed by Manhattan based Meltzer/ Mandl Architects, PC, the 24-story building will be the city’s tallest. The first ten stories will consist of 57,000 square feet of retail space, 57,500 square feet of commercial space and a 657-vehicle parking garage. Situated on top of the retail component will be a 14-story glass residential tower that will house 150 rental residences and 42 condominiums that will occupy the top three floors.

“Our experience in New Brunswick and strong track record with high-profile, ur¬ban- mixed-use projects such as Pier Village in Long Branch, The Shipyard in Hoboken and various other developments in Jersey City, Morristown and New York City, make us uniquely positioned to deliver an effective marketing, sales and leasing program for this property,” said Jacqueline Urgo, president of The Marketing Directors, Inc.

The company has served many of the in¬dustry’s most prominent developers across the United States and Canada since 1980.

Located on Easton Avenue and Somerset Street, the Gateway Transit Village will be situated in the heart of New Brunswick’s downtown area adjacent to the Rutgers University campus. The building’s commu¬nity- friendly design connects it directly to the New Jersey Transit/Amtrak station.

Retail and commercial space already secured at the building include a Barnes & Noble College Bookstore for Rutgers, offices for the New Brunswick Parking Authority and Starbucks, while the Robert Wood Johnson Wellness Center is located across the street.

Crystal Point in downtown Jersey City has unquestionably cemented its place atop the Hudson County real estate marketplace with more than 30 sales in just the first three months of 2011.

The 42-story waterfront condominium building has separated itself from the competition with more than 80% of its 269 upscale homes already sold, according to Fisher Development Associates, which is developing Crystal
Point directly on the banks of the Hudson River with majestic and unobstructed views of the New York City skyline.

“Crystal Point is in the midst of one of the most notable sales programs in recent memory,” says Brian Fisher, principal of Fisher Development Associates. “Buyer interest has continued to build since we introduced this building, culminating in one of the most successful sales periods on record and it’s not over yet.

“We fully expect the first quarter of 2011 to be our most noteworthy with more and more prospects realizing the opportunity to benefit from the unrivaled value created by our competitive pricing, magnificent waterfront location and resort-style living environment is quickly dwindling and are acting to purchase before it’s too late.”

See the full clip: Mann Report – Crystal Point