Zeckendorf Development LLC has been responsible for some of the most significant residential buildings in Manhattan. Equally prioritizing design and and function, each development—from the firm's eponymous towers to 520 Park Avenue—epitomizes the appeal of the current luxury market in NYC.
Coming to the heart of Midtown East is 115 East 55th Street, a new Zeckendorf development that exclusively offers rentals. The building is unique in that its full-service suite of amenities is a rarity in the NYC rental market.
We recently sat down with Joshua Young, EVP and Managing Director of Sales for Brown Harris Stevens' Midtown East office to learn more about the development and its offerings. Read the interview in full below.
What makes 115 East 55th Street a unique product in today’s rental market?
It is a 100% free-market rental in the heart of midtown, right off Park Avenue. There aren’t any boutique, full-service rental buildings in the vicinity as most were built as condominiums. Having 58 units, full-time door staff, a gym, meeting rooms etc., is what makes this unique.
What finishes did the owner use and what set them apart from the current rental inventory?
From the moment you walk in and see the hand-poured terrazzo floors in the lobby, you can tell no expense was spared. The level and quality of finishes continues into the amenity areas, back garden, and fitness center. Highlights include custom wall coverings, cove lighting, security cameras, 9ft ceilings, Italian marble bathrooms with heated floors, integrated Bosch and Gaggenau appliances, custom cabinetry, and individually controlled HVAC systems. In addition, there are wine fridges, a washer and dryer in every unit, and marble backsplashes.
Zeckendorf Development Services was the developer on the project. How does having their “stamp” on the building impact the leasing.
The Zeckendorf buildings in the city are iconic and all share in combining the feeling of classic New York City with modern conveniences. From the pre-cast limestone-style façade to the coffered ceilings in the lobby, wood trim, and details, this building will become a timeless building, much like 15 CPW, 520 Park, and other ZDD icons.
You are coming to the market at time where supply is low and demand is high. Do you expect this to continue, and do you foresee any issues when the market slows down?
It is an amazing time to be a landlord, but not so much a renter. The fact that this product is brand new and unique in its level of finish and location sets us apart from the competition. Our pricing is fair, and so far, prospective tenants see real value in 115 East 55th Street.
You have apartments that range from 6k to 40k per month. What is your favorite apartment offering, and where do you see the best value?
Our Penthouse apartments are of course unique and large (2500+sqft), so it is hard not to favor those the most. However, our A-and B-line 1-bedroom, 2-bath apartments with den have tremendous value, especially for anyone looking to work from home or just have an extra space to enjoy. Our 1-bedrooms also have a ton of value as most have outdoor space and smart layouts.
Most boutique buildings have less amenities, how does 55th Street meet the needs of a renter within this demographic.
Among the most important qualities of properties in the city is service, and we have it to offer. Having a full-time person at the door to greet you when you come and go is, to me, the most important amenity. The gym is equipped with all the latest technology and is a perfect place for a quick workout 24/7. The lounge and meeting rooms are perfect for anyone who needs a place to take a zoom call or hold a meeting. There is also a serene garden for those who need fresh air. We may not have a golf simulator or climbing wall, but our amenities are very useful.