Luxury rentals are gaining fans in Westchester. Even with the cost of buying a home at its lowest level in a decade, some prefer to lease. Reporter Andrew Klappholz had this story in Living Here on some of the perks (like the game room at The Grammercy in White Plains:)
There are several trends playing into the development of luxury rentals in the Lower Hudson Valley, including a younger market in no rush to buy a house or a condo and downsizers who want to leave behind the cost and headaches associated with owning a home.
Some of the newer luxury rental buildings rival the best amenities of a Manhattan high-rise: on-site health clubs, roof decks, high-end appliances, even resident lounges. In many cases, the complexes are close to the train, adding a quick and easy commute to the list of positives.
Rents for newly constructed apartments range from $1,800 to $2,500 for one- and two-bedrooms, respectively, in New Rochelle’s The Hammel Building, and Port Chester’s The Mariner starts at around $2,150 per month for a one-bedroom and up to $3,850 for a two-bedroom.
Across the Hudson, rental apartments in the condo/rental complex Harbors at Haverstraw range from $2,200 for a one-bedroom to $2,500 for a two-bedroom. Originally conceived by developer Martin Ginsburg as a high-end condo project, some of the units have been marketed as rentals to play into the hottest real estate trend.
Originally envisioned as condominiums, the four-story Hammel Building in New Rochelle was opened as a luxury rental complex in February by brothers William and Tony Hammel.
William Hammel says catering to renters is a good business option, especially with banks still imposing strict lending standards on buyers, making it often hard to get a mortgage to buy a condo. He’s also not concerned about competition from the nearby Avalon tower and from new luxury rental projects coming to market throughout the Lower Hudson Valley in the next few years.
“I can’t give them the view,” William said, comparing his site to the amenity-rich Avalon on the Sound. “I have New York Sports Club right here. I can’t build a better gym.”
The Hammel Building’s two-bedroom apartments rent for about $2,500 a month; while one-bedrooms go for $1,800.
The Avalon, meanwhile, is marketing studios for $1,335; one-bedrooms for $1,534; two-bedrooms for $2,240; and three-bedrooms for $2,960. Both have a $50/month pet fee.
“It’s for that person who just got married,” William Hammel said of the attraction for The Hammel. Read the whole story here: