Case Study: The Market Maker
My wonderful clients acquired this site in 2015 with the idea of bringing a one of a kind, forward looking, rental property to the PLG market. With a passion for innovative design and strategic focus on the needs of the market, what they delivered was remarkable! At the time, PLG was just starting to come on the development community's radar; facilitated by (i) being one of the last remaining frontiers to qualify for the every shrinking 421-a, (ii) access to 4 primary subway lines for quick commute into the city, (iii) proximity to Prospect Park and (iv) a built in audience numbering in excess of 15,000 medical professionals & students thanks to the Kings County Hospital system / SUNY Downstate.
Keeping the current audience in mind while also considering the future of the neighborhood, the developer focused on (i) right sizing apartments with layouts to compliment a wide array of lifestyles, (ii) ensuring each had its own washer/dryer - a rarity in the market at the time & crucial amenity for medical professionals who work 15+ hours a day, (iii) providing welcoming and well appointed common area finishes inclusive of an over the top roofdeck bestowing the perfect place for respite without having to travel outside the building and (iv) packaging it up in a gorgeously clad building that attracted the awe of its viewers.
The results were astounding: ultra fast lease up while maintaining record breaking pricing!
Architectural Features:
195 Clarkson’s surreal fiber cement and glass facade provides a fashionable setting that is both stunningly unique but fitting amongst the neighborhood’s historic European-style mid-rises populating its quaint tree-lined streets.
At 195 Clarkson, optimized living is paramount. Graciously designed apartments offer expansive layouts, designer functionality and light filled rooms fitted with oversized windows framing skyline and streetscape.
The fully appointed roof terrace benefits from panoramic views stretching from the treetops of Prospect Park, the supertalls befit Manhattan’s skyline, and through the rolling hills of Queens. Outfitted with an outdoor kitchen, replete with grill and refrigeration, and enhanced by comfortable furnishings, an ideal retreat from the hustle and bustle of the city is offered from sunrise to sunset.
Project Highlights:
- 29 units leased in 3 months
- Record breaking pricing achieved upwards of $61 PSF in a high $40s/low 50s PSF market
Launch Pricing (Mid-2019):
Studios from $2,100 to $2,375
Jr One Beds from $2,325 to $2,429
One Beds from $2,425 to $2,695
Two Bed at $3,300
Rental increases since launch: Up to 27%; 8% annual
