Amenities add value to a rental property. A new 63 story glass tower coming up in Manhattan is highlighting a unique feature, DogCity spa that offers canine treadmill, hoping to attract young professionals into paying higher rents to provide their pets with a better living condition. The building that occupies an entire block in mid Manhattan is called MiMA, an abbreviation of its location. At a cost of $800 million, it is one of the most ambitious projects in the area.
The property is being developed by Related Cos. The tower will house a boutique hotel and restaurant apart from 150 condo units. Another unique feature of the building will be an off Broadway theatre. MiMA offers 550 luxury rental apartments which the developers have started promoting aggressively. They are pitching the building as having the largest space for amenities in any New York City property. A resident has ten options in the building itself where he can entertain guests, including a movie screening terrace, game room, Equinox fitness club and many more.
The developers are targeting the young professional who would be willing to pay more for the facility of availing exclusive and unique facilities. The rents at MiMA start at $2,895 a month for a studio apartment, $3,495 for a one bedroom set and $6,000 for a two bedroom luxury apartment. The project was launched when the real estate market was at its peak and has lost some of its value but if you look at the market trend today, it is highly likely that the developers will be able to successful lease most of the apartments at the asking price.
Via: online.wsj, streeteasy
