What recession. We want amenities!

n fact, many developers are going in that direction. The days of trying to get away with a basic gym and storage are over. Such goodies as regulation basketball courts and sky lounges are now becoming all but obligatory as developers compete to attract a new class of renter—people who could afford to buy a luxury property but don't want to commit in a precarious market. Builders are not just... [more]

n fact, many developers are going in that direction. The days of trying to get away with a basic gym and storage are over. Such goodies as regulation basketball courts and sky lounges are now becoming all but obligatory as developers compete to attract a new class of renter—people who could afford to buy a luxury property but don't want to commit in a precarious market. Builders are not just offering over-the-top amenities but sacrificing potentially revenue-producing space. “People are renting into a lifestyle,” says Robert Scaglion, senior managing director of residential marketing at Rose Associates, which is leasing Aire, a new 309-unit luxury building near Lincoln Center. The tower features two soundproof rehearsal studios to appeal to musicians. The rationale is simple, according to Mr. Scaglion. “Developers who give higher-level amenities can rent apartments for a premium.” “The bar has been raised, and rentals are stepping up their game,” says Mr. Finn at Citi Habitats, whose firm is also marketing The Ashley. “New York is a city of renters, and people's standards have gotten higher.” http://www.crainsnewyork.com/article/20101212/REAL_ESTATE02/312129983 [less]