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New UWS Luxury Rental Building Capitalizes on Lack of Competitors

By Emily Frost | July 29, 2013 8:21am | Updated on July 31, 2013 2:29pm
 The Larstrand, on West 77th Street, will begin leasing units in mid-August. 
New Luxury Residential Building Opening in the West 70s
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UPPER WEST SIDE — In a stretch of the Upper West Side with relatively few new developments, a new residential rental building is looking to make its mark as the ideal mix of old neighborhood charm and modern luxury — for a pretty penny. 

The Larstrand, with its 480-square-foot studio apartments starting at $3,100 and 1,640-square-foot three-bedrooms going for $16,500, is priced at the top of the market, said Chiho Machado from Rose Associates, the company managing the leasing at the West 77th Street building.

By comparison, three bedroom apartments available in August at the nearby luxury rental The Windemere are listed for $12,500.

"There are not a lot of competitors in the area. The last new building went up in 2010," Machado said.

Designed by SLCE architects and developed by Friedland Properties, the building sits on the corner of Broadway and West 77th Street, in the heart of the neighborhood, just a block from the popular elementary school P.S. 87 and near Fairway, Zabar's and the 72nd Street 1/2/3 subway stop.

The majority of interest in the 181-unit building, which is in its fourth week of leasing and will open floors 4, 5 and 6 of 20 on Aug.15, is from Upper West Side families, with inquiries from some Chelsea and Financial District residents mixed in, Machado said. 

A waiting list for the 33 two-bedroom apartments has already started, she said, and most of the studios are already leased.

But the developer isn't resting on location alone — The Larstrand is going for the wow factor with new gadgets and amenities, like a television set into the bathroom mirror, a fridge that tracks your consumption, plays music and accesses the web, underfloor radiant heating and a washer/dryer in every apartment, Machado added.

Additionally, the building has a roof deck, a screen for outdoor cinema nights and a fire pit, among other features, she added.

The amenities, including the roofdeck, a gym, a playroom and a lounge, will be available to those paying much less for their apartments as well — with 37 units ranging from $546 to $1,039 as part of the 80/20 program — for a fee of $60 a month for the first person, $30 a month for the second and free for the rest of the family.  

Applications for the building's affordable units can be found here, as reported by the West Side Rag.