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Apartments Of The Future

Real Estate Bisnow, July 2013

http://www.bisnow.com/commercial-real-estate/new-york/apartments-of-the-future/

Hard to believe, but we're gearing up for our third event this month: Bisnow's NY Residence of the Future on July 30. Our time machine is at Jiffy Lube, so instead we took a sneak peek at Invesco's Strata, which finishes this fall in Midtown West.

Invesco's Todd Bassen (with Dallas-based colleague Michael Kirby) calls top bunk, or rather the top 11 floors, which started as condos atop Two Trees' 712-unit Mercedes House. Invesco bought the 162 units in January for $170M and converted them to rentals. To differentiate from their downstairs counterparts, Invesco incorporated custom artwork and lighting, as well as concierge service.

Over 70% of the units have leased since marketing began in the spring, and some tenants have already moved in. That number may rise if Todd's wife has anything to do with it. Now that their two boys are in college, he jokes, she's ready to sell the house and move into one of the terraced apartments overlooking the Hudson.

Strata packs in 80k SF of amenities, including a juice bar, indoor and outdoor pool, putting green, half-court basketball, and spinning classes (we lost Bisnow exercise junkie Michael Weiss, above, in the bike room). Invesco also launched a running club.

Todd tells us he's not worried about the competition, as developers of nearby projects have passed through Strata's doors to see what it's all about. (You might say, they're looking at Strata as a model.) Todd himself was on his way out the door after our tour, heading to a Phish concert.