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Branding Luxury In Nyc- Instrata

NY Residential, January 2014


By taking a holistic approach to luxury in New York City, Invesco Real Estate’s INSTRATA Lifestyle Residences is “creating – and elevating – the NYC standard of living by customizing each building within the portfolio to match what today’s renter wants,” says Lesley Lisser, LEED AP and a director of asset management for Invesco. INSTRATA’s success in doing so is becoming increasingly clear within the assets since all are being renovated and re-launched with condominium-caliber design, finishes, amenities and services.

The first four assets in the INSTRATA portfolio introduced to the NYC market include: INSTRATA at Mercedes House (550 West 54th Street); INSTRATA NoMad (formerly the Madison Belvedere at 10 East 29th Street); INSTRATA Gramercy (formerly The Elektra at 290 Third Avenue); and INSTRATA Brooklyn Heights (located at and formerly known as 75 Clinton Street).

Located in some of the most vibrant neighborhoods throughout Manhattan and Brooklyn, INSTRATA Lifestyles Residences is focused on providing its residents with an exceptional experience. Walk into one of the buildings in the INSTRATA portfolio and residents will quickly notice the multitude of thoughtful touches and precise attention to detail. It’s this level of care that defines INSTRATA’s approach and, in fact, the success of its entire collection. But it doesn’t stop there. Invesco understands that a great lifestyle occurs both inside and outside the home, so its goal with the INSTRATA Lifestyle Residences is to create a level of service that combines convenience, practicality and luxury.

“We’ve made a major, long-term commitment to the New York residential market and we’re focused on providing our residents with an exceptional experience,” says Michael Kirby, Managing Director of Invesco Real Estate. “INSTRATA Lifestyle Residences offers superb amenities and design elements on par with the finest high-end condominiums.”

For example, INSTRATA NoMad – acquired by Invesco in November 2012 – is currently undergoing major renovations. Soaring above historic Madison Square Park, the fully occupied 404-unit, 50-story building is not only debuting upgraded homes, but also expanding its luxurious lifestyle offerings.

“As part of INSTRATA Lifestyle Residences, the building has been elevated to a new level, now offering the kind of condo-level finishes, appliances and amenity spaces found throughout the luxury portfolio,” said Rob Neiffer, the property’s asset manager and a director at Invesco Real Estate. “We’ve just unveiled a new leasing gallery and three model apartments, and are continuing to roll out exciting upgrades including the building’s roof deck, which offers inspiring 360-degree views of the New York City skyline, a barbecue area, sun-deck, reflecting pool and more.

The studio, one-, and two-bedroom apartments all feature a number of distinctive finishes and convenient amenities, each equipped with stainless steel appliances, granite counter- tops, Kohler fixtures, hardwood floors, marble bathrooms, and size-able closet space. Balconies are found off many of the apartments and the building is remaining occupied throughout the renovation. All unit upgrade work and common space work is planned to be completed by December 2014.

Moving west to Hell’s Kitchen, Invesco acquired the top 11 floors of Mercedes House located at 550 W. 54th Street in February 2013 upon completion. The 162 one-, two-, and three-bedroom rental apartments, on these top floors were originally intended to be sold as condos by the developer of Mercedes House. Upon purchase, Invesco rebranded these homes as INSTRATA at Mercedes House and brought them to market as luxurious rental units, adorned with the highest quality – and sophisticated – touches and finishes. Homes include kitchens equipped with Viking ranges, Sub- Zero refrigerators, Caesarstone and stainless steel countertops, as well as bedrooms with custom built-in closets. Additionally, many apartments feature oversized private terraces directly overlooking the Hudson River or the sprawling cityscape.

Rounding out its Manhattan properties, Invesco Real Estate closed on INSTRATA Gramercy as a fully occupied as- set in January 2011, just after the property had been renovated to condo level standards. It has enjoyed very high occupancy and increasing rental rates since Invesco’s acquisition. Representative of the INSTRATA Lifestyle Residences’ unmatched quality, the building recently unveiled a brand new roof-deck with a misting station, outdoor brook and cell phone charging station. Rising 33-stories above one of New York City’s most desirable neighborhoods, INSTRATA Gramercy is a sought-after address with in-demand rental apartments featuring slate countertops, Whirlpool appliances, polished chrome fixtures, high ceilings, marble bathrooms, and track lighting – representing just a few of the high-end finishes found in all 160 homes. Spacious terraces enhance the scenic views from many of the apartments, a major perk for those appreciative of a little outdoor space and picturesque urban landscapes.

Introducing its luxury brand to Brooklyn, Invesco also purchased 75 Clinton Street in Brooklyn Heights in 2011, which was originally designed and built by a local developer to be sold as condos. Rebranded as INSTRATA Brooklyn Heights, Invesco instead created 74 luxury rental homes, which accomplished lease-up in approximately seven months under the firm’s ownership. The building’s studio, one-, two-, and three-bedroom apartments reflect the artistic verve of the neighborhood and the modern luxury expected in a premier New York City residential rental building with visually stunning interior finishes that include bamboo flooring, high ceilings, ubiquitous natural light through oversized windows, stone countertops and backsplashes, and stainless steel appliances. Topping INSTRATA Brooklyn Heights’ amenity list is the landscaped, fully furnished roof deck overlooking NY harbor, Governors Island and all of Brooklyn Heights – the ideal space for entertaining guests or watching a relaxing sunset. On lower floors, other key features include a full- service concierge, storage bins, bike racks, and an upgraded fitness center. The thriving Brooklyn Heights neighborhood just steps away is also a major benefit. “We are very strategic in the neighborhoods we buy in,” says Neiffer. “We play to the demographic we see there and feed their lifestyle.”

And while the INSTRATA Lifestyle Residences always include spacious layouts and fantastic outdoor spaces, from communal rooftop gardens and courtyards to private balconies, its residents also benefit from even more – including unparalleled services and lifestyle offerings produced by

INSTRATA Concierge. Featuring a robust schedule of interesting, informative and entertaining events, this service further exemplifies life at all INSTRATA properties, which is built upon a year-round luxury resort-like experience that allows residents to engage with each other in many new and exciting ways whether it be through a running club, wine tasting, cooking class or book club.

Other services from scheduling dog walking to dinner reservations to securing theater tickets for a new hit show, or coordinating travel and transportation can be arranged by the well-connected concierge staff, each of whom have a finger firmly on the pulse of the city.

Collection residents also receive personalized INSTRATA Concierge Club Cards, which provides members with up to 15 percent savings at a well-curated list of more than 100 top New York City restaurants.

“We found that in creating this lifestyle brand, we had to look even beyond the apartment walls and engage key partners who could help us to curate an authentic and luxurious living experience,” continued Lisser. “We would not have been able to execute this branding strategy without our dynamic team including property management firms Adellco and Bozzuto, Silver Creative Group, Abigail Michaels concierge, and Nancy Packes Signature Marketing Services. Our stellar leasing team has also been instrumental in creating a comfortable and seamless experience for residents.”

“Invesco is dedicated to investing in the highest quality rental properties and to providing lifestyle offerings unmatched anywhere for the benefit of INSTRATA residents. We look forward to the future growth of INSTRATA Lifestyle Residences collection,” concluded Kirby.