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Instrata Devises New Approach For A Sophisticated Rental Market

Multi-Housing News, January 2015

By Jeffrey Steele, Contributing Writer

New York—INSTRATA at Mercedes House, INSTRATA Lifestyle Residences’ Midtown West luxury rental building, has partnered with New York City-based full-service residential brokerage Mirador Real Estate.

The latter will offer extended showing hours and seven-day-a-week access as part of its ON-SITE ON-DEMAND program, in coordination with current onsite leasing partner Bozzuto.

Apartments at INSTRATA at Mercedes House will now be available for showing before 10 a.m. and after 5:30 p.m. and on Sundays, the company reported.

“I think that we realized this is a market that has been expanding and evolving, with a lot of competition,” Lesley Lisser, director of asset management at Invesco, sponsor of INSTRATA Lifestyle Residences, tells MHN.

“We wanted to make sure we had the best leasing team in place to take advantage of this expanding market. It’s a more challenging market than anticipated. To have the availability to show an apartment at any time of day or night is a huge advantage.”

Occupying the top 11 floors at 550 W. 54th St., INSTRATA at Mercedes House provides the iconic building’s most dramatic views, along with condo-level features. The partnership with Mirador will allow for an expanded network of connections with the brokerage community and with residents, Lisser reports.

“New York has become a sophisticated leasing market, with around 50 percent of all deals with brokers,” she says. “It’s important you have expanded coverage to make sure you tap into all the brokers. So I foresee this platform being used throughout our portfolio to make sure we’re inside every broker.”

In addition to Midtown West, INSTRATA residences are also available in three other New York City neighborhoods: Gramercy Park, Madison Square Park and Brooklyn Heights.

A dedicated leasing office will be opened by Mirador Real Estate in a furnished model unit within the INSTRATA portion of Mercedes House.

“With Mirador as our leasing partner, we will have greater flexibility in showing units,” Lisser says. “They will also assist us in further differentiating INSTRATA as the premium offering at Mercedes House.”

Adds Karla Saladino, founding partner, Mirador Real Estate: “We have been integrating the Mirador systems and methods over the last four weeks, and appointment counts have tripled over the previous month’s data due to this partnership. We are excited to officially roll out our full offering.”