Case Study: Filling Retail Space at The Westly - Leveraging Market Knowledge and Innovative Technology
Market: Upper West Side - Manhattan
Property Type: Luxury mixed-use condo building w/ 57 units
Asset Class: Retail Condo
Owner: Adam America & Northlink Capital
Size: 3,000 SF
Tenants: Medical/Pet Care Bond Vet Group, F&B Blank Street Coffee
Lease Length: 10 Years
Asking Rent: $200 per square foot
Market Overview:
At Verada, we are proud to present a remarkable case study centered around The Westly, an iconic 20-story building located at 2461 Broadway / 251 91st Street. This architectural masterpiece seamlessly blends classic charm with modern luxury. Representing the residential condos of The Westly is SERHANT, the multidimensional real estate brokerage founded by Ryan Serhant of Bravo's Million Dollar Listing New York. Designed by ODA Architects, this 250-foot-tall structure promises to yield 52 condominium units ranging from two to five bedrooms. Developed by Adam America Real Estate and Northlink Capital, The Westly empowers modern urban dwellers to reach for more and elevate their expectations.
Market Knowledge and Technology:
One of the defining features of this case study is the strategic use of market knowledge and cutting-edge technology. At Verada, we harnessed the power of tools like Esri Demographics and Placer.ai to gain profound insights into the local real estate market. These tools provided us with the knowledge needed to provide landlords with valuable market insights, helping them make informed decisions regarding market conditions, trends, and pricing strategies. The data about local demographics, consumer behavior, and competitive landscapes played a pivotal role in identifying the correct type of tenants for The Westly.
The Transactions:
Our team at Verada, including Nathaniel Mallon and Brendan Thrapp, successfully identified two tenants to occupy 3,000 square feet of vacant retail space at 2461 Broadway in Manhattan, New York. These tenants, Bond Vet, a full-service veterinary clinic, and Blank Street Coffee, an international coffee concept, executed leases before the completion of the building.
Bond Vet, a unique addition to the mix, has been rapidly expanding due to an uptick in pet ownership prompted by the COVID-19 pandemic. This aligns with the evolving demographics of the city, as more households adopted pets during the pandemic. Blank Street Coffee, on the other hand, offers residents access to premium coffee at an affordable price, with a business model based on leveraging technology to expedite the customer experience.
These leases added significant value to the existing property, creating a sought-after neighborhood amenity at the base of The Westly. The strategic timing of leasing before the anticipated temporary certificate of occupancy (TCO) demonstrated forward-thinking and provided stability while exceeding projected timelines.
Community Impact:
Located just blocks from Central Park and the Hudson River, The Westly is situated in the heart of the Upper West Side, an upscale neighborhood known for its prominent arts and culture destinations. This development not only enhances the property but also contributes to the growing demographics within this Upper West Side community.
Ron Vaksin's Testimonial: Ron Vaksin, Managing Partner at Adam America, shared his experience, stating, "I had a great experience working with Verada to lease out the retail portion of our new condo building, The Westly, at 2461 Broadway. They were able to identify and target prospective credit tenants who were expanding. Verada procured Bond Vet Group and leased out the retail at an attractive rent 8 months before the building was complete."
Conclusion:
At Verada, this case study showcases the remarkable synergy between market knowledge, technology, and strategic leasing that contributed to the success of The Westly. It serves as an inspiring example of how a deep understanding of local demographics and consumer behavior, combined with cutting-edge tools, can lead to prosperous outcomes in the dynamic world of real estate. The Westly stands as a testament to modern real estate development that empowers and enriches the lives of urban denizens.
