Construction Today - June 2017 - 106
Residential | BLDG MANAGEMENT
Lap of Luxury
BLDG MANAGEMENT IS DEVELOPING AN EYE-CATCHING APARTMENT COMPLEX IN NYC. BY KAT ZEMAN
* Headquarters: New York, N.Y.
* Employees: 500+
* Specia y: Real estate investment
"It's not e typical Manhattan esidential ental property.
The unique hape to e building
makes e opportunity available
to give different hapes to e
units and maximize vie ."
- Kevin Tartaglione, VP of development
major player on the New York
City real estate scene, BLDG
Management is bringing a
luxurious and amenity-studded
apartment building to midtown Manhattan.
Shaped like a trapezoid, the $350 million
Summit complex intersects two city streets.
The 43-story, 300,000-square-foot building
is scheduled for occupancy in spring 2018.
"It's not the typical Manhattan residential rental property," says Kevin Tartaglione,
the company's senior vice president of
development. "The unique shape to the
building makes the opportunity available
to give different shapes to the units and
The Summit will house 429 individual
units and 230 on-site parking spaces. An
average one-bedroom apartment encompassing roughly 700 square feet will cost
$5,000 per month.
One of the building's finer points will be
its buffet of amenities. This includes a penthouse roof deck, resident lounges, sundeck,
golf simulator, children's playroom, fitness
center, indoor basketball court, swimming
pool, a sauna, theater and valet services.
A high-end amenity package has become
an important factor for many renters in a
big city environment. Since urban renters pay more per square foot than their
counterparts in rural areas, many unit sizes
tend to be smaller. Lloyd Goldman, BLDG
CONSTRUCTION-TODAY.COM JUNE 2017
like a trapezoid, the $350
million Summit is scheduled for
occupancy in 2018.
Management's owner, says that amenities
are a way to make up for smaller unit sizes.
For example, "because living rooms have
gotten smaller, we provide a theater room
in our buildings," he says. "You pick up the
additional living space by the immense
amount of amenities."
How the units are designed is also
changing. "Kitchens have become open
kitchens, which means we want to upscale