Background
An early-2000s luxury building near Central Park offering elevator and doorman service. While units do not feature in-unit washer/dryers, residents have access to shared laundry facilities within the building. Interiors retain their original finishes, with kitchens and bathrooms reflecting an older design aesthetic. The property’s terrace has been closed since early 2025 due to exterior scaffolding, with reopening plans currently indefinite.
Pre‑Aura Metrics
Vacancy
5%
Before engagement
Average Rent PSF
$64
Building blended average
Amenities
Elevator, Doorman, Gym, Laundry Room
Current amenities
Market Position
Luxury Asset With Older Larger Layouts
Older renovations
Challenges
- Outdated Finishes: The building’s unit interiors and common areas feature dated finishes that do not align with the premium rent levels being targeted. This limits its ability to compete with newer, renovated product in the submarket
- Amenity Closures: The outdoor terrace has remained closed for all of 2025, eliminating resident access to outdoor amenity space. This has negatively impacted leasing velocity and resident satisfaction
- Winter Onboarding: The building was received in the winter of 2023—an off-peak leasing period—yet ownership aimed to achieve high price-per-square-foot rents typically seen during stronger seasonal demand
- Larger Layouts: The building’s comparatively larger floor plans make it challenging to achieve higher price-per-square-foot rents, as total monthly rent levels exceed typical market thresholds for the area
Solutions
- Implemented a tiered rent strategy to capture premium pricing for refreshed units while maintaining competitive options for unrenovated ones
- Partnered with the events team to activate indoor amenity spaces through resident programming and engagement events during terrace downtime
- Re-timed lease expirations to align with the stronger spring/summer rental season, positioning the asset for higher renewal and turnover rents
- Reframed marketing narrative to emphasize the building’s larger layouts as a differentiator—highlighting premium views, flexible work-from-home spaces, and superior livability compared to smaller competing units
Results After Aura
Vacancy
1%
As of September 2025
Average Rent PSF
$90
Aura transactions as of September 2025
Amenities
Offered Additional Services & Increased Tenant Events
Although Terrace has been closed, we were able to retain and attract quality tenants
Market Position
Premier Midtown Luxury Building Known for Spacious Layouts
Pivoted focus to our strengths
Key Takeaways
- Reduced vacancy by 80%, heavily mitigating vacancy loss
- Increased average rent from $64 to $90 per square foot, a 41% gain on Aura transactions
- Delivered strong leasing performance during the slowest seasonal cycle, Winter
- Achieved all performance gains without additional renovations or landlord CapEx
Aura New York
Aura New York is a brokerage designed for landlords by landlords. We streamline the leasing process in NYC through smart technology, tailored strategy, and advanced marketing.
Contact
Shiv Babani
CEO & Founder | Aura New York
CEO & Founder | Aura New York