Background
Full-service luxury building with long-term tenants and reduced service levels. Amenities include a dated gym, pool, and select units with washer/dryers.
Pre‑Aura Metrics
Vacancy
12.5%
Before Aura
Average Rent PSF
$59
Building blended average
Amenities
Elevator, doorman, gym, rooftop
WD in very select units
Market Position
Luxury Asset With Renovated Amenity Spaces
Older Finishes
Challenges
- High Vacancy Post-Acquisition: New ownership’s changes led to a mass tenant exodus, causing a significant spike in vacancy.
- Tenant Dissatisfaction: Long-term residents were frustrated by service reductions and simultaneous rent increases, eroding tenant loyalty.
- Dated Amenities & Pricing Disconnect: The building’s outdated gym and pool amenities limited its market appeal and made it difficult to justify higher rental rates.
- Inefficient Unit Marketing: Large unit layouts combined with an outdated marketing approach resulted in below-market psf performance.
Solutions
- Strategic Marketing Overhaul: Implemented a comprehensive marketing strategy to reposition the building’s value proposition, attracting a new tenant base.
- Layout Optimization: Converted oversized, underperforming units into more efficient, marketable layouts to achieve a higher price-per-square-foot.
- Targeted Outreach: Forged partnerships with local hospitals and embassies to create a reliable pipeline of qualified, long-term tenants.
- Enhanced Tenant Experience: Analyzed tenant feedback to proactively address pain points and implement changes that fostered a more comfortable and positive living environment.
Results After Aura
Vacancy
3.3%
Post Aura
Average Rent PSF
$76.5
On Aura Transactions
Amenities
Updated amenities help bring in and retain tenants
Ownership Upgrading Certain Amenities
Market Position
Luxury asset with dynamic layouts in a very desirable building on UES
Increased Building Brand Equity
Key Takeaways
- Decreased vacancy by 74%
- Increased psf by 30% without renovating units
- We accomplished these goals simultaneously, while battling a 40% retention rate due to ownership transition
- We successfully rebranded the property as a premier residential building on the Upper East Side
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