Background
A mixed-use luxury building in the Financial District offering elevator and doorman service. While units do not feature in-unit washer/dryers, residents have access to two conveniently located laundry rooms. The property is undergoing improvements, with the rooftop amenity temporarily closed and scaffolding in place. Recently, three office floors were converted to residential, adding 114 new units that have successfully leased up.
Pre‑Aura Metrics
Vacancy
12%
Before Aura & 114 unit conversion
Average PSF
$56
Building blended average
Amenities
Elevator, Doorman, Laundry Room
Current amenities
Market Position
Luxury Asset With Closed Amenity Spaces and Scaffolding
Older renovations
Challenges
- Larger-than-average studio layouts, reaching up to 1,000 square feet, challenge the achievement of targeted psf
- Scaffolding limits natural light and restricts balcony usage for extended periods
- Increased competition in the Financial District from newer buildings offering modern finishes and enhanced amenities
- Reduce vacancy while simultaneously increasing psf—two metrics that are typically inversely correlated—while managing the lease-up of a 114-unit office-resi conversion within the same building
Solutions
- Enhance marketing strategy with virtual staging, professional photography, and immersive 3D tours for every apartment
- Reconfigure larger layouts into flexible, shareable options to broaden appeal and drive occupancy
- Introduce non-traditional lease structures to optimize turnover during peak summer leasing cycles
- Collaborate with local businesses—gyms, restaurants, and event organizers—to deliver a comprehensive, community-focused resident experience
Results After Aura
Vacancy
<1%
As of September 2025
Average PSF
$80
Aura transactions as of September 2025
Amenities
Local gym partnership & increased resident events
No other changes in amenities
Market Position
Luxury asset offering a diverse mix of layouts designed to appeal to a wide range of renters
Increased brand equity
Key Takeaways
- Vacancy Reduction: Achieved a 95% decrease in vacancy across the asset
- Revenue Growth: Increased average psf by 43%
- Concurrent Execution: Delivered these results while managing the lease-up of 114 new units in the same building
- Efficiency: Accomplished all objectives within an 18-month period without any additional cap-ex, renovations to the building or individual units, and leased all 114 units in under three months
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