The Marketing Directors has won three new rental property assignments in Brooklyn.
The firm will provide development phase advisory, marketing and on-site leasing services at 250 North 10th Street in Williamsburg developed by LCOR, which will be available for rent in early 2014; 800 Union Street in Park Slope, a six-story, 28-unit property under development by Midwood Investment & Development and The Meltzer Organization, which will be available for rent in Spring 2014; and 282 South 5th Street in Williamsburg, a two-story, 80-unit property under development by Midwood Investment & Development, which will be available for rent in Fall/Winter 2014.
“We are delighted to take on these three new assignments in Brooklyn, a market where our team has been active for more than 20 years,” said Jacqueline Urgo, President of The Marketing Directors, a national development adviser, property marketing and sales force that works exclusively on behalf of owners and builders.
“We have earned a reputation for helping developers achieve the very highest rents possible during the initial lease-up – the most critical time for a new project. It sets the tone for rents as they roll over and, very important, it has a direct impact on the value of the asset if the developer wants to trade it to an institutional investor.”
Urgo pointed to the success of ARIAS Park Slope, a 95-unit residential tower at 150 4th Avenue that was built by The Iconic Group in 2010/11. The Marketing Directors was hired to manage the initial leasing campaign for the property, an assignment it completed in nine months at rents in the $46-psf to $50-psf range. Upon lease-up, the developers sold the property to Invesco, a long-term institutional investor.
“There is tremendous demand for rental product across Brooklyn, especially in Park Slope, Williamsburg and Brooklyn Heights,” Urgo said. “Savvy developers are making the most of pent-up demand by creating measured, thoughtful marketing and lease-up programs that will enable them to achieve the greatest immediate and long-term value for their assets. We are proud to be the go-to team for the development and execution of such programs.”
The Marketing Directors is currently serving as exclusive rental agent on numerous properties throughout Manhattan, Queens, Brooklyn, New Jersey’s gold coast and central New Jersey. In addition, the firm is currently directing sales at nine condominium properties throughout the Metropolitan New York region.