Outshining the Neighbors

In 2011, Manhattan’s apartment-vacancy rate was, on average, below one percent. This is because in popular locales such as New York City, property demand is virtually guaranteed regardless of the condition of supply—for example, the size of an apartment (small) or how recently it has been renovated (in some cases, never). In a town where renters are always willing to pay exorbitant asking prices for living spaces they spend relatively little time in, brokerage firms can succeed while offering a subpar product. So, 9300 Realty, a full-service real estate-management company based in Manhattan, sets itself apart by maintaining quality units.

“We’re different in that we want to give our clients a sense of home,” leasing director Brian Landesman says. “Typical management companies might spend between $1 [million] and $5 million per year on maintenance and upgrades. We spend more than 10 times that amount.”

Relying primarily on Casur Corporation for its renovation work (though its sheer volume requires additional contractor relationships, too), 9300 Realty upgrades its properties on an annual basis. Typical apartments feature exposed brick, wide-plank hardwood floors, washers and dryers, dishwashers, and high-end kitchen and bathroom finishes. Premium rentals offer balconies, skylights, roof decks, and fireplaces.

With more than 150 buildings, 9300 Realty also offers tenants—who are typically between 22 and 35 years of age—a wide variety of choice in terms of location. Apartments are available in the most sought-after downtown neighborhoods (including West Village, SoHo, and the Lower East Side) and those north of 23rd Street (such as Midtown West, Gramercy, and Harlem). Ground-floor retail leases also are an option in the company’s mixed-use properties.

Building managers may be in charge of as many as 40 properties, and responding to service calls can be a challenge. But Landesman says 9300 Realty takes particular care not to let issues fall through the cracks. “We pride ourselves on being attentive to every maintenance request,” he says.

In addition to the aesthetic level of the units (the company’s owner has an “unbelievable passion for design,” according to Landesman), their location, and 9300 Realty’s close customer care, other client incentives include no broker’s fees and two-year contracts. Rent increases in New York can reach $100 per year per bedroom, so for longer-term renters, a fixed-rate contract is a wise investment.

Recently, 9300 Realty also launched a new socially interactive website, which links apartment listings with nearby restaurant and nightlife guides to provide potential clients a sense of the neighborhood. The platform is a smart feature, and it’s a particular boon for college students who are looking to make the leap to the city or to their first apartment. Those students are part of 9300 Realty’s core demographic, and the company maintains an online advertising presence at feeder schools such as the University of Michigan and NYU.

In a broader way, though, the upgraded website underscores the firm’s strong understanding of its clients’ needs and preferences. “What we offer is a finer product than the competition,” Landesman says. “We’re committed to giving tenants the opportunity to get a great apartment. I mean, it’s New York—if you have to move into a box, make it a box that at least has a dishwasher.” ABQ