Earlier this week, we wrote about Manhattan mega-developer Glenwood's planned sequel to Emerald Green, the green luxury rental building in the resurgent Garment District that has been (yet another) breakout success for the luxury rental developers. Glenwood is behind a number of the most popular rental listings at Luxury Rentals Manhattan, and the company's carefully planned luxury rentals -- usually done in collaboration with architect Costas Kondylis, but always striking well-amenitized and intelligently done -- have an appeal that's easy to see. In The Real Deal, Adam Piore profiles Glenwood head honcho Leonard Litwin, and writes about the company's striking success during the ongoing (if improving) downturn in NYC real estate.
"Glenwood's focus exclusively on rentals might have looked myopically old-school during the recent real estate boom, when new development condos and condo conversions drove sales prices into the stratosphere," Piore writes. "But it looks pretty wise in this down market...The apartments are going so fast, in fact, that Glenwood recently stopped offering concessions to lure new tenants to the building." The whole piece is well worth reading for anyone who has ever wondered where luxury rental listings come from.
