Page 6 - CooperatorNews New York 2022

6 COOPERATORNEWS —
AUGUST 2022
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Greta Garbo’s Manhattan
Apartment Comes on the Market
$7.25 Million for a Piece of Hollywood History
BY COOPER SMITH
Rebranding Buildings & HOAs
People, Politics, & PR
BY A.J. SIDRANSKY
Amid the pressure of an overheated real estate market and possible looming recession, some
co-op and condo properties are looking to stand out in today’s landscape. One strategy some are
embracing is rebranding; casting a new light on who they are, and by extension who might be
interested in buying into their communities.
Why?
There are many reasons for a rebranding. It might be as simple as reintroducing a property
after a major physical overhaul, like the ‘reveal’ on a makeover show, or it might be a way to dis-
tance a community from a previous connection to a developer or sponsor.
“With the onslaught of new developments to the market, some buildings are looking for
ways to make themselves appear ‘new’ again,” says Elise Rosemarin, a senior vice president with
AKAM management in New York. “Boards and owners at some properties might feel like they
are not trading at the level their neighbors are, and are interested in finding out why.” Rebranding
may provide an insight—and ultimately a solution—to that problem.
What’s Involved?
Like nearly every other major undertaking in a multifamily community, the complexity and
cost of a rebrand “depends on the size of the project,” explains Rosemarin. “There could be a lot
of moving parts, or it can be minimal. Some of our clients are looking to rebrand completely,
including a new name, which involves a new logo, brand identity, brand guidelines, trademark,
color scheme, signage, and more. Other clients are looking to rebrand solely for market position.
This can be accomplished with the creation of a website or minor aesthetic updates.”
Gov’t Regs Account for 40.6% of
Multifamily Development Costs
Building Affordable Housing is Compromised, Say Industry Pros
BY DARCEY GERSTEIN
The
World Property Journal
reports that the costs to comply with regulations imposed by all
levels of government account for an average of 40.6% of multifamily development costs nation-
ally.
The National Association of Home Builders (NAHB) and the National Multifamily Housing
Council (NMHC) surveyed 49 developers across the U.S. to determine the effects that regula-
tions and other factors have on both building costs and whether projects get completed at all.
The data indicate that in spite of the challenges the nation faces with adequate and affordable
housing, the regulatory environment for developers is such that nearly half of their average costs
go toward the variety of regulations imposed by all levels of government, include zoning re-
quirements, building codes, impact fees, permitting requirements, design standards, public land
requirements, and federal Occupational Safety and Health Administration (OSHA) regulations
and other labor requirements.
“The U.S. is facing a serious housing affordability crisis, in part, because of this overly burden-
some regulatory environment,” says Doug Bibby, NMHC president. “We need to do all we can
to lower the cost of housing, and that should start with eliminating duplicative and unnecessary
regulations. Those extra costs make many projects financially nonviable given that housing pro-
viders are already dealing with sky-high land, materials, and labor costs.”
The research also examined regulations and other factors that can impact whether develop-
ment even occurs. Three quarters (74.5%) of respondents said they encountered “Not In My
Backyard (NIMBY)” opposition to a proposed development. Confronting that opposition adds
an average of 5.6% to total development costs and delays the completion of those new properties
by an average of 7.4 months, according to the
Journal.
Other regulatory requirements add complexity to projects or make development in cer-
tain areas or at certain price points less feasible. Inclusionary zoning, for instance—jurisdic-
tions where 43.8% of respondents said their typical projects were located—require developers
According to an item featured this week on TopTenRealEstateDeals.com, the former
home of legendary actress Greta Garbo is back on the market. Regarded as one of the
great actresses of all time, Swedish-born Garbo got her start in silent films and went on
to become one of MGM’s highest-grossing box office stars. She was known for her melan-
cholic, somber persona and famous for tragic characters and understated performances,
such as her portrayal of a consumptive courtesan in 1936’s “Camille,” often regarded as
her best work. She was nominated for three Academy Awards and received an honorary
Academy Award in 1954. Never a fan of the Hollywood lifestyle, Garbo retired at the age
of 35, refusing all opportunities to return to the screen. She led a private life, shunned
publicity, and amassed an art collection auctioned for millions when she died. Known for
walking the streets of New York in a trench coat and sunglasses, she inspired the sport of
‘Garbo watching’ for celebrity photographers and curious admirers.
The Manhattan apartment where the enigmatic actress spent her long retirement is
now on the market for $7.25 million. Last sold for $8.5 million in 2017 after a fierce bid-
ding war, the home retains many of Garbo’s furnishings and personal touches. The three-
bedroom, three-bath apartment boasts large picture windows with spectacular views of
the East River, which reminded Garbo of her native Stockholm.
The unit is located in the legendary Campanile building, famous for the superior,
white-glove level of service and discretion it offers to its VIP residents. Other celebrities
who have called the exclusive building home include Ethel Barrymore, Rex Harrison, and
members of the billionaire Rothschild and Heinz families. Directly beside the East River,
the building is walking distance from the River Club of New York and the Sutton East
Tennis Club as well as the ferry to Roosevelt Island. Centrally located, it is easily acces-
sible to everything Manhattan has to offer.
The listing is held by Brian K. Lewis of Compass, New York, NY.
n
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Two Cases
Rico Pasamba is a general manager with FirstService Residential, and a previous manager of
Briarcliff Owners Inc, a 312-unit, 30-story high rise cooperative in Cliffside Park, New Jersey.
Built in 1975 as a rental, the building was converted to cooperative ownership in 1984. “Briarcliff
undertook a major three-story lobby, amenity, and façade renovation project at a cost of $4.5
million,” Pasamba says. “Along with the renovation and after thoughtful consideration, the board
initiated a marketing initiative to rebrand the building. The board engaged a marketing agency
for the purpose of helping transform their image and identity into a modern, luxury cooperative.
The building was rebranded from Briarcliff Owners Inc. to Apogee, which by definition means,
‘the highest point in the development of something, its climax or culmination.’”
“Rebranding was at the heart of their marketing initiative,” Pasamba continues. “The board
engaged a real estate public relations firm that specialized in promoting the Gold Coast region,
and to create awareness in the real estate market of Apogee. They created a new website and
brochures, procured articles in newspapers, magazines, and other vehicles, and established an
online and social media presence.”
By all accounts, Apogee’s efforts toward repositioning their community were successful. “The
renovation, rebranding, and marketing efforts enhanced and repositioned the building among
other coveted high-rise properties around the Gold Coast region, and a rise in its share value was
realized,” says Pasamba.
Another example of rebranding—for very different reasons—is The Tower at City Place in
White Plains, New York. Built and managed by the Trump Organization, the condo building was
originally called Trump Tower City Center, and had carried the Trump name and logo since its
construction in 2005. According to board president Anthony Schembri, even before the build-
ing’s namesake ran for office and was elected in 2016, “There were always individuals who want-
ed Trump’s name removed.” Post-election, the sentiment was more pronounced. “Folks wanted
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