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Image source: Elm East Facebook page

Real Estate Weekly reports that Elm East (86-55 Broadway – GMAP), a new luxury rental building in Elmhurst, has leased half its units in the first month on the market. This has surpassed the original expectations. Part of the lure is that the building is located just a 12 minute subway ride from Midtown – the building is actually right above the Grand Avenue M/R stop. It’s also on the edge of NYC’s fourth (unofficial) Chinatown in Elmhurst – this is a serious food neighborhood.

The building was developed by James and Jerry Pi, a father and son team (Pi Capital Partners), and built in 2012; there are 84 apartments. Units have glass-walled balconies and terraces with panoramic views of Manhattan, as well as big picture windows. The development was designed by Raymond Chan Architects (he’s also behind this mysterious building that may go up in LIC), with the lobby having been designed by Daniel Goldner Architects. Hardwood floors, marble bathrooms, and granite countertops in the kitchen are all elements that appeal to residents in Elm East.

In late 2013, Pi Capital Partners will start to build Elm West right across the street.

Elm attracting rush of renters [Real Estate Weekly]


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