The Future Of Multifamily
With the economy, the Millennial generation, and national multifamily development in full swing, the way we live is changing fast. (Everyone has a tablet, and no one will eat gluten.) Some forward-thinking NYC pros gave us a peek at the new order:
1) Smart Homes
Town Residential managing director of new development Shlomi Reuveni told us smart home tech is in almost every condo project he's working on, and high-end apartment developers are considering it, too. Why? Wealthy buyers take it as a given, so without it, you'll lose in a competitive market. And residents with less money consider it a huge plus, making your project more viable. It's a lot cheaper to put in the infrastructure now, even if you start with just simple technology. (A smart home, but one that doesn't always do all its homework.) HFZ Capital COO and general counsel Laurie Golub says her firm is installing a "backbone" in all new condo units. It's an empty conduit system that leads to almost every room and allows the owner to put in whatever tech desired.
2) Jazzy Amenities
Laurie (above) says gyms (as big as possible, including room for personal training sessions and yoga) and kids' playrooms are the two most important amenities for today's buyers. (Adult playrooms and kid weight rooms have not caught on as much.) Most high-end condos also offer as many concierge services through their doormen as they can, and space permitting, communal lounges, such as a well-designed library. Other winning offerings: media rooms, storage space (even refrigerated), and if space allows, an indoor pool.
3) Smart & Sophisticated Residents
Thanks to tech, buyers and renters are incredibly well informed. You don't have to be a broker to know who's building what, prices, and comps, Shlomi says. They expect quality construction, interior design, finishes, and infrastructure. And, Laurie adds, world-renowned architecture (like SLCE's work on Halcyon in NYC, rendered above), efficient floor plans, top-of-the-line appliances, and grand ceiling heights. Considering all the choices out there and robust pricing, she says, buyers have the right to demand them.