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.

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's National Newsletters
Related Stories

Receiver Appointed For X Denver Apartment Building Near Coors Field

Social Housing Providers Turn To Bond Markets To Fund Expansions

Revere Beach Apartments Sell For $77M

Pair Of Evanston Apartment Buildings Trade Hands, Including A Reinsdorf-Backed Sale

Political Campaigns Have Spent $87M Making Data Centers A TV Villain

Developer Inks Deal To Move HQ To Lerner's Tysons Tower

Soar AI Secures $1B Equity For Industrial-To-Data-Center Development

Service Properties Trust Gets Surprise $2B Cash Bid For 93 Hotels

How AI Is Reshaping Brokerage Operations And Investor Portfolios

Meet The Early Movers In America's $3T Push For Manufacturing Construction

Spirit Christmas Unveils Plans To Grow Store Count This Holiday Season

Hurricane Isaias Puts More Than $40B In Multifamily Property In Its Path