BLDG Management

BLDG ManagementBLDG Management is developing an upscale and eye-catching apartment complex in Manhattan.

By Kat Zeman

A major player on the New York City real estate scene, BLDG Management is bringing a luxurious and amenity-studded apartment building to midtown Manhattan. Shaped like a trapezoid, the $350 million Summit complex intersects two city streets. The 43-story, 300,000-square-foot building is scheduled for occupancy in spring 2018. 

“It’s not the typical Manhattan residential rental property,” says Kevin Tartaglione, the company’s senior vice president of development. “The unique shape to the building makes the opportunity available to give different shapes to the units and maximize views.”BLDG Management info box

The Summit will house 429 individual units and 230 onsite parking spaces. An average one-bedroom apartment encompassing roughly 700 square feet will cost $5,000 per month.

One of the building’s finer points will be its buffet of amenities. This includes a penthouse roof deck, resident lounges, sundeck, golf simulator, children’s playroom, fitness center, indoor basketball court, swimming pool, a sauna, theater and valet services. 

A high-end amenity package has become an important factor for many renters in a big city environment. Since urban renters pay more per square foot than their counterparts in rural areas, many unit sizes tend to be smaller. Lloyd Goldman, BLDG Management’s owner, says that amenities are a way to make up for smaller unit sizes.

For example, “because living rooms have gotten smaller, we provide a theater room in our buildings,” he says. “You pick up the additional living space by the immense amount of amenities.”

How the units are designed is also changing. “Kitchens have become open kitchens, which means we want to upscale the cabinetry and faucets because it’s visible from the entry,” Goldman explains. In addition, “Living space has shrunk because of the increasing size of bathrooms and kitchens.”

Due to the upscale nature of the Summit development, BLDG Management also focused on high ceilings in individual units. “We went above and beyond with our ceiling heights,” Tartaglione says. “The condos in New York are typically built with 11-foot ceilings, but that’s not common with rentals and our units range between 10 to 12 feet from floor to ceiling. That makes them unique.”

Additionally, roughly 20 percent of the units feature a terrace or an exterior balcony that can be accessed directly from the unit. The apartments will start leasing in May 2018.

That’s The One

BLDG Management divides its time between renovating and maintaining its current properties and new construction. Its real estate portfolio is peppered with high-profile projects throughout the New York area.

One of its recently completed developments is The One, a 450-unit luxury rental apartment building in Jersey City, N.J. Anchored in a prime location in the city’s downtown, the 36-story building is known for spectacular views and a healthy amenity-studded package.

Among the building's opulent features is a rooftop deck with a swimming pool, private cabanas, barbecues and fire pits, as well as a media theater room and fitness center. Other amenities include a billiards room, gaming room, golf simulator, media theater room, fitness center and a yoga studio.

In addition, there are a 343-car parking garage and about 16,000 square feet of retail space located around the base of the building. BLDG’s intent was to attract residents who want to live in Jersey City but with amenities typical of a New York City setting.

Other high-profile projects include a mixed-use development called 11 Avenue C in New York City’s East Village neighborhood. Currently under construction, the development calls for a 10-story building featuring 45 residential units and 5,000 square feet of retail on the ground floor.

“We’ve taken a contaminated site and put a new residential luxury building on it,” Tartaglione says. “It was previously a gas station. Now it will be a high-end boutique type of building.”

Last year, the company spent $4 million to renovate one of its existing buildings on the Upper West Side. The 30-story Montana is modeled after the twin-towered forms of the Majestic and Century, the important Art Deco towers on Central Park West.

The 160-unit Montana, built in 1984, was an important addition for the neighborhood that has undergone a significant redevelopment in recent times. It provides a skyline landmark for the neighborhood. The Montana features spectacular views, an indoor pool, common courtyard, fitness center, children’s playroom and jungle gym, an event room and a sundeck.   

“It’s just an example of how we maintain our buildings and keep them current,” Goldman says, whose uncle was the late real estate investor Sol Goldman.

Outside of New York, the company is considering redeveloping a million-square-foot building in Portland, Ore., and the former Zales Diamonds headquarters building in Las Colinas, a suburb of Dallas. “It’s somewhere in our horizon,” Tartaglione says. 

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