Rose Sales & Rentals

Client Case Study

Chelsea Landmark

Rose Associates Property Development

Aiming to redefine luxury in Manhattan's crowded rental market, the property owner chose Rose Associates to develop a signature building on Sixth Avenue between 25th and 26th Streets.

Rose participates as an equity partner as well as a fee developer, property manager, and exclusive marketing, residential and retail leasing agent. The resulting Chelsea Landmark is widely cited as a model of luxury rental development in New York City and beyond.

Pre-development Consulting

The pre-development team at Rose Associates was given a mandate to create a signature property. To set a new standard, Rose incorporated finishes typically reserved for the highest end condominium developments. Rose designed an expansive lobby incorporating an unprecedented 20,000 square feet of amenity space into the building. Residents enjoy numerous lifestyle offerings that include a golf simulator, a yoga and pilates studio, an aqua spa and social sauna, a billiards and game lounge, a demonstration kitchen for guest chefs, and a landscaped sun deck and Zen garden. The developers also wanted a property that could react to current and future markets. Rose created flexible layouts that allow for multiple uses and will facilitate Chelsea Market's long-term profitability.

Residential Marketing

Rose utilized Rosenyc.com and an aggressive online advertising campaign that was supported by signage and broker outreach to market Chelsea Landmark. Rose drove a steady flow of highly qualified traffic to the building's leasing office while totally avoiding the expense of print advertising. The building's lease-up was exceptionally swift, and a new level of luxury was established within New York's rental market. Upon completion, Chelsea Landmark achieved the highest rent roll of any residential property in Manhattan. Through strict inventory controls and rapid pricing adjustments, Rose maintains high occupancy levels at Chelsea Landmark and continues to exceed the income expectations of the property's developers.

Construction Supervision

The Construction Supervision professionals at Rose Associates managed each stage of Chelsea Landmark's development.

Understanding that Chelsea Landmark would be built during a construction boom, Rose pre-bought major trades while early in the design phase. Experienced on-site supervision throughout the construction process allowed Rose Associates to meet incremental construction deadlines and deliver the building on time, with the quality purchased and within budget.

Retail Leasing
  • This is the first large retail offering to be marketed on Sixth Avenue above 23rd Street in Chelsea.
  • Rose secured Gracious Home, a New York City housewares retail institution, as the sole tenant for the entire 25,000 square foot space, after targeting a list of potential tenants who would benefit from the emerging neighborhood.