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Midtown Megarental's Grand Opening Hurt By Sudden Closure

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A sharp-eyed tipster wrote in to tell us that Glenwood Management's rental office at Emerald Green, a twin-towered new rental development at 320 West 38th Street in the Garment District, suddenly closed. City records show a violation for a new building occupied without a valid certificate of occupancy, which is something you really do hate to see. Did that that initial rush of renters attract a little too much attention? The DOB site labels the complaint "resolved."

We checked in with Glenwood Executive exec Gary Jacob, who said the office should reopen later this week. "We closed for the holiday weekend and we're catching up on paperwork," he said. "We filed all the approvals [for the Certificate of Occupancy. We should have that momentarily." Talk about some grand opening fireworks!

The development's website says the on-site leasing office is closed temporarily, but "will still be responding to phone inquiries during a short transition period for our leasing office."

Jacob said more than 90 units in Emerald Green, which has 569 apartments in its two 24-story towers, have been rented so far. Figuring in the one month's free rent on a year's lease, The Real Deal recently reported rents at Emerald Green come in at around $2,200 for studios with home offices, $2,350 for one-bedrooms and $3,750 for two-bedrooms -- around the average for each category in Manhattan and on par or lower than the few comparable new buildings in the broader area. The building also includes below-market-rate units that will be allocated through a lottery. Once things get back up and running, naturally. Here's how things look right now:


· Emerald Green [glenwoodnyc.com]
· Overview of Complaint: 320 West 38th Street [DOB]
· Rental Office Rush [NYT]
· Glenwood hopes for a gem in Hudson Yards [Real Deal]