First all-corporate residence in NYC unveiled

Real Estate Weekly, Oct 20, 1999

The Cambridge Club, New York's first all corporate residence, is set to open in the Financial District of Downtown Manhattan. The building will cater exclusively to corporate tenants who wish to live in Manhattan for short- and long-term stays. Occupancy is set to begin in December.

"The Cambridge Club is a residence with amenities and services specifically tailored to relocating business executives who plan to make New York City their home for an extended period of time," said Joseph Barbaccia, president of Joseph Gregory Marketing Inc., the project's exclusive leasing agent.

The Cambridge Club at 56 Pine Street has 78 luxury, furnished apartments at an average monthly cost that is 30-50 percent less than a hotel room. Barbaccia said that leases can run anywhere from one-month to two years, with monthly rents ranging from $2,850 to $3,550 for studios, to $4,050 to $5,550 for one-bedrooms, depending on the length of stay.

Built in 1893 as a commercial building, the 16-story Romanesque Revival-style building was designated a city landmark in 1996. Designed by renowned architect of the day, Oswald Wirz, it is a rare surviving example of New York's early high-rise office buildings.

The $17 million Cambridge Club was developed and built by Cambridge Development and Construction Corporation. 'We wanted to create a Downtown residential project that would be uniquely integrated into the Financial District's corporate community," said Ethan H. Lazar, president of Cambridge Development. "We interviewed several companies that specialize in operating either extended-stay facilities or corporate rentals before choosing Joseph Gregory Marketing, Inc."

The property will be managed jointly by Joseph Gregory Marketing, Inc. and Cambridge Management, a subsidiary of Cambridge Development.

"Given the rise in the hiring of consultants for short-term assignments and an increase in the demand for short-term rentals, we recognized the need for luxury, furnished corporate apartments in Manhattan," said Barbaccia, whose company specializes in this market.

The Cambridge Club offers weekly maid service, 24-hour concierge, an exercise center and laundry rooms on each floor. Each apartment comes with a fully equipped kitchen that includes a dishwasher, microwave and complete sets of cutlery, china, glassware and cooking utensils. Entertainment centers feature a stereo with CD player, a VCR and a cable TV with free HBO and ShowTime premium channels. Each apartment has a digital telephone and digital answering machine. There are also four telephone lines in each unit to support such optional services as fax and Internet connections.

Currently, The Cambridge Club has 28 studios, 43 one-bedrooms and seven large loft studios for lease. Twenty more apartments will be added when the sole office tenant's lease expires in a few years. Apartments range in size from 450 to 800 square feet, and are located on floors five through 16.