A Soho and Hollywood Real Estate Success Story

We were approached by an investor client who had a gem: a newly renovated, fully furnished luxury Soho loft, wanting us to offer it to the market as a furnished luxury rental.

The challenge is that most people who need furnished rentals only want them for a short term. Keep in mind the size of the furnished rental market is less than 5% of the total rental market. Tiny. And, of course, in the luxury market, unless your taste is spectacular, at least 50% of the people who see your furniture won’t like your taste—human nature. 

The subject property’s bylaws provided that all rentals must be at least 12 months or longer. Short-term wouldn’t work and would create pockets of vacancy, hurting our clients’ returns and violating the building rules. 

Understanding the challenge, we embarked on a journey to transform this opportunity into a success. 

Our initial step was a deep dive into market dynamics with our client, and we created a strategy that increased our client’s chances of success. We set a compelling asking price to draw a lot of attention, commissioned stunning marketing visuals and video, and launched a comprehensive campaign that spanned paid digital social media advertisements, email messaging, and targeted outreach to key real estate brokers with clientele in the market for high-end rentals.

Our research pointed us toward one specific persona: Hollywood Talent and its ecosystem.

Recognizing this niche, we collaborated with our Compass Sports and Entertainment Division colleagues, tapping into their massive national network of sports and entertainment figures to find the perfect match.

The results were nothing short of spectacular. Within three days, the property attracted six showings, culminating in an offer from a renowned Hollywood figure—8% above our asking price, signaling a search for a New York home during a production stint.

Our client’s satisfaction is off the charts as we near the deal’s closure. This story isn’t just about renting a luxury property; it’s a testament to working smarter, collaborating, and choosing the right broker to navigate the complexities of Manhattan‘s luxury rental market.

Soho and Hollywood Real Estate

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