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Residential developers David Picket, of The Gotham Organization Inc., and Matthew Adell, of Adellco LLC, discussed the current market for rental units, as well as new projects, at the Real Estate Board of New York's residential rental committee annual Developer's Panel. Douglas Wagner, of Benjamin James, served as moderator for the event.

The panelists described their recently opened developments, including Adellco's The Capital and The Astin in Chelsea and The Gotham Organization's The Nicole. Adell and Picket said that the high price of land has made it difficult to finance new residential construction despite the continuing housing shortage in New York City. They discussed the impact of low mortgage rates and the current buying boom, which has affected the rental market.

REBNY president Steven Spinola said, "At this time of flux in the housing market, we're especially pleased to have David Picket and Matthew Adell discuss the current issues they are facing with their new rental buildings. While housing continues to be in need, developers are finding that it has become more difficult to create new residential buildings as land prices skyrocket and low interest rates convince more people to buy homes."

The panelists noted that demand for rental units continues to be stable and tenants seem to be looking for more high-end, quality finishes, such as granite countertops and stainless steel appliances, as well as more common spaces like lounges and gyms. The panelists mentioned that they are always looking for new services and amenities to offer tenants, such as an option for in-apartment washer/dryers and building-wide social events.

Another positive trend according to Matthew Adell is that potential residents, who may have been priced out of the market two or three years ago, have begun coming back to Manhattan. And while residential owners and managers are seeing fewer shared apartments, more empty nesters are selling their homes in the suburbs and moving to Manhattan.