Octagon shaping up to be a big winner.

The Octagon welcomed its first tenants in mid-April and they've been continuing to move in at record rates ever since.

Boasting two fourteen-story wings and 500 rental units, The Octagon is a new luxury residential apartment complex on Roosevelt Island.

With little rental product on the market, rents of up to 20% less than Manhattan prices and a bevy of resort amenities not typically found in Manhattan apartment buildings, The Octagon's on-site leasing office is experiencing an unheard of 30% conversion rate.

The centerpiece of the residential development is one of New York's most significant architectural landmarks, the Octagon Tower, a building that served first as the New York Lunatic and Pauper Society, and then later as the Metropolitan Hospital. The Octagon Tower has been restored to how it appeared more than 100 years ago, with a reinvention of a seven-story monumental spiral stair. Today, as the Tower stands, it includes 30,000 s/f of lobby area, gallery space and residential amenities designed by David Rockwell.

Tenants have their choice of a studio apartment with home office, one bedroom, two bedroom, or three bedroom apartments. The Octagon apartments feature granite countertops, stainless steel whirlpool Energy Star appliances, and floor-to-ceiling windows. There are six tennis courts, a waterfront swimming pool and onsite childcare.

"The Octagon's opening represents the fulfillment of eight years of work, and a 35 year-old mandate for Roosevelt Island," says Bruce Becker, The Octagon's architect and developer. "We have tried to do something that, while beautiful, goes beyond the simply spectacular to offer people a more sustainable or responsible way to live--and also one that is more fulfilling and enjoyable."