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Rego Park’s ‘Saxon Hall’ is upgraded and rebranded as luxury rental ‘The Drake’

July 3, 2017 By Jason Cohen

A 16-story building in Rego Park has been revamped and units in the fully-amenitized rental building are now available for lease.

The building, located at 62-60 99th Street, has been renamed ‘The Drake’ and 100 of the 419 apartments are now available with prices starting at $2,000 per month.

The building was purchased in 2016 by Madison Realty Capital for $135 million, the largest investment sales transaction in the history of Rego Park, according to local brokers. Madison bought the property from New Jersey-based Treetop Development, which had invested millions of dollars upgrading the 1960s-era building.

Modern Spaces, a Long Island City-based real estate firm, was retained Madison to lease the units.

The building, which had previously been called Saxon Hall, is comprised of one- to four-bedroom apartments, which come with high ceilings, large windows and open layouts.

The complex also comes with an on-site parking garage, a new fitness and wellness center, a pet spa, a lounge and a children’s playroom.

“Named after a historic cinema, which was a lively social and cultural center in the 1950s, The Drake honors Rego Park’s rich history, while delivering upgraded high-end apartments to an area dominated by Tudor-style homes,” said Eric Benaim, CEO and founder of Modern Spaces.

Revamped unit

 

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One Comment

Anne

The construction has been going on from the beginning of the year, and the management company did really little to try to make it easier on current residents. This was a rent stabilized building and they’re basically trying to drive everyone out so that they could start marketing and renting it as a luxury building. There have also been NYC orders to stop them from continuing all the construction work due to all the complaints, but they ignored them. A lot the work are done without permit. The fines they paid will probably carry on to future tenants. The extent to which real estate companies could disregard and ignore actual people’s lives for profit and financial gains, is astonishingly grieving.

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