Philips International's Upper West Side Rental Development, The Corner, Is More Than 40 Percent Leased

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New Luxury Building Approaches Halfway-Rented Mark In Only Seven Weeks

Our company has a long and successful track record of gauging the trends in the real estate marketplace and positioning our developments to capitalize on those trends and satisfy the demands of whatever market we're catering to.

Philips International and Rhodes NY, partners in The Corner at 200 West, a new luxury rental development on the Upper West Side, is pleased to report the building's extraordinarily successful launch, with 79 out of 196 apartments rented in only seven weeks.

One of the few new high-end rental buildings in Manhattan, The Corner is located at 72nd Street and Broadway, the most visible corner on the Upper West Side. The building offers tenants the opportunity for condo-style living without the need to purchase and obtain a mortgage in today's difficult real estate and lending climate.

"The Corner is a prime example of how demand for high-end rentals is soaring in today's real estate market," stated Seth Pilevsky, managing director of Philips International. "Our company has a long and successful track record of gauging the trends in the real estate marketplace and positioning our developments to capitalize on those trends and satisfy the demands of whatever market we're catering to."

The Corner offers studios and one-, two- and three-bedroom apartments ranging in size up to 1,600 square feet. All apartments are equipped with washer/dryers and many with wine coolers. The building has 47 different floor plans -- six times as many variations as similar buildings of the same size. Rents range from $3,000 per month for a studio to $23,000 for a three-bedroom.

Designed by Handel Architects, The Corner offers residents the best in green living. From the low-reflectivity glass in the floor-to-ceiling windows to the energy-saving Energy Star appliances, The Corner offers apartments that are both sophisticated and environmentally friendly.

"Philips International is proud of the team we have assembled for this new development and for the extraordinary level of collaboration and innovation that defines The Corner," stated Michael Pilevsky, managing director of Philips International. "Recognizing how to meet market demand, even in highly volatile conditions such as those that exist in today's real estate climate, is something our company has been doing for more than 30 years and we are proud to add a world-class development such as The Corner to our portfolio of successful projects."

The Corner is seeking LEED (Leadership in Energy and Environmental Design) silver certification from the U.S. Green Building Council for its sustainable design elements.

The amenities include a children's playroom, a rooftop terrace, a fitness center and a residents' lounge, the "Corner Club," which features a sleek fireplace, rich walnut detailing and an overhead movie screen above it.

The Corner is directly across the street from the 72nd Street subway station and boasts easy access to public transportation, recreation and entertainment, as well as shopping and dining. Nearby museums include the American Folk Art Museum, the American Museum of Natural History and the Hayden Planetarium.

The Corner is being developed by a world-class team of organizations including Philips International, Rhodes NY and Gotham Organization. The builder is Gotham Construction and the interiors were designed by noted designer Andres Escobar and Associates, whose chic, contemporary sensibility has won him accolades around the world.

For more information on The Corner or to arrange a tour, visit the on-site leasing office at 200 West 72nd St. daily from 9 a.m. to 6 p.m. or contact the sales and marketing team by calling (212) 721-1200, e-mailing info(at)200west72(dot)com or visiting the website at http://www.200west72.com.

About Philips International

Founded over 30 years ago by Philips Pilevsky, Philips International is one of the most active investors and developers in the real estate industry. Philips International specializes in the acquisition, development and management of property in the retail, office, residential and hotel sectors. The company's holdings span more than 200 properties and include such notable assets as the Bryant Park Hotel in Manhattan; The Corner, a new luxury rental building on the Upper West Side of Manhattan; and Grand Park Office Condominiums, a new office condominium development in Midtown Manhattan at 40th Street and Park Avenue.

Philips International has offices in New York, Delaware, Florida and Texas. For more information, visit their website at http://www.pihc.com.

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