Here is another article about things going on around Rochester.
Many Rochesterians have driven down East Ave. and wondered what it’s like to live in one of the sprawling mansions on the wide, tree-lined street. Those who are looking for spacious apartments, however, may not have to wonder any longer.
Developer David Pelusio bought one of those homes in 2013 for $675,000 after the Boy Scouts of America Otetiana Council put their former headquarters up for sale. Now he has spent about $1.2 million on renovations to turn the 19,000-square-foot mansion at 474 East Ave. into nine luxury apartments.
The units range in price from $1,500 to $3,000 a month and in size from 1,000 to 2,000 square feet.
Pelusio, along with his brother Albert completed the renovations in May, and the units were leased shortly thereafter.
“We created a market that didn’t exist,” Pelusio told the Democrat and Chronicle, referring to the luxury apartments in these historic buildings. He explained that more people want the ease of upscale living without having to maintain the property themselves.
The renovations included the additions of granite countertops and stainless steel appliances in the units’ spacious kitchens.
The apartments have several additional much sought-after features, including hardwood floors, walk-in closets, and more. Although many apartment buildings choose carpet installers for their flooring, hard surface flooring has the advantage of not harboring dust mites and molds, which can provide allergy relief for some 40 million Americans.
For the amenities, the price of Pelusio’s apartments and others like them in the East Ave. district are downright reasonable compared to rental markets in places like New York City.
In Manhattan, for instance, developers are only targeting the ultra-wealthy with luxury apartments and condominiums. According to Realtor.com, the average price of a condo in the newest buildings in Manhattan is $5.9 million as of 2015, and the price per square foot has risen 50% in the last two years alone.
In other words, rental rates can hit five or six figures fast, even in units of comparable size in the Big Apple.
As for Pelusio, he has good reason to keep the building luxurious for the local market: he lives there, too.
Pelusio lives in the penthouse suite at the top of the building. He and his wife left their own mansion in Brighton to come live on East Ave., and so far they love being within walking distance of the different businesses along the avenue, something that also draws in his renters.