Sarah Patton, director of development at Compass Development Marketing Group, said that the past few years have seen consumers emerging from lockdowns and wanting more: more space, more amenities and more community.
Compass’s portfolio currently includes the Copper, the iconic copper-clad luxury rental building in Murray Hill Manhattan, boasting a skybridge with a 75-foot lap pool, breathtaking views of the city skyline, and monthly rents topping out at $26,000. Mrs. Patton is the luxury-rental queen and has been instrumental in filling sumptuous buildings like the Copper and NX in Williamsburg, Brooklyn, an opulent 31-unit building overflowing with community-focused amenities.
“Coming out of Covid, people have been craving a deeper sense of community,” Ms. Patton said. “So that’s something we’ve really focused on, especially in rental buildings. Consumers are looking for more shared amenities and communal spaces, which I think goes hand-in-hand with creating and fostering a better sense of connection.”
Mansion Global caught up with Ms. Patton from the company headquarters in New York to talk about the high-end rental market boom and what both owners and renters are searching for in their post-pandemic luxury homes.
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Mansion Global: You cater to both renters and buyers. What do you think is driving the increase in luxury renters in New York City?
Sarah Patton: We are seeing a lot of people from the tech industry coming into New York City. They tend to opt for rentals while they get the lay of the land and understand where they want to end up in the city. We’re also seeing a lot of people who bought second homes during the pandemic and got used to a larger home outside of the city. They often opt to rent in the city instead of buying. Also, interest rates have obviously skyrocketed in the past year, which has really made people reevaluate and perhaps opt to rent for a year or two in hopes that rates will drop.
MG: What’s the most luxurious room in your house?
SP: I’ve lived in New York for a long time, in so many tight spaces, and I never had enough room, especially in the kitchen. So, personally, I feel like luxury is cooking in my kitchen and being able to have eight people over for dinner. It’s nothing extreme. I enjoy having a larger kitchen with easy storage and space to entertain at home. the little intimate moments that create an authentic sense of home.
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MG: How has the luxury landscape changed in the wake of the pandemic?
SP: People want to be more connected to a shared economy. They want to be able to trade stories and understand what other people are doing. It’s really broken down a lot of the barriers that were built up during the pandemic and opened people up for more connection. This has driven a need for more communal spaces in luxury buildings, such as coworking spaces, more robust lounge spaces and areas for networking with neighbors.
The home has become more of a gathering place, which puts more emphasis on design and space. The kitchen story has changed in interesting ways, as consumers want more space to host.
MG: What’s next for you, and what are you looking forward to in 2023?
SP: This year is going to be pretty busy for us. We’re launching three projects in New Jersey, and we’re finishing up the NX project in Williamsburg. The Copper has new ownership and some great things happening at the building, so we’re excited to get the word out.
Looking at trends, we’ll continue to see a big focus on more space, especially in terms of larger kitchens and both private and communal gathering spaces. I also think we’ll continue to see more people returning to living by themselves instead of with roommates, which will help fill in some of the smaller apartments on the market.
And zooming out, I think the rental market will continue to be really strong because there are not a lot of pipelines delivering this next year. New products will continue to be rare, which will push the envelope, both in terms of design and rent.
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MG: What’s your own definition of luxury?
SP: Luxury is a word that’s been used so frequently across the board that sometimes it’s hard to define. To me, I think luxury tends to be an individual experience. In real estate, luxury is rooted in the pride of ownership—whether you rent or own. It’s the feeling your home evokes for you: a sense of arrival, how you feel when you’re greeted by your doorman, what it’s like for you to move through your kitchen. It’s about these authentic moments and how they resonate with each person.
This interview has been edited for length and clarity.
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