Ask any junior banker, financial analyst, or trader to name Financial District luxury high-rise rentals. You’ll almost certainly hear 2 Gold Street in the list. The building has been home to decades of young wall street professionals, from first year analysts all the way to senior vice presidents (even managing directors if you search hard enough).
Unfortunately, it hasn’t always been smooth sailing for the residents of 2 Gold. The building has had a tough relationship with mother nature and the elements, in particular hurricanes and floods. Two days ago, residents in 2 Gold received the following memo:
We hope that you and your families are safe and healthy during these challenging times.
The following is an update regarding the recent situation with the high-rise elevators. We have experienced increased shutdowns due to the quality of the electrical power delivered to the building. Our elevator consultant has confirmed the elevators are safe, however, we are working with our electrical engineer, elevator maintenance company and other consultants to provide a resolution as soon as possible. We apologize for delays and the impact it has caused you. Thank you for your patience and understanding. Further updates will be provided.
TF Cornerstone Inc.
New York is no stranger to infrastructure failure due to the excess rain and squalls, resulting in flash flooding, electricity issues, and buildings falling apart. The effects of repeated storms with little recovery are especially evident in Financial District’s Gold 2.
Hurricane Sandy’s Effects on 2 Gold
The residential building has had its fair share of issues dating back to Hurricane Sandy. Back in 2012, when Hurricane Sandy hit, the building’s lobby was covered with three feet of water which damaged the building’s lobby, basement, mechanics, and some vehicles.
As a result of the damage, the building’s management, TF Cornerstone, allowed residents to vacate despite active leases, and nearly half of the units were quickly emptied. But not before a class-action lawsuit was filed against the building and developer/management company TF Cornerstone. The building remained uninhabitable for many months after the hurricane and remains a cautionary tale of doing proper research before moving to any new home.
Since then, the building has installed a $250,000 aluminum flood gate to protect against floods by sealing off the basement. They have also worked on other upgrades and renovations (totaling over $15 million), both for storm protection and general updates. As a result, the building quickly refilled as residents were promised a brighter, more secure future. You can even rent available apartments at 2 Gold right now, with an incredible net effective rent that includes 2 months free and no fee.
Hurricane Ida’s Effects on 2 Gold
Flashing forward less than a decade after Hurricane Sandy, the building has quite literally faltered in Hurricane Ida’s wake. This time, the electricity is taking a hit as multiple residents have complained of spotty elevator service.
When prompted, TF Cornerstone told residents on September 2nd that the increase in elevator issues, preventing proper access to over 800 units, was because of “the quality of electrical power delivered to the building.”
While the elevators have technically been deemed safe by maintenance officials, the inconvenience and dangers of using the elevator after repeated failure far outweigh the benefits. As a high-rise building, those living on higher floors will need to rely on stairs completely, or they can take their chances when the elevator is in service and hope it works as intended.
Not to mention, the building is no longer accessible for handicapped individuals relying on the elevator for mobility. It seems as though the building should be prepared for natural disasters as the rate and severity have increased over the years, yet issues like these continue to rise and pose a threat.
The active storm might be over, but the journey toward reparations is clearly going to be a long one. If trends continue as they did during Sandy when the building was inhabitable, there may be another mass exodus as residents turn toward safer living conditions.
2 Gold Building Details
This luxury apartment complex is located in the heart of the Financial District. There are hundreds of units offering flexible living conditions as studios, one, two, and three bedrooms. The building is fairly new, built in 2003, and has 51 floors. Included in residency is a playroom, fitness center, lounges, and more. Residents will also have access to parking, a concierge, a doorman, valet, and similar benefits.
When searching for No Fee NYC Apartments in the Financial district, listings site RentHop shows hundreds of options in the area. However, be aware that some of the deals will not last much longer. During late July, landlords actually cut back significantly on their concessions and raised rents, citing strong demand and a return to offices following the pandemic. Unfortunately, the Delta variant seems to be gaining too much ground, with more and more companies delaying their back-to-office dates into late 2021 or beyond. If you are looking for a great rental deal, now would be the time to lock in 18 or even 24 months at prices we haven’t seen in years.
Mr. "Hud" Chavij recently came from abroad and brought with him a level of determination and creativity that instantly gained him a reputation among the NYC real estate thought leaders.