| Building | Units | Total SF | Studio | 1BR | 2BR | 3BR+ |
|---|---|---|---|---|---|---|
| 545 Vanderbilt | 264 | 159,984 | 83(381sf) | 82(537sf) | 85(817sf) | 14(850sf) |
| 550 Clinton | 20 | 11,497 | 7(487sf) | 9(549sf) | 2(725sf) | 2(900sf) |
| Portfolio Total | 284 | 171,481 | 90 | 91 | 87 | 16 |
Source: 545 Vanderbilt & 550 Clinton stacking plans (May 2025).
| Metric | 2022 | 2023 | 2024 | 2025 | 2026 |
|---|---|---|---|---|---|
| Total Leases | 104 | 143 | 106 | 79 | 29 |
| Avg Rent | $4,281 | $4,726 | $4,488 | $4,558 | $4,671 |
| Median Rent | $3,875 | $4,300 | $3,972 | $3,995 | $4,095 |
| Rent Range | $2,900–$6,700 | $2,950–$7,895 | $2,900–$7,895 | $3,150–$7,995 | $2,975–$7,100 |
| Unit Type | 2022 | 2023 | 2024 | 2025 | 2026 | |||||
|---|---|---|---|---|---|---|---|---|---|---|
| Leases | Avg Rent | Leases | Avg Rent | Leases | Avg Rent | Leases | Avg Rent | Leases | Avg Rent | |
| Studio | 75 | $4,079 | 79 | $4,640 | 58 | $4,178 | 40 | $3,697 | 13 | $3,406 |
| 1BR | 12 | $4,997 | 28 | $5,098 | 21 | $5,217 | 18 | $4,670 | 5 | $4,720 |
| 2BR | 17 | $4,842 | 36 | $4,795 | 27 | $4,761 | 21 | $6,189 | 11 | $6,173 |
Since initial lease-up in 2022, Axel has demonstrated consistent leasing velocity and rental growth, executing 461 leases across four full operating years. The property achieved rapid stabilization with 143 leases signed during its first full year (2023), reflecting strong market demand and effective positioning within the Flatiron submarket.
Average rents have remained resilient at $4,500–$4,700, with peak performance of $4,726 in 2023. Notably, larger format units (2BR+) have experienced a +32% rent increase since 2022, rising from $4,848 to $6,383 — underscoring growing demand for premium inventory at the property.
2026 year-to-date performance is strong, with 29 leases signed at an average rent of $4,671. Current velocity places the property on pace to meet or exceed prior-year benchmarks, supported by favorable seasonal leasing patterns and continued rent growth across all unit types.