WASHINGTON, D.C.— ExecuStay, the corporate housing services division of Marriott Int’l, has a new 30-story residential building under construction in Manhattan at 37th St. and 3rd Ave.— near the Midtown Tunnel. The complex is slated to open late in 2002 as a dedicated ExecuStay corporate apartment community. This marks the first residential community in the U.S. built specifically for ExecuStay and supports the company’s strategy to consolidate inventory in centralized, high-demand markets. The building will feature 150 units— 130 studio one-bedroom corporate apartments will be provided by ExecuStay through a 15-year lease agreement with building owner Pine-Equity N.Y., while the remaining 20 two-bedroom condominiums will be marketed by Pine Equity for sale. Services at the property will include a doorman, concierge, business center and fitness center. ExecuStay executives noted that ExecuStay has already been consolidating in high-density markets such as Chicago, Philadelphia and Washington, D.C. and that it will continue to seek similar opportunities.
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