I guess I hadn’t walked down Leonard lately, because Elliman Rentals—a six-month-old division of Prudential Douglas Elliman Real Estate—has been at 4 Leonard for two months, and I only just noticed it. The new division annexed some of the main office around the corner on Hudson, branding it accordingly. “Elliman has always done rentals,” points out Mark Menendez (above), executive V.P. and director of rentals. “But we’re interested in building our rental business. The logo is different to emphasize that it’s a separate division.” Menendez, who has been with the company for 11 years, started as a rental broker. He was in a different office before this, but he’s not complaining about the move: “I’ve lived in the Financial District for 15 years now, and I have a lot of friends in Tribeca. I’ve been playing basketball at Rockefeller Park forever.” There are currently 15 agents in the Elliman Rentals office. “Initially, we were hiring people new to the industry,” he says, “but now we have some experienced people as well.”

How’s the rental market these days?
It’s very good. We’re seeing a steady increase in activity and transactions.

What do you wish prospective renters would think about before they started looking?
They often have a wish list, when it would be great if they had a better idea of what they really wanted.

Are there any mistakes that prospective renters commonly make?
Sometimes they’ll read an article somewhere saying the market is soft, when in fact it’s not, or that concessions are being offered—but they don’t read the part that says the concessions are in less desirable neighborhoods.

Is Elliman Rentals representing any properties in greater Tribeca?
Well, one that comes to mind is 50 Franklin.

Are there any downtown buildings that you walk by—they don’t even have to be residential—where you think, “I’d love to sell that”?
[Pause.] I’d have to say the Woolworth Building.

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