Apartment rentals New York with apartments near financial district

Transforming the Former AIG Skyscraper into NY's Tallest Residential Building

In recent years, converting office towers into luxury apartment buildings has been a popular way of freeing up rental inventory in Manhattan’s Financial District, especially since new construction has been so hard to finance. Metro Loft Management has led the way in this respect, and they've built their reputation on transforming business offices into high quality luxury rentals; they presently own nine converted buildings in FiDi. The 66-story high-rise at 70 Pine Street is their latest addition, and once it is finished it will be the tallest residential building in New York and the Western hemisphere.

Keep Your Cool: 5 Tips for Surviving the NYC Summer Rental Market

To those who follow us here at Luxury Rentals Manhattan, all this talk about the resurgence of the Manhattan rental market may seem like beating on the same old drum. After all, we’ve predicted the eventual perk-up of the real estate market in all its stages, from the barely-glimmering pulse of life to its gargling infancy, from the rental market’s irritable adolescence to its full-fledged ripening. And there’s been no surer sign of the NYC rental market’s full comeback than May’s most notable statistics: prices hiking roughly .68%, vacancies dropping to .69%, and the return of the grueling competitive sport known as rental bidding wars. With all our warnings of fewer landlord concessions and high demand, a renter scouring NYC apartment listings might be feeling a bit in the doldrums at his or her prospects of securing a dream apartment. But at the Luxury Rentals Manhattan blog our goal is not to terrify, but to help. There’s no need for doom and gloom just yet: here are five useful pieces of advice for NYC newcomers tackling the competitive Manhattan summer rental scene.

Hold On to Your Hats (And Wallets): Bidding Wars Return to Manhattan Rentals

Monthly Apartment Vacancy Rates in ManhattanSummer has struck New York City in in all its sunny glory: ninety degree days, Shakespeare in the Park, and a humidity heavy enough to peel paint at fifty paces. And as those with a sharp eye on Manhattan real estate listings know, the temperature isn’t the only aspect of New York City that is heating up. We here at Luxury Rentals Manhattan have been anticipating -- loudly and often -- the onset of summer sparking an upswing in the New York City rental market, resulting in a bump in rents and a drop in vacancies. As we’ve warned, renters have been paying fees and winning fewer concessions. But now a sign of the real estate market’s growing robustness has appeared that hasn’t been seen since the economic halcyon days: renter bidding wars.