Apartment rentals New York with Financial District Rental Listings

Live Near a Park: Manhattan’s Best Rentals for Springtime

The best Manhattan residences for springtime

It may not feel exactly like it now, but spring is coming soon to New York City! The sloppy weather we have been experiencing for the past few days is going to make way for a glorious, warm season which will make most of us want to spend more time outdoors in the city. This is where living near a park comes in handy—the city’s beautiful parks are a great place to hang out and soak up the sunshine during the warmer months.

70 Pine Street Comes Back to Life

70 Pine Street, the former AIG headquarters, is set to be converted into 1,000 rentals.The Financial District has seen its share of new developments and rising residences, and 70 Pine Street is finally set to join the trend. This vacant landmark skyscraper, formerly the headquarters of American International Group, was at one point set to be converted by Metro Loft Management into a series of hotel rooms or a range of rentals of all sizes. However, this task has now been taken up by Rose Associates, with the goal of having 1,000 rental apartments constructed by early 2014. Eastbridge Group, who has accepted the reins from Metro Loft Management, will finance the project, expecting that Rose Associates will be able to finally bring about a slew of new residences at this coveted property.

New Conversion at 116 John Street Brings More Rentals to the Market

Another Financial District office tower has been redeveloped into a residential building, and its 419 units are ready to hit the market. Back in 2010, MetroLoft Management announced plans to convert 116 John Street into an apartment complex, and renovations on all 35 floors are expected to be complete by October. Originally built in 1931, the 350,000-square-foot Art Deco building is keeping its exterior architecture and hallmark public spaces, but the conversion process will add new terrace doors at all setbacks and brand new windows throughout. Earlier this week, MetroLoft unveiled what future units will look like, with models in the form of studios, junior one-bedrooms, one-bedrooms with home offices, regular one-bedrooms, and two-bedrooms.

Wall Street's Woes Don't Slow Down Manhattan Rentals

Wall Street has always influenced apartment rentals in ManhattanWall Street has been front page news ever since Lehman Brothers went under back in 2008, and the adverse times that followed for the financial sector have been especially troubling in the Manhattan luxury real estate world, where the sales and rental markets have traditionally been upheld by young financiers with money to spend. But it turns out that the relationship between Wall Street and the Manhattan rental apartment market is not as strong as once believed, because Wall Street's struggles have yet to affect the luxury rental market.

According to data compiled by Nancy Packes Inc., 58% of renters below 96th Street in Manhattan made their money in finance in 2005. This year that number is down to 41%, yet the market hasn’t missed a beat. What changed? The economic landscape of New York City is now broadening and diversifying as tech- and creative-companies fill the void left by the decline of Wall Street. People in the tech and creative sectors now account for 12.8% and 13.5% of leases south of 96th Street, respectively, up from 7.2% and 8.57% in 2005. The tech-industry especially has picked up the slack for the Street, so times really have changed - brokers are almost as likely to run into a computer programmer looking to lease an apartment in Manhattan as they are a banker.

New Media, Not Investors, Investing in Rentals. What?

NYC Luxury Condos - Media Investing in Rentals

New York City, ever known for taking the real estate and rental advice from the rest of America and throwing it out the window, is now going through a more unexpected demographic change. When we think of who actually rents luxury rentals, the first group that comes to mind is usually investment bankers, mainly those in their 20s and 30s who fill the tangled streets of Lower Manhattan early in the morning and seemingly beat rush hour both to and from work. That was true until recently, and while financiers still comprise the largest portion of renters, they no longer form the majority that they used to be. Instead, an eclectic tech-savvy generation has usurped traditional business, and in turn, the rental market.

Luxury Rentals Market is Hot, Hot, Hot as Rents Continue to Rise

Here at Luxury Rentals Manhattan, we have already discussed the fact that the much-predicted and highly-anticipated traditional summer rise of rental prices is underway. Prices for luxury rental apartments have risen in both May and June, and we recently predicted the probable continued rise of prices before the summer’s end. There is more information available now that gives a better picture of what is happening with the Manhattan rentals market, and -- as is fitting for New York real estate experts such as ourselves -- the stats match our predictions. Based on second quarter reports put out by Citi Habitats and Prudential Douglas Elliman, it is clear to see that the rentals market is growing stronger, and rental prices have yet to hit their peak.

Leaves Fall, No-Fee Apartment Listings Rise, or Why We Love NYC Real Estate In Fall

The specific numbers are different from quarter to quarter, of course, but for the most part the last few rounds of NYC rental stats  all point to the same conclusion -- the market for Manhattan rental apartments is strong, and growing stronger with each passing month. Which sounds great, of course, but has been less than great in practice for Manhattan rental apartment hunters. With vacancy rates back under one percent and rents rising slowly but steadily, all the things that made the less-than-strong NYC rental market of old so appealing for renters have become harder and harder to find. Regular readers of the Luxury Rentals Manhattan blog have probably noticed that posts like this have become something of a regular presence in this space. Gone, we note in tones of deep regret, are Manhattan rental apartments offering concessions, gone are the free months of rent and gym memberships and suchlike. Gone are the no-fee... oh wait, what's that? Some high-end new construction rental buildings are actually still offering up appealing concessions? And no-fee NYC rental listings are on the rise even though the rental market is strong and getting stronger? Must be getting cold outside. (Yes, that actually is how it works)