Apartment rentals New York with High-End Rentals

Brooklyn: Up and Coming

Rendering of 388 Bridge Street Amidst the Brooklyn Skyline

Brooklyn, once a borough for small to mid-rise buildings is starting to add a few high-rises to its resume. 388 Bridge Street will have 53 stories and 378 units, of which 234 of them will be rentals. The other 144 will be condos that are expected to be up for sale sometime this coming spring. Near completion, the building seems to pierce the sky as you’re looking at the borough’s silhouette from a distance. But it isn’t the first building to go up and dominate Brooklyn’s skyline. 

The Most Expensive Rentals and the Renters Who Love Them

Waldorf AstoriaManhattan rentals have come a long way in everything from appearance to price. As many renovations have taken place to meet the high demand for luxury rental units, rents have also increased in price. Residents can now acquire the same high-end features and amenities found in Manhattan condominiums without having to buy an apartment. Though rents in the city are at an all time high, they are downright average compared to those listed as the most expensive rentals in New York City. Still, there are many who are willing to pull out the big bucks for a luxury Manhattan rental.

Renovations Take Over Manhattan Rentals

Extreme Makeover: Luxury Rental Apartment Edition? That seems to be what many New York City landlords are going for. Luxury Rentals Manhattan has tirelessly covered the market’s high demand for rental units, with rates reaching all-time highs throughout the spring. This, along with a shift in the demographic of renters towards the higher-end, is prompting many landlords to finance million-dollar renovations in hopes of raising rental rates by 10 to 40 percent. And really, many of them are nervous that they aren't keeping up with the rising standards for rental apartments in Manhattan. This is good news for residents looking to live in luxury apartments without having to buy, even if their rent rises with the quality level.

8 Spruce Street Rentals Reach Sky-High Rates

8 Spruce StreetWithin the next six to eight weeks, some of Manhattan’s most expensive apartment rentals will become available, as the Financial District penthouses of New York by Gehry are to be listed on the market. The three units are expected to cost renters $40,000-60,000 a month, a yearly price point that can be equated to a down payment on any luxury condominium in New York City.

High Five (Figures): Demand For Ultra High-End Manhattan Rentals Continues Surge

The Manhattan real estate market is a complicated thing, as any regular Luxury Rentals Manhattan visitor -- and anyone who has ever tried to find a rental apartment in Manhattan -- could tell you. But one of the most peculiar features of the ongoing turnaround in the Manhattan rental marketplace is just how much more quickly the market for high-end Manhattan luxury rentals has turned around than has, say, the market for $2500-per-month Manhattan rental apartments. Given that there are more people in New York capable of paying more modest monthly rents than there are those willing or able to cut five-figure checks on the first of each month, the turnaround would seem to be somewhat backwards. But this is Manhattan real estate, and the top-down turnaround has become both harder and harder to ignore and -- per a recent New York Times report -- even more pronounced in the early months of summer. The demand for five-figure NYC rental apartments has been higher than that for smaller, less expensive Manhattan apartments.  So, what exactly does this mean for Manhattan real estate?

Are Manhattan Rental Apartments Now A Rich Person Thing?

Rich people things: New York City is full of them, from the hundred different takes on seared foie gras to the chilly boutiques of Soho and so on up and down the market. While our media has done a good job of making sure that New Yorkers are up on the latest trends among very wealthy New Yorkers -- and we've certainly done our part here at the Luxury Rentals Manhattan blog, at least insofar as noting the popular renting-a-condo trend among the city's  star athletes -- there's a sense, at least for those of us still living in the actual-existing economy, that these are trends not worth chasing. Which makes it all the more appealing that, albeit at the highest of high-end price points, the wealthiest New Yorkers are now making like everyone else in NYC. Where most of us live in Manhattan rental apartments, the richest New Yorkers long turned to ultra-exclusive co-ops. Now, though, with uncertainty the word throughout the economy, New York's rich are opting to do what everyone else does -- and rent. Yes, they're renting the highest of high-end Manhattan rentals, but for the wealthiest New Yorkers as well as everyone else, renting seems to be the move. The reasoning behind it, unsurprisingly, is proof that -- at least when it comes to finding a place to live in NYC -- the rich are not so very different from you and I.

Middle of Manhattan, Top of the World: New Luxury Rental MiMA Looking Like A Blockbuster

Manhattan real estate is the land of acronyms and abbreviations, and from Soho apartment listings to FiDi rentals to apartments on the LES, it's one that New Yorkers speak every day without even noticing it. So, in a certain sense, MiMA -- a hybrid new luxury rental and condominium building from The Related Companies whose name is short for Middle of Manhattan -- fits right in. In just about every other way, though, MiMA stands out -- for its location on 42nd Street and 10th Avenue, at the heart of booming Clinton; for its stellar suite of amenities; for its luxurious (and not-at-all cheap) apartments for rent. MiMA is as ambitious and extravagantly amenitized a new construction luxury rental development as Manhattan has seen since... well, since Midtown West neighbor The Ashley, probably. But MiMA is also further proof that Manhattan's high-end rental market is returning to robust health -- Manhattan rental listings don't come much more luxurious than this.

New York By Gehry/8 Spruce Street/That New FiDi Luxury Rental Tower: Whatever You Call It, It's Greener Than Advertised

Given all the attention that NYC real estate heads gave 8 Spruce Street, the game-changing new luxury rental building in the Financial District designed by Frank Gehry, it's something of a surprise that there are things about the building we don't already know. Any Manhattan real estate watcher can quote you the starting prices for studio apartments for rent at 8 Spruce Street -- around $2,600, if you were wondering -- and of course the name of the star architect behind this most well-observed of Financial District rental listings is right there in one of 8 Spruce Street's alternate names, New York By Gehry. But for all this celebrity luxury rental listing's sky-high profile, it's something of a secret that 8 Spruce Street belongs among on any list of green rental listings in Manhattan. And while that secret is out, there's also a reason why 8 Spruce Street isn't flacking its green building bona fides.

Condo-Quality Redefined, or What's The Deal With Rental Listings In Luxury Condos?

When is a luxury rental apartment listing not a luxury rental apartment listing? Well, if you insist on getting technical about a rhetorical question, the answer is "never." But, for a new crop of Manhattan luxury rental listings, the answer is somewhat more complicated. Some of Manhattan's most impressive new luxury rental listings are either partnered with new construction luxury condos -- blockbuster midtown luxury rental The Ashley, for example, shares an amenity space, a developer, and a number of other commonalities with The Aldyn, a carbon-copy condo with which it was co-developed -- or, in such posh instances as Chelsea's promising Eventi rentals located on the upper floors of luxury hotels. For William Beaver House, a new luxury rental listing in the Financial District, the story is even more convoluted -- developed as a condominium, William Beaver House is still selling luxury condominiums. It just happens to offer some of the most luxurious rental listings in the Financial District, as well. And there is, of course, Frank Gehry's luxury rental at 8 Spruce Street in the Financial District, which ranks among the most luxurious luxury rentals in Manhattan real estate history. The phrase "condo-quality finishes" has never seemed more literally apt, and less like a real estate buzzword. While this new proliferation of condo-rental combos can make for some confusion when browsing Manhattan rental listings, one effect is clear -- it certainly has deepened Manhattan's already deep pool of high-end rental listings.

Manhattan Luxury Rental Buildings: Now With More Luxury (And Market Share)

It's a trend we've written about over and over again -- with Manhattan condos seemingly a sketchier investment than in years past and still out of just about everyone's price range, more and more people are opting for Manhattan rental apartments over condos. There are, as we've also noted here at the Luxury Rentals Manhattan blog, good economic reasons for this, but there's another, simpler reason why the market for Manhattan rental apartments is surging while the condo market is stagnant. That other, simpler reason being that new construction Manhattan luxury rentals increasingly offer the same high-end finishes and fixtures, and similar suites of amenities and extras, as their condo counterparts -- and offer it without the economic anxieties that come with a mortgage, a co-op board, and all those other, less-desirable condo extras. But while it's not necessarily surprising that high-end luxury rentals are bouncing back from the Manhattan real estate downturn than condominiums, there's also more to the reason why this is so than the fact that both top-tier new construction NYC luxury rentals and high-end condos feature SubZero refrigerators and expansive suites of amenities. Although that obviously doesn't hurt.

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