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How Much are Apartments Renting for in NYC?

NYC Rental Apartments

As we expected to happen sooner rather than later, Manhattan rents have stabilized, bringing an end to the sixth month slide that began in August of 2013, according to a report by Jonathan Miller. Instead of the median rental price for the borough continuing to decline, March saw the median price rise by 0.2 percent from the same time last year, now sitting at $3,200 per month, nearly the same as last year’s median of $3,195. The median rental price for Manhattan last Februrary was $3,100.

Update: Dock Street Site In DUMBO

Big news in Brooklyn: Two Trees Management Company began building on the Dock Street site in DUMBO. This building had received plentiful opposition because it will be blocking views of the Brooklyn Bridge. Celebrities even chimed into the decided opposition with protesters including, Helen Hunt, Gabriel Byrne, Gary Sinise, Ana Gasteyer, and more. Surviving this opposition, the Dock Street mixed-use building is currently ascending into the rendering that was released late last year.

17 Displaced Renters of Atlantic Yards Headed Back to the Neighborhood

The Atlantic Yards project in Brooklyn was one of the most contentious real estate developments seen in New York City in recent times, with critics lashing out at the 22-acre project that would see commercial office space, residential housing and a swanky sports arena arrive in Downtown Brooklyn. Of the three components of the Forest City Ratner project, the Barclays Center arena opened up a few months ago, and now, the next in line seems to be the housing units, with the first Atlantic Yards apartment building scheduled to be open by summer 2014.  

Developer Anoints Long Island City as New 'Cornerstone' of NYC

Breathtaking views of Manhattan from new Long Island City rental. New York City is at the forefront of real estate innovation; a fact that can be seen in each of the city’s five boroughs--Manhattan is known for its dazzling skyscrapers while Brooklyn emanates a quirky charm. It’s Queens however, that is about to rise above the rest. TF Cornerstone recently announced that development of its 41 story rental at 4545 Center Boulevard in Long Island City is well ahead of schedule. The building is an integral part of the company’s 21 acre East Coast Development project; earning the title of TF Cornerstone’s fifth and largest building.

Conversion Provides Relief For Manhattan Renters

290mulberryFor many Manhattan residents, finding a New York City apartment can seem like a near impossibility, as rents are currently at historic highs. However, several new rental buildings are beginning to surface, with 2,596 new units joining the Manhattan market in 2012. Although vacancy rates are at all-time lows, these new Manhattan rental apartments will surely provide renters with a fresh array of options. This is good news in the long-run too: more inventory means that all that pent-up demand for Manhattan rentals will finally have an outlet. If this trend of new construction and pre-war conversion continues, it will definitely help Manhattan’s sky-high rents come down to earth.

Avenues School Looks to Transform West Chelsea

Avenues: The World School will transform West ChelseaStarting in the fall of 2012, a world-class K-12 school will take root in West Chelsea, the first of its kind in this up-and-coming neighborhood. Apartment renters near the Avenues School, a “global school” that aims to build an international network of 20 schools all over the world, will find themselves next to one of the most innovative and forward-thinking New York City schools in recent memory. West Chelsea has already undergone a revolution of sorts thanks to the High Line Parknew construction of high-end luxury rental apartments has flourished in the past half-dozen years – but the Avenues School will usher in the next phase of transforming West Chelsea into a full-fledged neighborhood.

Housing Market Index Promising For National and Manhattan Rental Market

The National AssociNew construction in Manhattanation of Home Builders, in conjunction with Wells Fargo, released their monthly Housing Market Index last month, and the report, which gauges builder confidence in the housing market nationwide, provided some promising new information. Nationally, builder confidence in new construction is higher than it has been since before the market crash, and while the index number is still relatively low—standing in February at 29—it is on a consistently upward trajectory, and is now the highest it has been since May 2007. While the report does not touch on individual markets, it does imply good news for builders and renters of apartments in Manhattan.

The Island of Manhattan Still Has Room to Grow

Manhattan may be an island, but apartment inventory is unlimitedIt’s an old story at this point, but if you’ve been following the Manhattan rental apartment market at all, you know the drill: vacancy is down, rents are up, new construction is scarce, and concessions are rare. Among the many explanations as to how we got here - and there are plenty - one of the most prominent is that Manhattan is a small island where space is limited, hence the lack of inventory. The reality is that this real estate platitude is a lazy way of analyzing our current market, one which obscures far more accurate explanations. For instance, the tight credit market for large new construction projects, government restrictions such as historic districts, and long-standing preconceived notions about certain Manhattan neighborhoods have a far greater influence on Manhattan’s rental apartment inventory than the size of the island.

Mercedes House Revving Up for Its Opening As It Nears Completion

Mercedes House Luxury Apartments in New York CityThe Mercedes name conjures up images of luxury and grandeur. These same images that are associated with the car company are associated with Mercedes House, which gets its name from the fact that it houses the Mercedes-Benz of Manhattan showroom. It is safe to say that this is one of the few opportunities in Manhattan to live above a car showroom. Unfortunately, it will not be like Oprah, where everyone gets a free car, but there are many other reasons why this building is being talked about.

One of the more notable things about the Mercedes House is its interesting design. The building rises up with a step-like pattern, one section being a story higher than the next. At one end of the lot, the building turns and continues its step-like like ascent into the skies.

This spectacular rental condominium building in Clinton is nearing completion. There is only one section of the building that needs to be completed, but condominiums are already on the market. Mercedes House is one of the newest condominium buildings with luxury rental listings to hit the market in New York City. A truly unique building is a seemingly perfect fit for the unique city that is Manhattan.