Apartment rentals New York with The Beatrice

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.

Deluxe (Rental) Apartment In The Sky: More And More New Yorkers Opting For High-End Rentals Over Condos

After a number of recent posts here at the Luxury Rentals Manhattan blog can attest, we are of the opinion that autumn and winter are about as good as it gets for Manhattan luxury rentals. Which, being as this is the blog at a site comprised mostly of Manhattan rental listings, probably makes some sense. But while the seasonal rise in concessions makes Manhattan rentals that much more appealing, there's also a broader, contextual reason the Manhattan apartment rental market has performed so well of late -- that reason being that buying Manhattan condos is hugely expensive, hilariously onerous, generally difficult and not becoming notably less so. All of which explains, somewhat, why the market for high-price, high-end Manhattan luxury rentals is currently booming. And things are currently hottest at the very high end of the market.

Rise and Fall: Do Rising Vacancy Rates On Manhattan Rental Apartments Augur A Comeback For Concessions?

You know it's good news when Luxury Rentals Manhattan breaks out the popchampagne.jpg imagery, and so it is in this case. Of course, rising vacancy rates are not the sort of thing that landlords pop corks over -- the tighter the market for NYC apartment rentals is, the more they're able to get for said NYC apartment rentals. But with October rental stats showing an (expected, seasonal) rise in the New York apartment vacancy rate, things in the Manhattan real estate market seem to have turned in favor of renters, after months of running the other way. Again, this sort of thing pretty much always happens in autumn, which is why it's the most wonderful time of the year for Manhattan apartment hunters. But that doesn't mean renters shouldn't be celebrating this particular bit of seasonal good luck. While CitiHabitats' report on the October rental market indicated that rents fell one percent from September's averages, the real news here is the rising vacancy rate -- and how it could wind up making concessions on NYC apartments a lot less rare. Thus the popping corks. Read on for the nitty gritty.

Those Were The Reasons And That Was New York: Remembering The Chelsea Hotel, Pondering What's Next

It's something of an understatement to write that the Chelsea Hotel is among one of the most famed Bohemian landmarks in Manhattan, given that it has been the epicenter of artistic Chelsea and Boho Manhattan for over a century. The long list of notable musicians, writers, and artists who have frequented the hotel’s 125 rooms -- roughly make up half of what is considered artistic New York, give or take -- have produced a slew of homages, from Leonard Cohen's Chelsea Hotel to countless others with less on-the-nose titles. The Chelsea has been adapted into literature, music, art, and film, but now faces a new and perhaps most difficult adaptation, now that the Chelsea landmark has hit the real estate market. It’s strange, but it's true -- once haven to several of the greatest artists ever to call Manhattan home and inarguably the most iconic Chelsea rental listing in history, the Chelsea Hotel is now a prized piece of Chelsea property for sale. The on-the-market status of the Chelsea Hotel is noteworthy both because it's not every day that Manhattan real estate legends hit the market and because of what it means for Chelsea's past, present and future.

Something Old At Someplace New: New Construction Luxury Rentals Prove Last Holdout For Rent Concessions In Manhattan Real Estate

It's a pretty common refrain here at the Luxury Rentals Manhattan blog that the return of the Manhattan rental market to something like its old gangbusters status is a good thing. That's because, in a macro sense, it is. But it's also because we're working on talking ourselves into it. The renter's market of the great Manhattan rental market slump was tough on landlords and developers, but it was great news for those browsing NYC rental apartments, who suddenly found themselves faced with a wealth of no-fee rental listings and landlords seemingly eager to give away months of free rent and other other concessions. Now that the Manhattan rental market is healthier, the renter's market is generally a thing of the past -- a fondly remembered silver lining surrounding an ever-shrinking cloud, if you're a metaphor type, and a casualty of economic trends if you're more literally inclined. But, as we try to remind readers (and ourselves), there are still great deals to be found on Manhattan rental apartments. There are still plenty of no-fee rental listings out there, for instance, and there are also plenty of Manhattan luxury rentals offering concessions on leases. The surprising part, though, is the identity of those concession-granting Manhattan luxury rentals. From The Ohm -- a new construction luxury rental in Chelsea pictured near these words -- to a host of other new construction rental listings in various Manhattan neighborhoods, some of Manhattan's most concession-friendly rental listings happen to be at some of Manhattan's hottest new construction apartment buildings. No, really. More after the jump.

Main Eventi: Rental Apartments in Chelsea Luxury Hotel Eventi Get Name, Leasing Date

Given the jaw-dropping price tags involved, this fact is pretty academic for most New Yorkers, but you may be interested to know that it is common practice for ultra-luxury hotels to set aside a few floors as ultra-luxury condos. It's not exactly clear who is laying down the money necessary for the luxury condos at The Mark or The Residences at The Mandarin Oriental, but neither is it difficult to see what's appealing about an apartment within a luxury hotel -- from the full-service experience to the high-end amenities, anyone who has ever stayed in a fancy hotel is surely familiar with the wish to stay forever. More rare than that, though, and notably more welcome for those New Yorkers who can't cut an $18 million check for a three-bedroom spot at The Mandarin Oriental -- so, basically everyone but A-Rod -- is a luxury hotel setting aside floors for luxury rentals. The just-opened Eventi Hotel at 835 Sixth Avenue, between 28th and 29th Street, is doing just that. The rental apartments at the Eventi will be known as The Beatrice, and are located on the top 24 floors of the hotel. While The Beatrice is still three weeks shy of its leasing date, early chatter on this new Chelsea luxury rental project suggest that The Beatrice will be one of the elite Chelsea luxury rental listings on the market.

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