Apartment rentals New York with Zoning

Zoned In: Will Rezoning Make It Easier to Rent in Tribeca?

Recently, Luxury Rentals Manhattan posed a question that anyone searching for a NYC rental apartment has surely asked him or herself: "Are Manhattan rental apartments now a rich person thing?" It’s no secret that New York City is the nation’s most expensive place to rent, and although -- given how much more expensive it is to buy a Manhattan apartment -- renting in Manhattan still seems like the way to go, it's all relative: MNS’ figures show that in May 2011, rental prices increased by 6% from last year’s average. That's overall, though, and as anyone browsing Manhattan rental listings has surely noticed by now, rental prices, while high throughout Manhattan, are highly variable, even between bordering neighborhoods. Averaging studio, one-bedroom, and two-bedroom costs for each part of Manhattan shows that Tribeca is New York’s most expensive place to rent, while Harlem is the cheapest. That’s not particularly surprising, but some of their findings are. Contrary to popular belief, or common sense for that matter, renting in the Upper East Side is actually less expensive than renting in Greenwich Village, the Upper West Side, or Chelsea. So what does any of this have to do with rezoning North Tribeca and lowering housing costs?

Tags:

Getting In The Zone: Department of City Planning Considering Re-Zoning Tribeca To Create More Residential Space

There's a lot to like about Tribeca, which is home to some of the most distinctive-looking blocks in Manhattan, as well as some of NYC's finest restaurants, shopping and art galleries. All of which makes it even more of a pity that there are relatively few rental listings in Tribeca, relative to its neighbors. But while the existing building stock in Tribeca -- much of it a century old and safely landmarked -- will probably prevent it from becoming a luxury rental listing mecca like the Financial District (Tribeca's neighbor to the south) or Soho (its neighbor to the North), a long-awaited plan to re-zone the largely industrial northern part of Tribeca to allow for more residential development is beginning to make its way through the Dpeartment of City Planning and Community Board 1. If approved, the re-zoning of Tribeca could make for a boom in Tribeca apartment listings, and thus make it easier to find a place to live in one of Manhattan's coolest residential neighborhoods.

Tags: