Apartment rentals New York with Brooklyn Rentals

Courtesy of: Anthony Quintano/ Flickr

Apparently, warmer weather coupled with high consumer demand this past June contributed to higher rental prices in New York City. The latest Elliman report shows that the median rental price for Manhattan rose to $3,300 - a 3.3% increase from the same month last year and the highest it has been in more than 5 years. The June vacancy level fell to 1.64% from last period's 1.83%, and is the lowest June level in the 5 years the metric has been tracked.

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.

What do developers do when their condominiums remain vacant? They turn them into luxury rentals, of course. At least, that’s what developers across the country decided to do during the recession. When the recession hit, foreclosure was one of the most feared words, leading to a hike in the number of people choosing to rent, which triggered higher monthly rents.

Now, the Wall Street Journal reports, landlords are moving in the other direction, converting their rentals into condos, indicating recovery in the sales market. Tenants are even going out of their way to ask landlords if they can buy their apartments.

South of Greenpoint, there’s Williamsburg—the trendy neighborhood with acres of new waterfront development. North of Greenpoint, there’s Long Island City—a neighborhood much like Williamsburg, with a new attitude and waterfront development. Then there’s Greenpoint—a neighborhood that recently was polled as the “roughest looking” neighborhood in New York City, which developers are, of course, eyeing for waterfront development.

Well, renters of New York City, we have some good news and some bad news. The Williamsburg at 373 Wythe Avenue in Williamsburg (of course) has finally began leasing. The 11-story Karl Fischer-designed building has 88-units of studios, one- and two-bedroom apartments. The Williamsburg is located in one of the most desirable neighborhoods in all of the city, so it’s expected to reach occupancy extremely quickly.