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Sign a Lease at 70 Pine Street, Receive Two Months Free Rent

A photograph of 70 Pine the year it was built.

Art deco landmark 70 Pine is offering 2 months free rent to all new leases, for a limited time only.

Startups Think Outside The Box with Micro-apartments and Communal Living Developments

View from downtown Manhattan, overlooking Brooklyn

Photo: Luxury Real Estate Manhattan's view from downtown overlooking Brooklyn

Innovative office space startup extends their business strategy to living spaces, representing a shift in lifestyle needs for New York buyers.

Relocation Therapy: Top 5 Rental Buildings in New York City

Top 5 Rentals in New York City Today

A recent article in The New York Times talked about how New Yorkers dealing with critical situations in their lives have turned to a new kind of therapy to help them deal with it: relocation therapy. As it turns out, moving into a new home has had positive effects on people facing all kinds of tough scenarios. You could be wanting to get away from a messy divorce, or maybe you could be wanting a simple change of place—regardless of the reason, a new address could be just what you need to start your life anew. So if you think you need some relocation therapy in your life, here are five of our top picks on where to get a fabulous new home:

Concessions Decline Along With Rents in Manhattan

In Manhattan's tight rental market, landlords are offering fewer concessions than before.

Here’s something that should put a smile on the faces of apartment hunters in New York City. Rental reports from Douglas Elliman and Citi Habitats for the month of December say that average rents for apartments in Manhattan have once again decreased, with the average rent coming to just $3,284 a month, an appreciable dip from the whopping average rent of $3,461 that was seen in August. With tight credit conditions forcing many New Yorkers to abandon plans for buying a home, rentals continue to be very much in demand, resulting in a very tight market.

Is the High Cost of Housing Stunting New York’s Economic Growth?

High cost of housing may be slowing New York's economic growth.Although affordable housing was high on Mayor Bloomberg’s list of initiatives, housing costs continue to rise, due perhaps to the market subtracting units faster than Bloomberg can put them up. This has led to a spike in the percentage of income that New Yorker’s are spending on rent. According to a new Harvard paper, the high cost of housing is directly linked to the slowdown of economic growth. This is a problem that is compounded by New York’s high unemployment rate compared with the rest of the country. This seems to occur because New York hires people from out of state and few middle class residents see the benefits.

Manhattan Landlords Get New "Lease" on Life, Impose Restrictions on Renters

The autumn winds are descending on New York City, which can only mean one thing--there’s a storm coming. Fall is a banner season for the Manhattan rental market, and projections for the final three months of 2012 look to heighten this precedent. Rental prices hit a record high in July, totalling about $3,459 per month. That’s an astounding sum to pay for a single apartment. Before you head out to the nearest agency, be prepared to encounter stricter lease requirements. Now that the market is on fire, landlords are allowed to demand the very best of their tenants.

Political Changes Bring French Renters to New York

French buyers are renting Manhattan apartments like never beforeManhattan is about to be taken by storm by a wealthy French contingent looking to rent apartments overseas. Luxury Rentals Manhattan has done comprehensive research on new incoming foreign renters seeking apartments and believes a great number of French clientele will choose New York City as their new home due to political changes back in their native Europe. 

Transforming the Former AIG Skyscraper into NY's Tallest Residential Building

In recent years, converting office towers into luxury apartment buildings has been a popular way of freeing up rental inventory in Manhattan’s Financial District, especially since new construction has been so hard to finance. Metro Loft Management has led the way in this respect, and they've built their reputation on transforming business offices into high quality luxury rentals; they presently own nine converted buildings in FiDi. The 66-story high-rise at 70 Pine Street is their latest addition, and once it is finished it will be the tallest residential building in New York and the Western hemisphere.

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.

A Look at Some of Manhattan's Priciest Apartments

Let’s start this post off Interior of 144 Duane Street PHwith some basic economic theory. As we’ve written before, inventory on Manhattan apartments for rent is at an all-time low. Landlords are receiving multiple applications for their apartments, and waiting lists have gotten as backed up as having twelve people on them. With demand skyrocketing and supply scarce, basic market laws tell us one thing: prices for apartments are going to be high.