Apartment rentals New York with Financial District Rentals

Yes, There (Still) Are NYC Apartments Renting for Less than $3000/Month

Yes, There (Still) Are NYC Apartments Renting for Less than $3000/Month

Apartment hunters in New York City let out a collective groan earlier this month when a new survey on the city’s rental market declared that the average rent of an apartment in the city has reached a whopping $3,017 per month—that’s three times the average rent of an apartment in America. Once again, it is the city’s low vacancy rates that are being blamed for this meteoric rent rise, with landlords taking advantage of the high demand to shoot up the asking prices of their apartments.

But all is not lost—at least not yet. As hard as it may be to believe, there are still apartments on the market that are asking for rents less than the current average in the market. We went through our extensive database to find out apartments that have asking rents of less than $3,000 a month, and we have listed below some of our favorites (read as: the least expensive picks) from that select collection of available apartments.

A New Tower in the Financial District: Say Hello to The Lara

A New Tower in NYC's Financial District

Here’s another sign that the Financial District is moving away from being a strictly business territory and becoming an in-demand residential community: a new 30-story mixed-use building is going to rise up soon at the corner of Nassau and Ann streets in the Lower Manhattan neighborhood. The new building, which is being developed by Ann/Nassau Realty and designed by SLCE Architects, will be ready for occupancy by the first quarter of 2014.

Rents Rise Along With the Temperatures in Manhattan

Rents rise along with the temperatures in Manhattan

Winter is on its way out in Manhattan, and accompanying the rise in temperatures is a corresponding increase in the rental prices for apartments in the city. The latest rental market report from MNS says that rents rose by 0.92 per cent in February, which is the first indication of the market reversing the downward slump that it has been experiencing over the past few months. Vacancy rates in Manhattan continue to remain low, and these could serve as a reason for rents to shoot up further in the coming summer months.

Art’s in the House: 3 Manhattan Rentals Hosting Impressive Pieces of Art

Manhattan Rentals with Artwork

New York is a city of art lovers. Be it in the relaxed spaces of the city’s charming art galleries, or even by scouting out the various public installations on the streets, New Yorkers are always on the lookout for their daily dose of art. This could explain why many luxury rental buildings in the city are using some of their space to host and display impressive pieces of artwork, which, besides serving as a conversation starter for their residents, also amps up the glamor quotient of the buildings. Here’s a list of three Manhattan buildings that showcase some impressive pieces of art in their premises:

The Young, Restless, and Rent-Stabilized

For New Yorkers, the refusal of rent-stabilization begs indignation, shock, or simply confusion. In the Financial District, apathetic responses to the option to convert units in eligible buildings to rent-stabilized apartments has become an unusual phenomenon. Up to 16 Lower Manhattan apartment buildings received tax breaks since 2006, requiring the apartments to be rent stabilized. Under the Section 421-g Program, the NYC Department of Housing Preservation and Development designated the Lower Manhattan Abatement Zone, defined as the area south of the centerline of Murray, Frankfort and Dover Streets as an area eligible for partial exemption and abatement.

Manhattan Rental Market Soars to New Heights

As the rental market thrives in Manhattan, rent continues to climb upIt’s a fundamental rule of the world: high demand = high prices. And with demand for new rentals in Manhattan at an absolute peak, this rule is certainly holding up. With a relative decrease in the amount of new construction over recent years, any open rental apartment in Manhattan is greatly desired, so it's no wonder that the rents keep rising. The city’s vacancy rate fell to .89% in May, a clear indication that the market's few listings are in high demand. Yet while exorbitantly high rent may be a difficult aspect for many to deal with, there are always ways to find comfortable and affordable living situations in Manhattan.

New Conversion at 116 John Street Brings More Rentals to the Market

Another Financial District office tower has been redeveloped into a residential building, and its 419 units are ready to hit the market. Back in 2010, MetroLoft Management announced plans to convert 116 John Street into an apartment complex, and renovations on all 35 floors are expected to be complete by October. Originally built in 1931, the 350,000-square-foot Art Deco building is keeping its exterior architecture and hallmark public spaces, but the conversion process will add new terrace doors at all setbacks and brand new windows throughout. Earlier this week, MetroLoft unveiled what future units will look like, with models in the form of studios, junior one-bedrooms, one-bedrooms with home offices, regular one-bedrooms, and two-bedrooms.

8 Spruce Street Rentals Reach Sky-High Rates

8 Spruce StreetWithin the next six to eight weeks, some of Manhattan’s most expensive apartment rentals will become available, as the Financial District penthouses of New York by Gehry are to be listed on the market. The three units are expected to cost renters $40,000-60,000 a month, a yearly price point that can be equated to a down payment on any luxury condominium in New York City.

November Market Report: The Holiday Season Dash

We expect the real estate marketRental market numbers decreased less than normal in November to slow down during the holiday season. Realtors plan for it. The November and December markets are often the lowest of the year, with prices shooting back up by the first quarter of the new year. But last month’s rental market report tells a different story. November rental prices were indeed down from the previous month, but by a number smaller than anyone would have guessed. And average prices in all Manhattan rental markets in November were considerably higher than they were at the same time last year. People want to rent in Manhattan, it seems, and they’re willing to pay dearly for the privilege.

That Spring Bump In Manhattan Rental Prices? It's Late, But It's Here.

Studio vs 2 Bedroom Rental PricesHere at Luxury Rentals Manhattan we’ve kept an eagle-eye on the recently-calm state of the luxury rental market for you, although we'll admit that at times it was like watching paint dry. Month after month, and well into the anticipated warm-weather boom period, Manhattan rental stats remained boldly, brazenly blah -- up a healthy percentage over last year's counterparts, but inching up only a fraction of a percent month to month. Sure, we warned that a bump in Manhattan rental prices was coming -- we're a blog about Manhattan real estate, and as such know what's coming. But after months of the same warnings, a sort of a chicken little vibe became almost inescapable. As we’ve previously noted, rents barely rose month-to-month this year as landlords have remained prudent, hedging their bets on a a strong spring eliminating the last vestiges of ennui from the market. And now, as June dawns in a flurry of sticky 90 degree days, it seems like spring has finally sprung in the Manhattan luxury rental marketplace.